Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false33false2023-05-01No description of principal activity34truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00758857 2023-05-01 2024-04-30 00758857 2022-05-01 2023-04-30 00758857 2024-04-30 00758857 2023-04-30 00758857 c:Director1 2023-05-01 2024-04-30 00758857 c:Director2 2023-05-01 2024-04-30 00758857 d:PlantMachinery 2023-05-01 2024-04-30 00758857 d:PlantMachinery 2024-04-30 00758857 d:PlantMachinery 2023-04-30 00758857 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00758857 d:MotorVehicles 2023-05-01 2024-04-30 00758857 d:MotorVehicles 2024-04-30 00758857 d:MotorVehicles 2023-04-30 00758857 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00758857 d:FurnitureFittings 2023-05-01 2024-04-30 00758857 d:FurnitureFittings 2024-04-30 00758857 d:FurnitureFittings 2023-04-30 00758857 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00758857 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00758857 d:FreeholdInvestmentProperty 2024-04-30 00758857 d:FreeholdInvestmentProperty 2023-04-30 00758857 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 00758857 d:CurrentFinancialInstruments 2024-04-30 00758857 d:CurrentFinancialInstruments 2023-04-30 00758857 d:Non-currentFinancialInstruments 2024-04-30 00758857 d:Non-currentFinancialInstruments 2023-04-30 00758857 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00758857 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00758857 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 00758857 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 00758857 d:ShareCapital 2024-04-30 00758857 d:ShareCapital 2023-04-30 00758857 d:CapitalRedemptionReserve 2024-04-30 00758857 d:CapitalRedemptionReserve 2023-04-30 00758857 d:InvestmentPropertiesRevaluationReserve 2024-04-30 00758857 d:InvestmentPropertiesRevaluationReserve 2023-04-30 00758857 d:RetainedEarningsAccumulatedLosses 2024-04-30 00758857 d:RetainedEarningsAccumulatedLosses 2023-04-30 00758857 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 00758857 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00758857 c:FRS102 2023-05-01 2024-04-30 00758857 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 00758857 c:FullAccounts 2023-05-01 2024-04-30 00758857 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00758857 4 2023-05-01 2024-04-30 00758857 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: 00758857









H. SMITH & SONS (HONINGHAM) LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
H. SMITH & SONS (HONINGHAM) LIMITED
REGISTERED NUMBER: 00758857

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
327,360
395,802

Investment property
 5 
890,000
635,000

  
1,217,360
1,030,802

Current assets
  

Stocks
  
70,000
14,000

Debtors: amounts falling due within one year
 6 
1,094,742
2,900,600

Cash at bank and in hand
  
161,605
28,212

  
1,326,347
2,942,812

Creditors: amounts falling due within one year
 7 
(1,159,797)
(2,390,254)

Net current assets
  
 
 
166,550
 
 
552,558

Total assets less current liabilities
  
1,383,910
1,583,360

Creditors: amounts falling due after more than one year
  
(922,513)
-

Provisions for liabilities
  

Deferred tax
 9 
(68,970)
(3,967)

Net assets
  
392,427
1,579,393


Capital and reserves
  

Called up share capital 
  
1,050
1,050

Capital redemption reserve
  
450
450

Investment property reserve
  
517,975
327,978

Profit and loss account
  
(127,048)
1,249,915

  
392,427
1,579,393


Page 1

 
H. SMITH & SONS (HONINGHAM) LIMITED
REGISTERED NUMBER: 00758857

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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 25 April 2025.




J E Smith
A G H Smith
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

H Smith & Sons (Honingham) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 00758857. The registered office is Quarry Works, Honingham, Norwich, Norfolk, NR9 5AP.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

During the year the company has suffered a significant bad debt, the directors and related parties have introduced funds to help support the company and have undertaken not to withdraw these funds should it impact on the ability of the company to continue as a going concern.  The company has a strong portfolio of contracts and post year end has continued to obtain further contracts that will provide sufficient cash flow which will enable it to continue as a going concern.
Management financial information indicates the company has returned to profit in the post balance sheet period date and therefore the financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

 
2.3

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:

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.

 
2.4

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 3

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
per annum on the reducing balance basis
Motor vehicles
-
25%
per annum on the reducing balance basis
Fixtures and fittings
-
15%
per annum on the reducing balance basis

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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.

 
2.7

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.

 
2.8

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.  The dividends paid in the year were at a time when the company had adequate distributable reserves.

Page 4

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 34).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 May 2023
465,157
496,014
32,910
994,081


Additions
3,541
-
-
3,541



At 30 April 2024

468,698
496,014
32,910
997,622



Depreciation


At 1 May 2023
321,874
252,731
23,674
598,279


Charge for the year on owned assets
24,072
46,526
1,385
71,983



At 30 April 2024

345,946
299,257
25,059
670,262



Net book value



At 30 April 2024
122,752
196,757
7,851
327,360



At 30 April 2023
143,283
243,283
9,236
395,802

Page 6

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
635,000


Surplus on revaluation
255,000



At 30 April 2024
890,000

The 2024 valuations were made by an external property valuation firm, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
303,055
303,055


6.


Debtors

2024
2023
£
£


Trade debtors
92,111
1,200,993

Other debtors
212,261
75,182

Prepayments and accrued income
49,563
57,270

Amounts recoverable on long-term contracts
740,807
1,567,155

1,094,742
2,900,600


Page 7

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
95,120
190,577

Trade creditors
792,981
1,523,617

Amounts owed to other participating interests
-
185,173

Other taxation and social security
129,980
144,554

Other creditors
53,076
290,520

Accruals and deferred income
88,640
55,813

1,159,797
2,390,254



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to other participating interests
435,378
-

Other creditors
487,135
-

922,513
-



9.


Deferred taxation




2024


£






At beginning of year
3,967


Charged to profit or loss
65,003



At end of year
68,970

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Potential capital gain
68,970
3,967

Page 8

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


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 £34,286 (2023 - £34,289). Contributions totalling £2,899 (2023 - £5,378) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The company operates a loan account with the directors, as at 30 April 2024 an amount of £487,135 (2023: £284,875) was due to them. The loan is interest free and repayable on demand.


Page 9