IRIS Accounts Production v25.1.3.33 01162403 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011624032023-12-31011624032024-12-31011624032024-01-012024-12-31011624032022-12-31011624032023-01-012023-12-31011624032023-12-3101162403ns15:EnglandWales2024-01-012024-12-3101162403ns14:PoundSterling2024-01-012024-12-3101162403ns10:Director12024-01-012024-12-3101162403ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101162403ns10:SmallEntities2024-01-012024-12-3101162403ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3101162403ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3101162403ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3101162403ns10:FullAccounts2024-01-012024-12-3101162403ns10:Director22024-01-012024-12-3101162403ns10:Director32024-01-012024-12-3101162403ns10:CompanySecretary12024-01-012024-12-3101162403ns10:RegisteredOffice2024-01-012024-12-3101162403ns5:CurrentFinancialInstruments2024-12-3101162403ns5:CurrentFinancialInstruments2023-12-3101162403ns5:Non-currentFinancialInstruments2024-12-3101162403ns5:Non-currentFinancialInstruments2023-12-3101162403ns5:ShareCapital2024-12-3101162403ns5:ShareCapital2023-12-3101162403ns5:RetainedEarningsAccumulatedLosses2024-12-3101162403ns5:RetainedEarningsAccumulatedLosses2023-12-3101162403ns5:PlantMachinery2024-01-012024-12-3101162403ns5:PlantMachinery2023-12-3101162403ns5:PlantMachinery2024-12-3101162403ns5:PlantMachinery2023-12-3101162403ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3101162403ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3101162403ns5:WithinOneYear2024-12-3101162403ns5:WithinOneYear2023-12-3101162403ns5:BetweenOneFiveYears2024-12-3101162403ns5:BetweenOneFiveYears2023-12-3101162403ns5:AllPeriods2024-12-3101162403ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 01162403 (England and Wales)

















WILFRID SMITH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILFRID SMITH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: ID Mason
J Walkey
P A Knowles





SECRETARY: Mrs KM Walkey





REGISTERED OFFICE: Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG





REGISTERED NUMBER: 01162403 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 95,193 79,249

CURRENT ASSETS
Stocks 1,176,611 875,293
Debtors 5 2,187,838 2,359,458
Cash at bank 1,573,033 1,728,711
4,937,482 4,963,462
CREDITORS
Amounts falling due within one year 6 1,688,628 1,808,442
NET CURRENT ASSETS 3,248,854 3,155,020
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,344,047

3,234,269

CREDITORS
Amounts falling due after more than one
year

7

(2,800,000

)

(2,700,000

)

PROVISIONS FOR LIABILITIES (1,501 ) -
NET ASSETS 542,546 534,269

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings 242,546 234,269
542,546 534,269

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

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

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

BALANCE SHEET - continued
31 DECEMBER 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:





J Walkey - Director


WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

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

1. STATUTORY INFORMATION

Wilfrid Smith 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.

2. ACCOUNTING POLICIES

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.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

Significant judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

In preparing these financial statements, the company's critical accounting judgements and estimates are in respect of the anticipated movements in foreign exchange rates, the impairment of assets, the net realisable value of stock, the depreciation rates for fixed assets and the recoverability of amounts owed by customers. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below:

- In assessing the net realisable value of the company's stocks. Factors taken into consideration in reaching a decision include knowledge of the sales value in the previous year and forecasts for the coming year.

- In determining the depreciation rates of tangible fixed assets, which are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment considers issues such as future market conditions, the remaining life of the asset and projected disposal values.

- In estimating the recoverability of amounts owed by customers. The directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.

Estimates and judgements include the likely outcome of future events; these are made after reviewing historical data and assessing all other pertinent information.

It is possible that new information could come to light that might result in material adjustments to the items above.

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

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

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of:
a. the revised estimate of its recoverable amount; and
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years.
A reversal of an impairment loss is recognised immediately in profit or loss.

Revenue recognition
Turnover represents invoiced sales of raw materials and chemicals and is recognised when goods are shipped or, in the case of consignment stock, when stock held by customers is used. Turnover is recorded at the fair value of the consideration received or receivable, and excludes value added tax and rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

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

2. ACCOUNTING POLICIES - continued

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, 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.

Taxation
The income tax expense is the aggregate of tax currently payable and deferred tax.

The tax currently payable is based on the taxable profits of the year. Taxable profits differ from the profits reported in the statement of comprehensive income because of (a) items of income or expense that are taxable or deductible in other years and (b) 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 end of the reporting period.

Deferred tax is recognised on timing differences that have originated but not reversed by the balance sheet date. Typically, timing differences arise when tax relief is claimed in one period but the related expenditure is charged to profit in another period. Deferred tax assets and liabilities are recorded at the tax rates that are expected to apply in the period in which the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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.

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.

Employee benefits
Short-term employee benefits are recognised as expenses in the period in which they are incurred.

Obligations for contributions to defined contribution schemes are recognised as expenses in the period in which they are incurred. The assets of these schemes are held separately from those of the company in independently administered funds.

Leasing assets
Operating leases, which are leases that do not transfer substantially all the risks and rewards of ownership to the company, are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

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

2. ACCOUNTING POLICIES - continued

Measurement of financial instruments
Trade and other debtors

Trade and other debtors are recognised initially at the transaction value and thereafter at transaction value less provisions for bad and doubtful debts. If the effect of discounting is material, the debtor is stated at its amortised value using the effective interest method, less provisions for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction value unless the effect of discounting is material, in which case they are stated at their amortised value using the effective interest method.

Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at the transaction value, plus attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at their amortised value, using the effective interest method, with any difference between the amount initially recognised and the redemption value taken to the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 204,898
Additions 48,343
Disposals (36,408 )
At 31 December 2024 216,833
DEPRECIATION
At 1 January 2024 125,649
Charge for year 32,399
Eliminated on disposal (36,408 )
At 31 December 2024 121,640
NET BOOK VALUE
At 31 December 2024 95,193
At 31 December 2023 79,249

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,038,248 2,213,502
Other debtors 149,590 145,956
2,187,838 2,359,458

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 441,210 530,421
Amounts owed to group undertakings 237,281 237,425
Taxation and social security 399,746 500,093
Other creditors 610,391 540,503
1,688,628 1,808,442

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 1,300,000 1,200,000
Other creditors 1,500,000 1,500,000
2,800,000 2,700,000

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 25,600 25,265
Between one and five years 28,367 -
53,967 25,265

9. PENSION COMMITMENTS

The company contributes to a group personal pension scheme and an individual self-invested personal pension scheme; in both cases, the obligation to pay benefits is restricted to the value of the funds in the scheme. Pension contributions of £74,150 (2023: £27,458) were payable for the year and £nil (2023: £nil) were owed at the balance sheet date.

10. OTHER FINANCIAL COMMITMENTS

The company has provided a bank guarantee of £120,000 (2023: £120,000) to HM Customs & Excise in respect of its duty-deferment arrangements; the guarantee is secured by a fixed and floating charge over the company's assets.

WILFRID SMITH LIMITED (REGISTERED NUMBER: 01162403)

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

11. RELATED PARTY DISCLOSURES

During the year, the Company:
i) paid aggregate emoluments of £231,853 (2023: £232,385) to its directors;
ii) borrowed £67,616 (2023: £307,543 ) from two of its officers;
iii) paid management fees of £130,000 (2023: £140,000) to its parent company; and
iv) borrowed £99,856 from (2023: repaid £345,226 to) its parent company.

At the balance sheet date, the Company:
i) owed £1,814,873 (2023: £1,747,257) to two officers. This loan is unsecured and, save for £1.5m which is not repayable within twelve months of the balance sheet date, is repayable on demand. Interest payable on the loan varies; in the current year, interest of £182,000 (2023: £167,000) was charged, being a rate of 10% pa; and
ii) owed £1,537,281 (2023: £1,437,425) to its parent company; this loan is unsecured and interest-free. There are no terms as to the repayment of this loan, other than £1,300,000 is not repayable within twelve months of the balance sheet date.