Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-319095false402024-01-01falseNo description of principal activity43trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00339722 2024-01-01 2024-12-31 00339722 2023-01-01 2023-12-31 00339722 2024-12-31 00339722 2023-12-31 00339722 2023-01-01 00339722 c:Director4 2024-01-01 2024-12-31 00339722 d:Buildings 2024-01-01 2024-12-31 00339722 d:Buildings 2024-12-31 00339722 d:Buildings 2023-12-31 00339722 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00339722 d:Buildings d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00339722 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 00339722 d:Buildings d:LongLeaseholdAssets 2024-12-31 00339722 d:Buildings d:LongLeaseholdAssets 2023-12-31 00339722 d:PlantMachinery 2024-01-01 2024-12-31 00339722 d:PlantMachinery 2024-12-31 00339722 d:PlantMachinery 2023-12-31 00339722 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00339722 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00339722 d:MotorVehicles 2024-01-01 2024-12-31 00339722 d:MotorVehicles 2024-12-31 00339722 d:MotorVehicles 2023-12-31 00339722 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00339722 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00339722 d:FurnitureFittings 2024-01-01 2024-12-31 00339722 d:FurnitureFittings 2024-12-31 00339722 d:FurnitureFittings 2023-12-31 00339722 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00339722 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00339722 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00339722 d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00339722 d:ComputerSoftware 2024-12-31 00339722 d:ComputerSoftware 2023-12-31 00339722 d:CurrentFinancialInstruments 2024-12-31 00339722 d:CurrentFinancialInstruments 2023-12-31 00339722 d:Non-currentFinancialInstruments 2024-12-31 00339722 d:Non-currentFinancialInstruments 2023-12-31 00339722 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00339722 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00339722 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 00339722 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 00339722 d:ShareCapital 2024-01-01 2024-12-31 00339722 d:ShareCapital 2024-12-31 00339722 d:ShareCapital 2023-01-01 2023-12-31 00339722 d:ShareCapital 2023-12-31 00339722 d:ShareCapital 2023-01-01 00339722 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 00339722 d:CapitalRedemptionReserve 2024-12-31 00339722 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 00339722 d:CapitalRedemptionReserve 2023-12-31 00339722 d:CapitalRedemptionReserve 2023-01-01 00339722 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00339722 d:RetainedEarningsAccumulatedLosses 2024-12-31 00339722 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00339722 d:RetainedEarningsAccumulatedLosses 2023-12-31 00339722 d:RetainedEarningsAccumulatedLosses 2023-01-01 00339722 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 00339722 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 00339722 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00339722 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00339722 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 00339722 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 00339722 d:RetirementBenefitObligationsDeferredTax 2024-12-31 00339722 d:RetirementBenefitObligationsDeferredTax 2023-12-31 00339722 c:OrdinaryShareClass1 2024-01-01 2024-12-31 00339722 c:OrdinaryShareClass1 2024-12-31 00339722 c:OrdinaryShareClass1 2023-12-31 00339722 c:OrdinaryShareClass2 2024-01-01 2024-12-31 00339722 c:OrdinaryShareClass2 2024-12-31 00339722 c:OrdinaryShareClass2 2023-12-31 00339722 c:FRS102 2024-01-01 2024-12-31 00339722 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 00339722 c:FullAccounts 2024-01-01 2024-12-31 00339722 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00339722 d:WithinOneYear 2024-12-31 00339722 d:WithinOneYear 2023-12-31 00339722 d:BetweenOneFiveYears 2024-12-31 00339722 d:BetweenOneFiveYears 2023-12-31 00339722 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 00339722 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 00339722 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 00339722 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 00339722 2 2024-01-01 2024-12-31 00339722 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 00339722 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 00339722 d:LeasedAssetsHeldAsLessee 2024-12-31 00339722 d:LeasedAssetsHeldAsLessee 2023-12-31 00339722 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 00339722 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number:  00339722














J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
REGISTERED NUMBER: 00339722

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,021
14,044

Tangible assets
 5 
582,493
662,074

  
589,514
676,118

Current assets
  

Stocks
 8 
1,572,078
1,785,728

Debtors: amounts falling due within one year
 9 
636,070
430,713

Cash at bank and in hand
 10 
2,231,145
2,058,551

  
4,439,293
4,274,992

Creditors: amounts falling due within one year
 11 
(2,268,227)
(2,549,161)

Net current assets
  
 
 
2,171,066
 
 
1,725,831

Total assets less current liabilities
  
2,760,580
2,401,949

Creditors: amounts falling due after more than one year
 12 
(30,861)
(39,776)

Provisions for liabilities
  

Deferred tax
 15 
(56,703)
(142,089)

  
 
 
(56,703)
 
 
(142,089)

Pension asset
  
-
352,000

Net assets
  
2,673,016
2,572,084


Capital and reserves
  

Called up share capital 
 16 
342,900
342,900

Capital redemption reserve
 17 
52,500
52,500

Profit and loss account
 17 
2,277,616
2,176,684

  
2,673,016
2,572,084


Page 1

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
REGISTERED NUMBER: 00339722
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2025.




Dr R H Baker
Director

The notes on pages 5 to 21 form part of these financial statements.

Page 2

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
342,900
52,500
2,176,684
2,572,084


Comprehensive income for the year

Profit for the year
-
-
504,974
504,974

Actuarial losses on pension scheme
-
-
(393,500)
(393,500)
Total comprehensive income for the year
-
-
111,474
111,474


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(10,542)
(10,542)


At 31 December 2024
342,900
52,500
2,277,616
2,673,016


The notes on pages 5 to 21 form part of these financial statements.

Page 3

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
342,900
52,500
2,069,063
2,464,463


Comprehensive income for the year

Profit for the year
-
-
148,913
148,913

Actuarial losses on pension scheme
-
-
(30,750)
(30,750)
Total comprehensive income for the year
-
-
118,163
118,163


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(10,542)
(10,542)


Total transactions with owners
-
-
(10,542)
(10,542)


At 31 December 2023
342,900
52,500
2,176,684
2,572,084


The notes on pages 5 to 21 form part of these financial statements.

Page 4

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

J. J. Smith & Co. (Woodworking Machinery) Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Moorgate Road, Knowsley Industrial Park, Kirkby, Liverpool, L33 7DR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 7

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 8

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Long-term leasehold property
-
10 - 50%
Plant and machinery
-
5 - 33%
Motor vehicles
-
25%
Fixtures and fittings
-
5 - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 9

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities
Page 10

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
43
40

Page 11

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Website costs

£



Cost


At 1 January 2024
28,090



At 31 December 2024

28,090



Amortisation


At 1 January 2024
14,046


Charge for the year on owned assets
7,023



At 31 December 2024

21,069



Net book value



At 31 December 2024
7,021



At 31 December 2023
14,044



Page 12

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Freehold property
Leasehold improve
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
4,000
134,428
123,215
852,562
268,438
1,382,643


Additions
-
3,421
6,371
138,591
16,834
165,217


Disposals
-
-
-
(126,312)
-
(126,312)



At 31 December 2024

4,000
137,849
129,586
864,841
285,272
1,421,548



Depreciation


At 1 January 2024
-
39,603
113,115
369,393
198,459
720,570


Charge for the year on owned assets
-
9,095
11,357
167,903
24,321
212,676


Charge for the year on financed assets
-
-
-
5,841
-
5,841


Disposals
-
-
-
(100,032)
-
(100,032)



At 31 December 2024

-
48,698
124,472
443,105
222,780
839,055



Net book value



At 31 December 2024
4,000
89,151
5,114
421,736
62,492
582,493



At 31 December 2023
4,000
94,825
10,101
483,169
69,979
662,074

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
43,132
48,973

43,132
48,973

Page 13

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:
ole1f33.png


7.


Joint ventures

The company's 50% interest in Modular Building Automation B.V. was disposed of during the year.


8.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,572,078
1,785,728

1,572,078
1,785,728



9.


Debtors

2024
2023
£
£


Trade debtors
460,450
273,695

Other debtors
14,439
54,010

Prepayments and accrued income
161,181
103,008

636,070
430,713



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,231,145
2,058,551

2,231,145
2,058,551


Page 14

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
484,498
190,613

Corporation tax
9,169
-

Other taxation and social security
483,534
611,971

Obligations under finance lease and hire purchase contracts
8,915
8,915

Other creditors
356,213
713,336

Accruals and deferred income
925,898
1,024,326

2,268,227
2,549,161



12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
30,861
39,776

30,861
39,776


The following liabilities were secured:

2024
2023
£
£



Net obligations under finance leases and hire purchase contracts
39,776
48,691

39,776
48,691

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the asset concerned.

Page 15

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
9,747
9,747

Between 1-5 years
31,416
41,164

41,163
50,911


14.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,231,145
2,058,551




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 16

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Deferred taxation




2024
2023


£

£






At beginning of year
142,089
97,978


Charged to profit or loss
(112,886)
54,361


Charged to other comprehensive income
27,500
(10,250)



At end of year
56,703
142,089

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
55,844
69,087

Short term timing differences
859
100,502

Retirement benefit obligations
-
(27,500)

56,703
142,089


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



330,000 (2023 - 330,000) A Ordinary shares of £1.00 each
330,000
330,000
12,900 (2023 - 12,900) Cumulative Preference shares of £1.00 each
12,900
12,900

342,900

342,900



17.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve that comprises the par value of share capital redeemed by the company.

Profit and loss account

The profit and loss reserves comprise earnings net of distributions to owners.

Page 17

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Pension commitments

The Company operates a defined contributions pension scheme. 
The assets of the scheme are held separately from those of the Company in an independently administered fund. 
The pension cost charge represents contributions payable by the Company  to the fund and amounted to £41,878 (2023 - £38,134). 
Contributions totalling £8,304 (2023 - £7,879) were payable to the fund at the balance sheet date and are included in creditors.

The Company operates a Defined benefit pension scheme for qualifying employees.

No other post-retirement benefits are provided.
The scheme is closed to future accrual.
The most recent comprehensive actuarial valuation of the plan assets and the present value of the defined benefit obligation was carried out at 31st December 2024.



Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
5,462,000
5,556,000

Interest cost
193,000
248,000

Actuarial gains/losses
(220,000)
35,000

Benefits paid
(437,000)
(377,000)

At the end of the year
4,998,000
5,462,000


Composition of plan liabilities:


2024
2023
£
£


Wholly or partly funded obligations
4,998,000
5,462,000

Total plan liabilities
4,998,000
5,462,000


Page 18

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
18.Pension commitments (continued)


Reconciliation of present value of plan assets:


2024
2023
£
£


At the beginning of the year
5,814,000
5,908,000

Current service cost
230,000
264,000

Actuarial gains/losses
(609,000)
(6,000)

Contributions
-
25,000

Benefits paid
(437,000)
(377,000)

At the end of the year
4,998,000
5,814,000


Composition of plan assets:


2024
2023
£
£


Equity instruments
4,180,000
4,850,000

Cash
46,000
12,000

Annuities
772,000
952,000

Total plan assets
4,998,000
5,814,000

2024
2023
£
£


Fair value of plan assets
4,998,000
5,814,000

Present value of plan liabilities
(4,998,000)
(5,462,000)

Net pension scheme liability
-
352,000

Page 19

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
18.Pension commitments (continued)



2024
2023
£
£



Net interest on net defined benefit liability/(asset)
(14,000)
(16,000)

Total
(14,000)
(16,000)



Actual return on scheme assets
379,000
(258,000)

Calculated interest element
207,000
264,000

Actuarial changes related to obligations
(220,000)
35,000

366,000
41,000





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.4

4.3
 
Expected rates of increase of pensions in payment


3.4

3.1
 
Inflation: RPI


3.5

3.4
 
Statutory revaluation: CPI


3.1

2.2
 
Mortality assumptions



 
Assumed life expectations on retirement at age


77.3

77.2
 





Page 20

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
45,433
46,377

Later than 1 year and not later than 5 years
14,990
60,423

60,423
106,800


20.


Related party transactions

During the year the company entered into the following transactions with related parties:


2024
Sales
2024
Purchases
2023
Sales
2023
Purchases
£
£
£
£

Entities over which the entity has control, joint
control or significant influence
227,413
-
1,156,556
13,649

 
Page 21