Registered number
04901753
SMD Retail Limited
Unaudited Filleted Accounts
31 October 2024
SMD Retail Limited
Registered number: 04901753
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 52,953 -
Tangible assets 4 139,500 149,069
192,453 149,069
Current assets
Stocks 1,543,639 1,785,572
Debtors 5 3,480,545 1,522,670
Cash at bank and in hand 89,264 1,386,417
5,113,448 4,694,659
Creditors: amounts falling due within one year 6 (521,815) (379,385)
Net current assets 4,591,633 4,315,274
Total assets less current liabilities 4,784,086 4,464,343
Provisions for liabilities (7,000) (8,900)
Net assets 4,777,086 4,455,443
Capital and reserves
Called up share capital 2 2
Capital redemption reserve 1 1
Profit and loss account 4,777,083 4,455,440
Shareholder's funds 4,777,086 4,455,443
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R I Forrester
Director
Approved by the board on 24 July 2025
SMD Retail Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover arises from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, and is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Fixed assets
Fixed assets are measured at cost less accumulated depreciation and any impairment losses in respect of intangibles. Depreciation / amortisation is provided on all fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Intangible asset 20% straight line
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is also recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Leased assets
All leases are classified as operating leases where the lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Cost
Additions 61,750
At 31 October 2024 61,750
Amortisation
Provided during the year 8,797
At 31 October 2024 8,797
Net book value
At 31 October 2024 52,953
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 102,453 61,585 96,665 260,703
Additions - 3,377 - 3,377
Disposals - (1,385) (27,621) (29,006)
At 31 October 2024 102,453 63,577 69,044 235,074
Depreciation
At 1 November 2023 - 48,861 62,773 111,634
Charge for the year - 3,306 8,085 11,391
On disposals - (1,385) (26,066) (27,451)
At 31 October 2024 - 50,782 44,792 95,574
Net book value
At 31 October 2024 102,453 12,795 24,252 139,500
At 31 October 2023 102,453 12,724 33,892 149,069
5 Debtors 2024 2023
£ £
Trade debtors 7,698 -
Other debtors 3,472,847 1,522,670
3,480,545 1,522,670
Amounts due after more than one year included above 120,215 225,019
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 199,171 -
Trade creditors 74,853 158,075
Taxation and social security costs 176,421 213,842
Other creditors 71,370 7,468
521,815 379,385
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 80,000 120,000
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R I Forrester
Loan made without terms 774,186 62,963 (469,170) 367,979
774,186 62,963 (469,170) 367,979
9 Related party transactions
At the balance sheet date, the company had lent a cumulative amount of £2,844,907 (2023 - £497,314 to a further company which is under common control. There are no terms attaching to this loan.
10 Other information
SMD Retail Limited is a private company limited by shares and incorporated in England and Wales. It is wholly-owned and therefore controlled by its sole director, Mr R I Forrester. The registered office is situated at SMD Court, Miners Road, Llay Industrial Estate, Wrexham, LL12 0PJ.
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