Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
|
|
|
| 183,776 | 199,857 | |||
| Current assets | ||||
| Stocks |
|
|
||
| Debtors | 4 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 602,764 | 712,835 | |||
| Creditors: amounts falling due within one year | 5 | (
|
(
|
|
| Net current assets | 413,665 | 469,822 | ||
| Total assets less current liabilities | 597,441 | 669,679 | ||
| Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
| Provision for liabilities | 7 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 8 |
|
|
|
| Revaluation reserve |
|
|
||
| Capital redemption reserve |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Smith & Landers (Engineers) Limited (registered number:
|
D A Maher
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Smith & Landers (Engineers) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 Chorley New Road, Chorley New Road, Bolton, BL1 4BY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of vehicle services is recognised in line with the work performed.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
| Land and buildings |
|
| Plant and machinery |
|
| Fixtures and fittings |
|
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
|
|
| Land and buildings | Plant and machinery | Fixtures and fittings | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 October 2023 |
|
|
|
|
|||
| At 30 September 2024 |
|
|
|
|
|||
| Accumulated depreciation | |||||||
| At 01 October 2023 |
|
|
|
|
|||
| Charge for the financial year |
|
|
|
|
|||
| At 30 September 2024 |
|
|
|
|
|||
| Net book value | |||||||
| At 30 September 2024 |
|
|
|
|
|||
| At 30 September 2023 |
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to Parent undertakings |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
Parent Company:
|
|
| 78 Chorley New Road, Bolton, BL1 4BY |