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REGISTERED NUMBER: SC272215 (Scotland)












Financial Statements for the Year Ended 31 January 2025

for

G SMITH LTD

G SMITH LTD (REGISTERED NUMBER: SC272215)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G SMITH LTD

Company Information
for the Year Ended 31 January 2025







DIRECTORS: G C Smith
J Simpson





REGISTERED OFFICE: Riverview
Marykirk
Laurencekirk
Kincardineshire
AB30 1UT





REGISTERED NUMBER: SC272215 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

G SMITH LTD (REGISTERED NUMBER: SC272215)

Balance Sheet
31 January 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1,900 3,800
Tangible assets 5 1,914 1,857
3,814 5,657

CURRENT ASSETS
Stocks 7,573 9,805
Debtors 6 1,086 405
Cash at bank and in hand 49,795 42,757
58,454 52,967
CREDITORS
Amounts falling due within one year 7 9,722 9,038
NET CURRENT ASSETS 48,732 43,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,546

49,586

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 52,544 49,584
SHAREHOLDERS' FUNDS 52,546 49,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G SMITH LTD (REGISTERED NUMBER: SC272215)

Balance Sheet - continued
31 January 2025


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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





G C Smith - Director


G SMITH LTD (REGISTERED NUMBER: SC272215)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

G Smith Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


G SMITH LTD (REGISTERED NUMBER: SC272215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2024
and 31 January 2025 19,000
AMORTISATION
At 1 February 2024 15,200
Charge for year 1,900
At 31 January 2025 17,100
NET BOOK VALUE
At 31 January 2025 1,900
At 31 January 2024 3,800

G SMITH LTD (REGISTERED NUMBER: SC272215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2024 1,879 7,947 8,995 18,821
Additions 625 - - 625
At 31 January 2025 2,504 7,947 8,995 19,446
DEPRECIATION
At 1 February 2024 1,719 6,827 8,418 16,964
Charge for year 144 280 144 568
At 31 January 2025 1,863 7,107 8,562 17,532
NET BOOK VALUE
At 31 January 2025 641 840 433 1,914
At 31 January 2024 160 1,120 577 1,857

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 1,086 307
Other debtors - 98
1,086 405

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 5,845 5,806
Taxation and social security 2,769 2,442
Other creditors 1,108 790
9,722 9,038

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 (2024 - £3,558) were paid to the directors .

The company was under control of G C Smith and J Simpson throughout the current and previous year

During the year the directors advanced the company net amounts totalling £318. As at 31 January 2025, included within other creditors, is a balance outstanding due to the director of £318 (2024 - £Nil) No interest was paid on this loan.