Company registration number 01244233 (England and Wales)
T D SMITH & SON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
T D SMITH & SON LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
T D SMITH & SON LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
637,107
620,673
Current assets
Stocks
48,405
54,323
Debtors
6
35,561
29,778
Cash at bank and in hand
10
4
83,976
84,105
Creditors: amounts falling due within one year
7
(45,054)
(27,398)
Net current assets
38,922
56,707
Total assets less current liabilities
676,029
677,380
Creditors: amounts falling due after more than one year
8
(271,593)
(265,292)
Net assets
404,436
412,088
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
404,336
411,988
Total equity
404,436
412,088
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 February 2025
Mr T D Smith (Jnr)
Director
Company Registration No. 01244233
T D SMITH & SON LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
1
Judgements and key sources of estimation uncertainty
2
Accounting policies
Company information
T D Smith & Son Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Stotgate Farm, Crossgate Moor, Durham, United Kingdom, DH1 4TJ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
2.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Single farm entitlement
over 3 years
2.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% on cost and 10% on cost
Plant and machinery
10% on cost and 7.5% on cost
Fixtures, fittings & equipment
10% on cost
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
T D SMITH & SON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.6
Stocks
Stocks, which consist of livestock, growing crops, grain and feed, are stated at the lower of cost and net realisable value and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
T D SMITH & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Intangible fixed assets
Single farm entitlement
£
Cost
At 1 July 2023 and 30 June 2024
19,500
Amortisation and impairment
At 1 July 2023 and 30 June 2024
19,500
Carrying amount
At 30 June 2024
At 30 June 2023
5
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
509,375
340,407
2,612
1,115
31,495
885,004
Additions
15,083
4,800
807
55,994
76,684
Disposals
(31,495)
(31,495)
At 30 June 2024
524,458
345,207
2,612
1,922
55,994
930,193
Depreciation and impairment
At 1 July 2023
92,026
168,934
2,606
765
264,331
Depreciation charged in the year
5,355
17,420
381
5,599
28,755
At 30 June 2024
97,381
186,354
2,606
1,146
5,599
293,086
Carrying amount
At 30 June 2024
427,077
158,853
6
776
50,395
637,107
At 30 June 2023
417,349
171,473
6
350
31,495
620,673
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
672
Other debtors
5,579
12,880
Prepayments and accrued income
950
948
6,529
14,500
T D SMITH & SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
29,032
15,278
Total debtors
35,561
29,778
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,215
5,493
Obligations under finance leases
9,130
Trade creditors
20,279
19,585
Accruals and deferred income
2,430
2,320
45,054
27,398
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,700
7,633
Obligations under finance leases
15,298
Other creditors
252,595
257,659
271,593
265,292