Company registration number 06044217 (England and Wales)
GREGORY J SMITH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
GREGORY J SMITH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GREGORY J SMITH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
115,891
161,202
Current assets
Debtors
4
114,965
79,067
Cash at bank and in hand
144,770
118,490
259,735
197,557
Creditors: amounts falling due within one year
5
(133,173)
(103,224)
Net current assets
126,562
94,333
Total assets less current liabilities
242,453
255,535
Creditors: amounts falling due after more than one year
6
(37,092)
(56,377)
Provisions for liabilities
(28,973)
(30,628)
Net assets
176,388
168,530
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
176,288
168,430
Total equity
176,388
168,530
GREGORY J SMITH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
Mrs S Smith
Director
Company registration number 06044217 (England and Wales)
GREGORY J SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Gregory J Smith Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highfield, Zion Road, Palestine, Grateley, Andover, Hampshire, SP11 7EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
1.5
Taxation
Current tax
GREGORY J SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
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
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
9
9
GREGORY J SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
13,054
460,697
473,751
Additions
42,630
42,630
Disposals
(24,471)
(24,471)
At 31 March 2025
13,054
478,856
491,910
Depreciation and impairment
At 1 April 2024
7,673
304,876
312,549
Depreciation charged in the year
1,915
83,576
85,491
Eliminated in respect of disposals
(22,021)
(22,021)
At 31 March 2025
9,588
366,431
376,019
Carrying amount
At 31 March 2025
3,466
112,425
115,891
At 31 March 2024
5,381
155,821
161,202
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
114,965
79,067
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,000
10,132
Obligations under finance leases
34,566
30,849
Trade creditors
8,170
12,426
Corporation tax
31,352
4,207
Other taxation and social security
21,072
23,427
Other creditors
624
16,174
Accruals and deferred income
27,389
6,009
133,173
103,224
GREGORY J SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,167
14,167
Other creditors
32,925
42,210
37,092
56,377
7
Loans and borrowings
Finance lease and hire purchase contracts
Finance lease and hire purchase contracts with with a carrying amount of £67,490 (2024: £73,060) are secured by certain plant and machinery.