Silverfin false false 30/09/2024 01/10/2023 30/09/2024 A L Maher 15/03/2024 12/05/1994 D A Maher 31/03/1992 M A Maher 15/03/2024 12/05/1964 25 April 2025 The principal activity of the company continued to be that of a garage proprietor. 00485846 2024-09-30 00485846 bus:Director1 2024-09-30 00485846 bus:Director2 2024-09-30 00485846 bus:Director3 2024-09-30 00485846 2023-09-30 00485846 core:CurrentFinancialInstruments 2024-09-30 00485846 core:CurrentFinancialInstruments 2023-09-30 00485846 core:Non-currentFinancialInstruments 2024-09-30 00485846 core:Non-currentFinancialInstruments 2023-09-30 00485846 core:ShareCapital 2024-09-30 00485846 core:ShareCapital 2023-09-30 00485846 core:RevaluationReserve 2024-09-30 00485846 core:RevaluationReserve 2023-09-30 00485846 core:CapitalRedemptionReserve 2024-09-30 00485846 core:CapitalRedemptionReserve 2023-09-30 00485846 core:RetainedEarningsAccumulatedLosses 2024-09-30 00485846 core:RetainedEarningsAccumulatedLosses 2023-09-30 00485846 core:LandBuildings 2023-09-30 00485846 core:PlantMachinery 2023-09-30 00485846 core:FurnitureFittings 2023-09-30 00485846 core:LandBuildings 2024-09-30 00485846 core:PlantMachinery 2024-09-30 00485846 core:FurnitureFittings 2024-09-30 00485846 core:ImmediateParent core:CurrentFinancialInstruments 2024-09-30 00485846 core:ImmediateParent core:CurrentFinancialInstruments 2023-09-30 00485846 bus:OrdinaryShareClass1 2024-09-30 00485846 2023-10-01 2024-09-30 00485846 bus:FilletedAccounts 2023-10-01 2024-09-30 00485846 bus:SmallEntities 2023-10-01 2024-09-30 00485846 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 00485846 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00485846 bus:Director1 2023-10-01 2024-09-30 00485846 bus:Director2 2023-10-01 2024-09-30 00485846 bus:Director3 2023-10-01 2024-09-30 00485846 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 00485846 core:PlantMachinery 2023-10-01 2024-09-30 00485846 core:FurnitureFittings 2023-10-01 2024-09-30 00485846 2022-10-01 2023-09-30 00485846 core:LandBuildings 2023-10-01 2024-09-30 00485846 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 00485846 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 00485846 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00485846 (England and Wales)

SMITH & LANDERS (ENGINEERS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

SMITH & LANDERS (ENGINEERS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

SMITH & LANDERS (ENGINEERS) LIMITED

BALANCE SHEET

As at 30 September 2024
SMITH & LANDERS (ENGINEERS) LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 183,776 199,857
183,776 199,857
Current assets
Stocks 489,134 559,983
Debtors 4 104,372 103,964
Cash at bank and in hand 9,258 48,888
602,764 712,835
Creditors: amounts falling due within one year 5 ( 189,099) ( 243,013)
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 ( 87,500) ( 157,500)
Provision for liabilities 7 ( 5,629) ( 6,896)
Net assets 504,312 505,283
Capital and reserves
Called-up share capital 8 6,000 6,000
Revaluation reserve 62,055 63,172
Capital redemption reserve 3,500 3,500
Profit and loss account 432,757 432,611
Total shareholder's funds 504,312 505,283

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 00485846) were approved and authorised for issue by the Director on 25 April 2025. They were signed on its behalf by:

D A Maher
Director
SMITH & LANDERS (ENGINEERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
SMITH & LANDERS (ENGINEERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Employee benefits

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

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 40 years straight line
Plant and machinery 10 % reducing balance
Fixtures and fittings 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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 17 23

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 October 2023 364,797 109,448 92,944 567,189
At 30 September 2024 364,797 109,448 92,944 567,189
Accumulated depreciation
At 01 October 2023 205,389 83,049 78,894 367,332
Charge for the financial year 9,120 2,640 4,321 16,081
At 30 September 2024 214,509 85,689 83,215 383,413
Net book value
At 30 September 2024 150,288 23,759 9,729 183,776
At 30 September 2023 159,408 26,399 14,050 199,857

4. Debtors

2024 2023
£ £
Trade debtors 95,622 94,964
Other debtors 8,750 9,000
104,372 103,964

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 70,000 70,000
Trade creditors 59,867 78,174
Amounts owed to Parent undertakings 2,000 2,000
Taxation and social security 43,973 48,885
Other creditors 13,259 43,954
189,099 243,013

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 87,500 157,500

The bank loan is secured against all the assets of the company.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 5,629 6,896

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
6,000 Ordinary shares of £ 1.00 each 6,000 6,000

9. Ultimate controlling party

Parent Company:

Ormskirk (Rent-a-Ford) Ltd
78 Chorley New Road, Bolton, BL1 4BY