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Registration number: 05688296

David A Smith Ltd
Annual Report and Unaudited Financial Statements
For The Year Ended 31 January 2025

David A Smith Ltd

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 5

David A Smith Ltd

(Registration number: 05688296)
Balance Sheet as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 30,426 |  | 40,612
Current assets |  |  |  |  |
Stocks | 5 | 375 |  | 400 |
Debtors | 6 | 12,023 |  | 6,025 |
Cash at bank and in hand |  | 755 |  | 1,020 |
|  | 13,153 |  | 7,445 |
Creditors: Amounts falling due within one year | 7 | (10,232) |  | (6,818) |
Net current assets |  |  | 2,921 |  | 627
Total assets less current liabilities |  |  | 33,347 |  | 41,239
Creditors: Amounts falling due after more than one year | 7 |  | (27,503) |  | (33,301)
Provisions for liabilities |  |  | (5,781) |  | (7,716)
Net assets |  |  | 63 |  | 222
Capital and reserves |  |  |  |  |
Called up share capital |  | 1 |  | 1 |
Profit and loss account |  | 62 |  | 221 |
Total equity |  |  | 63 |  | 222

For the financial year ending 31 January 2025 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.

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 30 September 2025

......................................... Mr David Andrew Smith Director

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2025

1 | 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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
Commercial motor vehicles | 25% Reducing balance
Office equipment | 25% Straight line
Plant & machinery | 15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2025

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.

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.

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.

2 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2025

3 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 February 2024 | 5,000 | 5,000
Disposals | (5,000) | (5,000)
At 31 January 2025 | - | -
Amortisation
At 1 February 2024 | 5,000 | 5,000
Amortisation eliminated on disposals | (5,000) | (5,000)
At 31 January 2025 | - | -
Carrying amount
At 31 January 2025 | - | -

4 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 February 2024 | 1,624 | 53,388 | 7,523 | 62,535
At 31 January 2025 | 1,624 | 53,388 | 7,523 | 62,535
Depreciation
At 1 February 2024 | 1,235 | 13,347 | 7,341 | 21,923
Charge for the year | 130 | 10,010 | 46 | 10,186
At 31 January 2025 | 1,365 | 23,357 | 7,387 | 32,109
Carrying amount
At 31 January 2025 | 259 | 30,031 | 136 | 30,426
At 31 January 2024 | 389 | 40,041 | 182 | 40,612

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2025

5 | Stocks

| 2025 £ | 2024 £
Other inventories | 375 | 400

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 576 | 1,333
Other debtors | 11,447 | 4,692
| 12,023 | 6,025

7 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Loans and borrowings | 5,798 | 5,798
Taxation and social security | 3,318 | -
Other creditors | 1,116 | 1,020
| 10,232 | 6,818
Due after one year |  |
Loans and borrowings | 27,503 | 33,301