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Registration number: 04424314

S Smith & Sons Carpets Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

S Smith & Sons Carpets Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

S Smith & Sons Carpets Ltd

Company Information

Directors

S J Smith

Mrs A J Smith

T Smith

Company secretary

S J Smith

Registered office

Links House 156 Grace Road Central
Marsh Barton Trading Estate
Exeter
Devon
EX2 8QA

Accountants

M.J. Smith & Co Limited
Chartered Accountants
11 Yeo Business Park
Axehayes Farm
Clyst St Mary
Exeter
Devon
EX5 1DP

 

S Smith & Sons Carpets Ltd

(Registration number: 04424314)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

fixed assets

 

Intangible assets

6

2,012

4,020

tangible assets

7

109,195

66,661

 

111,207

70,681

Current assets

 

stocks

8

(37,599)

(1,582)

Debtors

9

50,556

54,522

Cash at bank and in hand

 

554,832

543,970

 

567,789

596,910

Creditors: Amounts falling due within one year

10

(111,301)

(95,926)

Net current assets

 

456,488

500,984

Total assets less current liabilities

 

567,695

571,665

Provisions for liabilities

(9,497)

(9,497)

Net assets

 

558,198

562,168

capital and reserves

 

Called up share capital

11

100

100

Profit and loss account

558,098

562,068

Total equity

 

558,198

562,168

For the financial year ending 28 February 2025 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

S Smith & Sons Carpets Ltd

(Registration number: 04424314)
Balance Sheet as at 28 February 2025

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:
 

.........................................
S J Smith
Company secretary and director

 

S Smith & Sons Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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:
Links House 156 Grace Road Central
Marsh Barton Trading Estate
Exeter
Devon
EX2 8QA
England

These financial statements were authorised for issue by the Board on 6 May 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

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

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 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.

 

S Smith & Sons Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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 years

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.

 

S Smith & Sons Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

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.

 

S Smith & Sons Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2024 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

17,567

22,221

Amortisation expense

2,008

2,008

5

Taxation on profits on ordinary activities

Note

2025
£

2024
 £

Tax reconciliation

 

UK corporation tax

 

14,164

28,463

Deferred tax

 

-

6,150

 

14,164

34,613

 

S Smith & Sons Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2024

65,000

65,000

At 28 February 2025

65,000

65,000

Amortisation

At 1 March 2024

60,980

60,980

Amortisation charge

2,008

2,008

At 28 February 2025

62,988

62,988

Carrying amount

At 28 February 2025

2,012

2,012

At 29 February 2024

4,020

4,020

7

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 March 2024

162,290

124,314

286,604

Additions

62,130

173

62,303

Disposals

(16,500)

-

(16,500)

At 28 February 2025

207,920

124,487

332,407

Depreciation

At 1 March 2024

118,847

101,096

219,943

Charge for the year

11,719

5,848

17,567

Eliminated on disposal

(14,298)

-

(14,298)

At 28 February 2025

116,268

106,944

223,212

Carrying amount

At 28 February 2025

91,652

17,543

109,195

At 29 February 2024

43,443

23,218

66,661

 

S Smith & Sons Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Stocks

2025
£

2024
£

Other inventories

(37,599)

(1,582)

9

Debtors

Current

2025
£

2024
£

Trade debtors

46,947

45,576

Other debtors

3,609

8,946

 

50,556

54,522

10

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

trade creditors

81,048

53,984

Taxation and social security

4,612

4,371

Accruals and deferred income

9,287

9,108

Other creditors

15,807

28,463

Director's current account

547

-

111,301

95,926

11

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

170

170

170

170

Ordinary A of £1 each

15

15

15

15

Prdinary B of £1 each

15

15

15

15

200

200

200

200

12

Parent and ultimate parent undertaking

The ultimate controlling party is Mr S J Smith by virtue of his 55% shareholding .