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Registration number: 02200498

Courtney Smith & Co. Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

image-name
 

Courtney Smith & Co. Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Courtney Smith & Co. Ltd

Company Information

Director

Mr Richard Greenslade

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Courtney Smith & Co. Ltd

(Registration number: 02200498)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

28,525

33,425

Tangible Assets

5

889

936

 

29,414

34,361

Current assets

 

Stocks

6

22,075

23,860

Debtors

7

53,890

82,615

Cash at bank and in hand

 

29,725

56

 

105,690

106,531

Creditors: Amounts falling due within one year

8

(57,483)

(64,361)

Net current assets

 

48,207

42,170

Total assets less current liabilities

 

77,621

76,531

Creditors: Amounts falling due after more than one year

8

(6,911)

(16,945)

Provisions for liabilities

(214)

(245)

Net assets

 

70,496

59,341

Capital and Reserves

 

Called up share capital

20,140

20,140

Retained Earnings

50,356

39,201

Shareholders' funds

 

70,496

59,341

For the financial 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.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Courtney Smith & Co. Ltd

(Registration number: 02200498)
Balance Sheet as at 31 October 2024

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 April 2025
 

.........................................
Mr Richard Greenslade
Director

   
     
 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

The principal place of business is:
4th Floor
49 St. James's Street
London
SW1A 1AH

These financial statements were authorised for issue by the director on 3 April 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

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

Office equipment

25% on reducing balance

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

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

10% on cost

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.

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

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.

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Production

1

2

Administration and support

2

2

3

4

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

49,000

49,000

At 31 October 2024

49,000

49,000

Amortisation

At 1 November 2023

15,575

15,575

Amortisation charge

4,900

4,900

At 31 October 2024

20,475

20,475

Carrying amount

At 31 October 2024

28,525

28,525

At 31 October 2023

33,425

33,425

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

4,996

4,996

Additions

250

250

At 31 October 2024

5,246

5,246

Depreciation

At 1 November 2023

4,060

4,060

Charge for the year

297

297

At 31 October 2024

4,357

4,357

Carrying amount

At 31 October 2024

889

889

At 31 October 2023

936

936

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

6

Stocks

2024
£

2023
£

Work in progress

22,075

23,860

7

Debtors

Current

2024
£

2023
£

Trade Debtors

17,116

40,241

Prepayments

4,722

5,052

Other debtors

32,052

37,322

 

53,890

82,615

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,023

11,373

Trade Creditors

 

5,203

4,564

Taxation and social security

 

38,981

46,207

Accruals and deferred income

 

2,860

2,185

Other creditors

 

416

32

 

57,483

64,361

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,911

16,945

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,911

16,945

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,023

9,813

Bank overdrafts

-

1,560

10,023

11,373

The above bank borrowings are secured by a fixed and floating charge over the company's property and assets.

 

Courtney Smith & Co. Ltd

Notes to the Financial Statements for the Year Ended 31 October 2024

10

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

37,322

37,322

Advanced

31,800

31,800

Repaid

(37,322)

(37,322)

At end of period

31,800

31,800

2023

Key management
£

Total
£

At start of period

17,730

17,730

Advanced

37,322

37,322

Repaid

(17,730)

(17,730)

At end of period

37,322

37,322

Terms of loans to related parties

During the year the company made a loan to the director. This loans was unsecured, and repayable on demand. Interest was charged on the outstanding balance at official rate.