Company registration number 04024337 (England and Wales)
MA SMITH & CO. (WARRINGTON) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
MA SMITH & CO. (WARRINGTON) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MA SMITH & CO. (WARRINGTON) LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
166
333
Current assets
Stocks
27,545
1,447
Debtors
5
147,097
123,400
Cash at bank and in hand
389
114,934
175,031
239,781
Creditors: amounts falling due within one year
6
(111,401)
(143,803)
Net current assets
63,630
95,978
Total assets less current liabilities
63,796
96,311
Creditors: amounts falling due after more than one year
7
(30,020)
(36,410)
Provisions for liabilities
(42)
(83)
Net assets
33,734
59,818
Capital and reserves
Called up share capital
1,102
1,102
Profit and loss reserves
32,632
58,716
Total equity
33,734
59,818
MA SMITH & CO. (WARRINGTON) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 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 9 June 2025 and are signed on its behalf by:
Mr L Halliday
Director
Company registration number 04024337 (England and Wales)
MA SMITH & CO. (WARRINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
MA Smith & Co. (Warrington) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Waterside Court, St. Helens, Merseyside, United Kingdom, WA9 1UA.
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
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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
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:
Fixtures & equipment
20% reducing balance
Computer equipment
25% reducing balance/33% straight line
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MA SMITH & CO. (WARRINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax has not been discounted.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
240,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
240,000
Carrying amount
At 31 August 2024
At 31 August 2023
MA SMITH & CO. (WARRINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Tangible fixed assets
Fixtures & equipment
Computer equipment
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
539
3,227
3,766
Depreciation and impairment
At 1 September 2023
539
2,894
3,433
Depreciation charged in the year
167
167
At 31 August 2024
539
3,061
3,600
Carrying amount
At 31 August 2024
166
166
At 31 August 2023
333
333
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,340
45,635
Other debtors
75,757
77,765
147,097
123,400
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
26,590
6,390
Trade creditors
7,045
2,937
Corporation tax
28,927
44,662
Other creditors
48,839
89,814
111,401
143,803
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,020
36,410
8
Operating lease commitments
As lessee
MA SMITH & CO. (WARRINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Operating lease commitments
(Continued)
- 6 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
16,372
9
Directors' transactions
The below loans are unsecured, interest free and repayable on demand. All the figures are disclosed on an aggregate basis. The loans were repaid after the year end.
2024
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Leon Halliday - Directors Loan
35,584
82,097
(82,860)
34,821
Nicholas Smith - Directors Loan
27,133
80,831
(82,076)
25,888
62,717
162,928
(164,936)
60,709
2023
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Leon Halliday - Directors Loan
33,475
68,258
(66,149)
35,584
Nicholas Smith - Directors Loan
26,132
70,338
(69,337)
27,133
59,607
138,596
(135,486)
62,717