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Registered number: 11652062
Smiths Superstore Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
The Boss Partnership
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11652062
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 63,350 55,186
63,350 55,186
CURRENT ASSETS
Stocks 5 999,639 579,718
Debtors 6 624,606 519,256
Cash at bank and in hand 36,982 78,662
1,661,227 1,177,636
Creditors: Amounts Falling Due Within One Year 7 (1,429,399 ) (955,858 )
NET CURRENT ASSETS (LIABILITIES) 231,828 221,778
TOTAL ASSETS LESS CURRENT LIABILITIES 295,178 276,964
Creditors: Amounts Falling Due After More Than One Year 8 (25,138 ) (49,091 )
NET ASSETS 270,040 227,873
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 270,030 227,863
SHAREHOLDERS' FUNDS 270,040 227,873
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S J Smith
Director
13/12/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Smiths Superstore Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11652062 . The registered office is No1 Parkside Court, Greenhough Road, Lichfield, Staffordshire, WS13 7FE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 9)
11 9
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 101,132 - 1,590 2,678 105,400
Additions 3,264 20,358 3,853 1,479 28,954
As at 31 October 2024 104,396 20,358 5,443 4,157 134,354
Depreciation
As at 1 November 2023 47,980 - 583 1,651 50,214
Provided during the period 14,104 5,089 729 868 20,790
As at 31 October 2024 62,084 5,089 1,312 2,519 71,004
Net Book Value
As at 31 October 2024 42,312 15,269 4,131 1,638 63,350
As at 1 November 2023 53,152 - 1,007 1,027 55,186
5. Stocks
2024 2023
£ £
Materials 999,639 579,718
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 300,011 487,680
Prepayments and accrued income 228,992 4,120
Deposits 33,900 27,000
Staff Loans 11,600 -
Corporation tax recoverable assets 32,411 -
Director's loan account 17,236 -
624,150 518,800
Due after more than one year
Other debtors - SJS Holdings 456 456
456 456
624,606 519,256
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,953 15,953
Trade creditors 371,315 316,078
Bank loans and overdrafts 230,038 8,000
Corporation tax - 38,918
Other taxes and social security 8,800 6,940
VAT 61,545 8,472
Amex Credit Card 74,036 109,691
Amazon Loan - 198,983
Funding Circle Flexipay 26,185 7,294
Funding Circle Loan 23,037 30,535
Pensions 646 263
Short Term Borrowings 401,144 16,875
Paypal Loan 52,284 61,387
Iwoca Loan 74,000 38,596
LDF Loan 18,750 43,750
Accruals and deferred income 71,666 13,434
Director's loan account - 40,689
1,429,399 955,858
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,471 36,424
Bank loans 4,667 12,667
25,138 49,091
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 15,953 15,953
Later than one year and not later than five years 20,471 36,424
36,424 52,377
36,424 52,377
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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