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REGISTERED NUMBER: 00473755 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

SMITH & MUNSON LIMITED

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITH & MUNSON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: N Munson
Mrs B M Munson
S J Munson
Mrs J F Munson
E J Munson





SECRETARY: Mrs J F Munson





REGISTERED OFFICE: Glenfield House
Gedney
Spalding
Lincolnshire
PE12 0GA





REGISTERED NUMBER: 00473755 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

BALANCE SHEET
31 OCTOBER 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 941,455 873,810

CURRENT ASSETS
Stocks 105,685 116,396
Debtors 5 364,504 190,781
Cash at bank 227,612 344,463
697,801 651,640
CREDITORS
Amounts falling due within one year 6 369,157 249,983
NET CURRENT ASSETS 328,644 401,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,270,099

1,275,467

CREDITORS
Amounts falling due after more than one
year

7

(484,862

)

(488,037

)

PROVISIONS FOR LIABILITIES (147,000 ) (102,400 )
NET ASSETS 638,237 685,030

CAPITAL AND RESERVES
Called up share capital 10 82,778 84,459
Retained earnings 555,459 600,571
638,237 685,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 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.

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

BALANCE SHEET - continued
31 OCTOBER 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





S J Munson - Director


SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Smith & Munson Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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

Tangible fixed assets
Depreciation has been computed to write off the cost of tangible fixed assets on a reducing balance basis over their expected useful lives using the following rates:

Improvement to property- 10% per annum and 4% straight line
Plant & machinery- 25% per annum and 5% straight line
Motor vehicles- 25% per annum

Stocks
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 Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all 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.

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 77,024 1,448,177 1,649,248 79,508 3,253,957
Additions - 129,454 78,249 - 207,703
Disposals - - (41,850 ) - (41,850 )
At 31 October 2024 77,024 1,577,631 1,685,647 79,508 3,419,810
DEPRECIATION
At 1 November 2023 - 995,038 1,336,714 48,395 2,380,147
Charge for year - 40,239 85,867 7,779 133,885
Eliminated on disposal - - (35,677 ) - (35,677 )
At 31 October 2024 - 1,035,277 1,386,904 56,174 2,478,355
NET BOOK VALUE
At 31 October 2024 77,024 542,354 298,743 23,334 941,455
At 31 October 2023 77,024 453,139 312,534 31,113 873,810

Included in cost of land and buildings is freehold land of £ 77,024 (2023 - £ 77,024 ) which is not depreciated.

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2023 - 54,334 54,334
Additions 41,536 - 41,536
Reclassification/transfer 17,713 - 17,713
At 31 October 2024 59,249 54,334 113,583
DEPRECIATION
At 1 November 2023 - 26,319 26,319
Charge for year 12,897 7,004 19,901
Reclassification/transfer 738 - 738
At 31 October 2024 13,635 33,323 46,958
NET BOOK VALUE
At 31 October 2024 45,614 21,011 66,625
At 31 October 2023 - 28,015 28,015

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 134,111 107,982
Other debtors 230,393 82,799
364,504 190,781

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 19,333 18,617
Hire purchase contracts (see note 8) 32,971 1,533
Trade creditors 102,213 107,304
Taxation and social security 71,257 28,850
Other creditors 143,383 93,679
369,157 249,983

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans 339,581 358,978
Hire purchase contracts (see note 8) 38,059 23,518
Other creditors 107,222 105,541
484,862 488,037

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.10.24 31.10.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 254,541 277,090

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.24 31.10.23
£    £   
Net obligations repayable:
Within one year 32,971 1,533
Between one and five years 38,059 23,518
71,030 25,051

Non-cancellable operating leases
31.10.24 31.10.23
£    £   
Within one year 2,700 2,700

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Bank loans 358,914 377,595
Hire purchase contracts 71,030 25,051
429,944 402,646

The bank loans are secured by a fixed charge over the freehold land at King's Gale, Gedney.

The obligations under hire purchase agreements are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 31.10.24 31.10.23
£ £
5,000 Ordinary £1 5,000 5,000
140,000 Redeemable preference £1 77,778 79,459
82,778 141,992

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

11. CAPITAL COMMITMENTS
31.10.24 31.10.23
£    £   
Contracted but not provided for in the
financial statements - 41,713

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

31.10.24 31.10.23
£    £   
S J Munson and Mrs J F Munson
Balance outstanding at start of year - -
Amounts advanced 22,166 -
Amounts repaid (22,166 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

E J Munson
Balance outstanding at start of year - -
Amounts advanced 127,057 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 127,057 -

Interest was charged on the overdrawn directors loan account balances at 2.25%.

13. RELATED PARTY DISCLOSURES

During the year Mr S J Munson, a director and shareholder of the company, paid £21,250 to the company in respect of the company surrendering a Agricultural Holdings Act Tenancy it held on land owned by Mr S J Munson. The valuation of £21,250 was obtained from a firm of RICS Chartered surveyors.