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Registration number: NI007733

Smith's Engineering Works (Northern Ireland) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Smith's Engineering Works (Northern Ireland) Limited

(Registration number: NI007733)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,015,425

2,755,254

Investment property

5

75,000

75,000

 

3,090,425

2,830,254

Current assets

 

Stocks

6

675,645

454,047

Debtors

7

1,019,292

1,105,400

Cash at bank and in hand

 

16,109

7,480

 

1,711,046

1,566,927

Creditors: Amounts falling due within one year

8

(1,996,564)

(1,853,108)

Net current liabilities

 

(285,518)

(286,181)

Total assets less current liabilities

 

2,804,907

2,544,073

Creditors: Amounts falling due after more than one year

8

(1,620,966)

(1,496,380)

Provisions for liabilities

(417,695)

(207,907)

Net assets

 

766,246

839,786

Capital and reserves

 

Called up share capital

10

20,000

20,000

Revaluation reserve

292,992

302,410

Retained earnings

453,254

517,376

Shareholders' funds

 

766,246

839,786

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Smith's Engineering Works (Northern Ireland) Limited

(Registration number: NI007733)
Balance Sheet as at 31 October 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 June 2025
 

.........................................
Mr Darwin Smith
Director

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Pennybridge Industrial Estate, Larne Road, Ballymena, Co Antrim, BT42 3HB.

These financial statements were authorised for issue by the director on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Tangible assets

Tangible assets (other than freehold hold property) are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is carried at fair value.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2.5% straight line of the revalued amount

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate revalued on an annual basis. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 36 (2023 - 46).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

450,000

224,254

61,347

4,399,245

5,134,846

Additions

-

1,857

109,950

580,298

692,105

Disposals

-

-

-

(414,300)

(414,300)

At 31 October 2024

450,000

226,111

171,297

4,565,243

5,412,651

Depreciation

At 1 November 2023

67,500

177,675

54,908

2,079,509

2,379,592

Charge for the year

11,250

12,109

29,097

242,808

295,264

Eliminated on disposal

-

-

-

(277,630)

(277,630)

At 31 October 2024

78,750

189,784

84,005

2,044,687

2,397,226

Carrying amount

At 31 October 2024

371,250

36,327

87,292

2,520,556

3,015,425

At 31 October 2023

382,500

46,579

6,439

2,319,736

2,755,254

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Revaluation of fixed assets

The directors had valued the freehold premises at £450,000 at 31st October 2018, taking into account professional valuations obtained in December 2018.

The premises' historical cost was £101,790.

5

Investment properties

2024
£

At 1 November

75,000

At 31 October

75,000

There has been no valuation of investment property by an independent valuer. In the directors opinion, market value of the investment property is £75,000.

6

Stocks

2024
£

2023
£

Stock and work in progress

675,645

454,047

7

Debtors

Current

2024
£

2023
£

Trade debtors

944,992

907,174

Prepayments

66,964

13,101

Other debtors

7,336

185,125

 

1,019,292

1,105,400

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

501,905

439,764

Trade creditors

670,545

393,832

Hire purchase

447,270

497,492

Taxation and social security

107,942

150,560

Other creditors

268,902

371,460

1,996,564

1,853,108

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

1,620,966

1,496,380

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Taxation

2024
 £

2023
 £

Tax on profit on ordinary activities

Current tax

Previous year

-

(177,150)

Deferred tax

Origination and reversal of timing differences

209,788

35,668

Total tax on profit on ordinary activities

209,788

(141,482)

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

       
 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

78,875

96,854

Hire purchase

1,542,091

1,399,526

1,620,966

1,496,380

2024
£

2023
£

Current loans and borrowings

Bank borrowings

19,413

22,511

Bank overdrafts

482,492

417,253

Hire purchase

447,270

497,492

949,175

937,256

Company bank borrowings are secured by a mortgage debenture incorporating a fixed and floating charge over all company assets present and future, including a specific charge over the business premises at Unit 16, Pennybridge Industrial Estate, Ballymena.

12

Reserves

2024
 £

2023
 £

Distributable

453,254

517,376

Non-distributable

292,992

302,410

746,246

819,786

13

Parent and ultimate parent undertaking

The company's immediate parent is Semac Holdings Ltd, incorporated in Northern Ireland.

 The ultimate controlling party is Mr Darwin Smith.