GEOFF SMITH ASSOCIATES LIMITED


Directors	David J Blackburn
	Ann E Smith
	Paul G Smith
	Steven R Smith


Company Secretary	Ann E Smith


Registered Address	5 Cartwright Court Cartwright Way
	Forest Business Park
	Bardon
	LE67 1UE


Registered Number	03342175 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares, registered in England & Wales The address of the registered office is 5 Cartwright Court, Cartwright Way, Forest Business Park, Bardon Leicester LE67 1UE.

	Statement of compliance
	These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

	Basis of preparation
	The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and VAT. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and VAT. 
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Operating leases
	Lease payments are recognised over the lease term on a straight line basis. Lease incentives are also recognised over the lease term on a straight line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Operating leases

Lease payments are recognised over the lease term on a straight line basis. Lease incentives are also recognised over the lease term on a straight line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months at the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months at the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Current taxation
	The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Current taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

	Intangible assets
	Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount are recorded at the fair value at the date of evaluation as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Intangible assets

Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount are recorded at the fair value at the date of evaluation as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. 
Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

	Amortisation
	Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows : Development costs 10% straight line If there is an indication that there has been a significant change in amortisation rate useful life, or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows :

Development costs			10% straight line

If there is an indication that there has been a significant change in amortisation rate useful life, or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

	Research and development
	Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: It is technically feasible to complete the intangible asset so that it will be available for use or sale; There is the intention to complete the intangible asset and use it or sell it; There is the ability to use or sell the intangible asset; The use or sale of the intangible asset will generate probable future benefits; There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Research and development

Research expenditure is written off in the year in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
It is technically feasible to complete the intangible asset so that it will be available for use or sale;
There is the intention to complete the intangible asset and use it or sell it;
There is the ability to use or sell the intangible asset;
The use or sale of the intangible asset will generate probable future benefits;
There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and 
The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.

	Development costs
	Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in profit or loss over the estimated useful life.

	Tangible fixed assets and depreciation
	Tangible assets are recorded at cost less any subsequent depreciation or impairment loss. Any tangible assets carried at a revalued amount is recorded at the fair value at the date of revaluation and any profit or loss as a result of the revaluation is recognised as a profit or loss in the period. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property Nil Plant and machinery 33 1/3%, 25%, and 10% reducing balance Fixtures and fittings 25% and 15% reducing balance Motor vehicles 25% reducing balance If there is an indication that there has been a significant change in depreciation rate useful life, or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Tangible fixed assets and depreciation

Tangible assets are recorded at cost less any subsequent depreciation or impairment loss.
Any tangible assets carried at a revalued amount is recorded at the fair value at the date of revaluation and any profit or loss as a result of the revaluation is recognised as a profit or loss in the period.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property			Nil
Plant and machinery		33 1/3%, 25%,  and 10% reducing balance
Fixtures and fittings			25% and 15% reducing balance
Motor vehicles			        25% reducing balance

If there is an indication that there has been a significant change in depreciation rate useful life, or residual value of tangible assets, the depreciation is revised  prospectively to reflect the new estimates.

	Impairment of non-financial assets policy
	A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount the asset is impaired accordingly. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made.

	Stocks and work in progress
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or financial liability is only recognised when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at suitable market rate of interest Debt instruments are subsequently measured at amortised cost.

Financial instruments

A financial asset or financial liability is only recognised when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at suitable market rate of interest 
Debt instruments are subsequently measured at amortised cost.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	78		77

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 24	3,258,217	3,258,217
Additions	361,045	361,045
At 31 March 25	3,619,262	3,619,262
Amortisation and impairment
At 01 April 24	1,052,455	1,052,455
Charge for year	361,926	361,926
At 31 March 25	1,414,381	1,414,381
Net book value
At 31 March 25	2,204,881	2,204,881
At 31 March 24	2,205,762	2,205,762

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 April 24	698,730	653,458	118,745	240,142	1,711,075
Additions	-	9,033	-	3,100	12,133
Disposals	-	(259,698)	(29,147)	(62,700)	(351,545)
At 31 March 25	698,730	402,793	89,598	180,542	1,371,663
Depreciation and impairment
At 01 April 24	-	502,044	100,578	171,973	774,595
Charge for year	-	19,088	3,245	8,360	30,693
On disposals	-	(168,826)	(23,960)	(47,004)	(239,790)
At 31 March 25	-	352,306	79,863	133,329	565,498
Net book value
At 31 March 25	698,730	50,487	9,735	47,213	806,165
At 31 March 24	698,730	151,414	18,167	68,169	936,480

5.	Stocks

	2025	2024
	£	£
Finished goods	70,000	90,000
Total	70,000	90,000

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	775,604	594,253
Amounts owed by group undertakings	597,918	625,742
Other debtors	523,506	330,189
Prepayments and accrued income	80,426	132,484
Total	1,977,454	1,682,668

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	94,199	211,553
Bank borrowings and overdrafts	260,942	341,046
Taxation and social security	400,334	326,539
Other creditors	23,125	32,366
Accrued liabilities and deferred income	1,643,002	1,229,249
Total	2,421,602	2,140,753

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	80,000	200,000
Other creditors	682,317	701,276
Total	762,317	901,276

9.	Creditors: amounts due after 5 years
	Included within creditors: amounts falling due after more than one year is an amount of £99,988 (2024 £121,998 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	71,244	82,277
Total	71,244	82,277

11.	Other commitments
	The lenders hold fixed and floating charges over the assets of the company in respect of all borrowings. The company has also underwritten the borrowings of other group companies.

12.	Directors advances, credits and guarantees
	During the year the Directors received advances of £40,972 and repaid £750. At the year end the Company was owed £316,850 (2024: £276,628). This is included within other debtors. The loans are interest free and repayable on demand.

13.	Further information regarding the company's financial position
	The total amount due at the year end that is not included in these financial statements was £79,852.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		2,204,881		2,205,762
Tangible assets	4		806,165		936,480
			3,011,046		3,142,242
Current assets
Stocks	5	70,000		90,000
Debtors	6	1,977,454		1,682,668
Cash at bank and on hand		20,444		313
		2,067,898		1,772,981
Creditors amounts falling due within one year	7	(2,421,602)		(2,140,753)
Net current assets (liabilities)			(353,704)		(367,772)
Total assets less current liabilities			2,657,342		2,774,470
Creditors amounts falling due after one year	8		(762,317)		(901,276)
Provisions for liabilities	10		(71,244)		(82,277)
Net assets			1,823,781		1,790,917
Capital and reserves
Called up share capital			130		130
Profit and loss account			1,823,651		1,790,787
Shareholders' funds			1,823,781		1,790,917