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Registration number: 05279844

F Smith & Son (Croydon) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

F Smith & Son (Croydon) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

F Smith & Son (Croydon) Ltd

Company Information

Directors

Mrs S Smith

Mr J Smith

Mr D Smith

Company secretary

Mrs S Smith

Registered office

Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

Accountants

Carter Nicholls Ltd Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

F Smith & Son (Croydon) Ltd

(Registration number: 05279844)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

249,642

307,817

Current assets

 

Stocks

6

6,000

6,000

Debtors

7

94,826

134,256

Cash at bank and in hand

 

151,458

176,018

 

252,284

316,274

Creditors: Amounts falling due within one year

8

(117,278)

(174,597)

Net current assets

 

135,006

141,677

Total assets less current liabilities

 

384,648

449,494

Creditors: Amounts falling due after more than one year

8

(133,144)

(128,681)

Provisions for liabilities

(60,102)

(74,303)

Net assets

 

191,402

246,510

Capital and reserves

 

Called up share capital

9

302

302

Retained earnings

191,100

246,208

Shareholders' funds

 

191,402

246,510

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr D Smith
Director

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS
United Kingdom

The principal place of business is:
Unit 5-6 Mill Lane Trading Estate,
Mill Lane,
Croydon,
Surrey,
CR0 4AA
England

These financial statements were authorised for issue by the Board on 11 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

15% reducing balance

Equipment

25% reducing balance

Long leasehold property

Straight line over lease period

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 16).

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

15,500

15,500

At 30 November 2024

15,500

15,500

Amortisation

At 1 December 2023

15,500

15,500

At 30 November 2024

15,500

15,500

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

20,530

150,695

544,100

715,325

Disposals

-

-

(144,427)

(144,427)

At 30 November 2024

20,530

150,695

399,673

570,898

Depreciation

At 1 December 2023

9,926

99,903

297,679

407,508

Charge for the year

1,369

8,102

34,892

44,363

Eliminated on disposal

-

-

(130,615)

(130,615)

At 30 November 2024

11,295

108,005

201,956

321,256

Carrying amount

At 30 November 2024

9,235

42,690

197,717

249,642

At 30 November 2023

10,604

50,792

246,421

307,817

Included within the net book value of land and buildings above is £9,235 (2023 - £10,604) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

6,000

6,000

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

12,492

37,769

Prepayments

29,556

40,131

Other debtors

52,778

56,356

 

94,826

134,256

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

25,538

73,787

Trade creditors

 

8,144

13,024

Taxation and social security

 

64,493

69,378

Accruals and deferred income

 

4,834

3,059

Other creditors

 

14,269

15,349

 

117,278

174,597

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,537 (2023 - £73,787)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

64,821

90,358

Other non-current financial liabilities

 

68,323

38,323

 

133,144

128,681

Creditors include bank loans an overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £64,820 (2023 - £90,357)

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

300

300

300

300

Ordinary B of £1 each

2

2

2

2

302

302

302

302

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

64,821

87,155

Hire purchase contracts

-

3,203

64,821

90,358

Current loans and borrowings

2024
£

2023
£

Bank borrowings

22,335

61,665

Hire purchase contracts

3,203

12,122

25,538

73,787

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £330.00 (2023 - £375.00) per each Ordinary

99,000

101,500

Interim dividend of £12,000.00 (2023 - £11,000.00) per each Ordinary B

12,000

11,000

111,000

112,500

12

Related party transactions

 

F Smith & Son (Croydon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

52,593

51,000