MARK SMITH & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2025
Company Registration Number: 03626236

MARK SMITH & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
CONTENTS | PAGES
Company information | 1
Balance sheet | 2 to 3
Notes to the financial statements |  |  |  |  |  | 4 to 9

MARK SMITH & CO. LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025
DIRECTOR
M J Stewart
SECRETARY
The Mgroup Secretarial Services Limited
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
03626236 England and Wales

MARK SMITH & CO. LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2025
|  |  | Notes |  | 2025 |  |  |  | 2024
|  |  |  |  | £ |  |  |  | £
FIXED ASSETS
Tangible assets | 5 |  |  |  | 562,077 |  |  |  | 564,862
CURRENT ASSETS
Stock | 70,000 |  |  |  | 70,000
Debtors | 6 |  | 277,655 |  |  |  | 96,252
Cash at bank and in hand | 532,465 |  |  |  | 565,854
|  |  |  |  | 880,120 |  |  |  | 732,106
CREDITORS: Amounts falling due within one year | 7 |  | 135,494 |  |  |  | 125,232
NET CURRENT ASSETS | 744,626 |  |  |  | 606,874
TOTAL ASSETS LESS CURRENT LIABILITIES | 1,306,703 |  |  |  | 1,171,736
CREDITORS: Amounts falling due after more than one year | 8 |  |  |  | 175,623 |  |  |  | 182,353
Provisions for liabilities and charges | 4,645 |  |  |  | 4,258
NET ASSETS | 1,126,435 |  |  |  | 985,125
CAPITAL AND RESERVES
Called up share capital | 50,003 |  |  |  | 50,003
Distributable profit and loss account | 917,128 |  |  |  | 775,818
Revaluation reserve | 159,304 |  |  |  | 159,304
SHAREHOLDERS' FUNDS | 1,126,435 |  |  |  | 985,125

MARK SMITH & CO. LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2025
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
M J Stewart
Director
Date approved by the board: 13 November 2025

MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
1 | GENERAL INFORMATION
| Mark Smith & Co. Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
| Registered office |  |  |  | Principal place of business
| C9 Glyme Court | Unit 2A Wedgewood Road
| Oxford Office Village | Bicester
| Langford Lane | Oxon
| Kidlington | OX26 4UL
| Oxford
| OX5 1LQ
| The financial statements are presented in Sterling, which is the functional currency of the company.
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| Basis of preparation of financial statements
| These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
| Revenue recognition

| Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of servicing and repair of motor vehicles as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
| The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
| Tangible fixed assets

| Fixed assets, other than those stated below, are carried at cost less accumulated depreciation and accumulated impairment losses.

| Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
| Land and buildings | Straight line basis at 2% and 20% per annum
| Plant and machinery | 25% reducing balance basis per annum
| Furniture and fittings | 25% reducing balance basis per annum
| Motor vehicles | 25% reducing balance basis per annum
| On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
| Financial Instruments
| A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
| Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss.

| Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.
| Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.

| Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
| Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
| Impairment of non-financial assets

| At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
| Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
| If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

| Stock

| Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
| The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Creditors
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
| Taxation
| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 financial statements and their inclusion in tax assessments. 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 taxable profits.
| Deferred tax is measured using 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.

| Current and deferred tax assets and liabilities are not discounted.
| Pensions
| The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

| The director has made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

4 | EMPLOYEES
| The average number of persons employed by the company (including directors) during the year was:
|  |  |  |  |  |  |  |  | 2025 |  | 2024
| Average number of employees | 4 |  | 4
5 | TANGIBLE ASSETS
|  |  | Land and buildings |  | Plant and machinery |  | Furniture and fittings |  | Motor vehicles |  | Total
|  |  | £ |  | £ |  | £ |  | £ |  | £
| Cost
| At 1 March 2024 | 653,980 |  | 84,680 |  | 25,920 |  | 8,177 |  | 772,757
| Additions | - |  | 5,557 |  | - |  | 500 |  | 6,057
| At 28 February 2025 | 653,980 |  | 90,237 |  | 25,920 |  | 8,677 |  | 778,814
| Accumulated depreciation and impairments
| At 1 March 2024 | 105,704 |  | 69,568 |  | 24,544 |  | 8,079 |  | 207,895
| Charge for year | 4,554 |  | 3,871 |  | 344 |  | 73 |  | 8,842
| At 28 February 2025 | 110,258 |  | 73,439 |  | 24,888 |  | 8,152 |  | 216,737
| Net book value
| At 1 March 2024 | 548,276 |  | 15,112 |  | 1,376 |  | 98 |  | 564,862
| At 28 February 2025 | 543,722 |  | 16,798 |  | 1,032 |  | 525 |  | 562,077
6 | DEBTORS
|  |  |  |  |  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  |  |  | £ |  | £
| Trade debtors | 16,950 |  | 14,264
| Prepayments and accrued income | 1,896 |  | -
| Other debtors | 258,809 |  | 81,988
|  |  |  |  |  |  |  |  | 277,655 |  | 96,252

MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
7 | CREDITORS: Amounts falling due within one year
|  |  |  |  |  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  |  |  | £ |  | £
| Bank loans and overdrafts | 9,192 |  | 8,949
| Trade creditors | 42,107 |  | 43,309
| Taxation and social security | 79,860 |  | 68,827
| Accruals and deferred income | 2,889 |  | 2,890
| Other creditors | 1,446 |  | 1,257
|  |  |  |  |  |  |  |  | 135,494 |  | 125,232
8 | CREDITORS: Amounts falling due after more than one year
|  |  |  |  |  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  |  |  | £ |  | £
| Bank loans and overdrafts | 175,623 |  | 182,353
| Included in the amounts falling due after more than one year are the following amounts which are due in more
| than five years:
|  |  |  |  |  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  |  |  | £ |  | £
| Bank loans and overdrafts | 145,171 |  | 152,731
9 | SECURED DEBTS
| The company has a mortgage with Santander which is secured on the freehold property. The remaining term is 14 years and the interest rate is 5%.
10 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
| The following director's advances, credits and guarantees took place during the year
|  |  | Balance at 1 March 2024 |  | Amounts advanced |  | Amounts repaid |  | Amounts written off or waived |  | Balance at 28 February 2025
|  |  | £ |  | £ |  | £ |  | £ |  | £
| M J Stewart | 10,286 |  | 205,503 |  | 17,947 |  | - |  | 197,842

| Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.

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