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Registered number: SC094396 COLIN M SMITH LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
COLIN M SMITH LIMITED COMPANY INFORMATION
DIRECTORS | A M Smith
| Mrs P J Smith
| Mr J M Smith
| Mr C Mitchell
COMPANY SECRETARY | A M Smith
REGISTERED NUMBER | SC094396
REGISTERED OFFICE | 139 Castle Street
| Forfar
| Angus
| DD8 3HN
ACCOUNTANTS | EQ Accountants Limited
| Chartered Accountants
| Westby
| 64 West High Street
| Forfar
| Angus
| DD8 1BJ
COLIN M SMITH LIMITED REGISTERED NUMBER: SC094396 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
|  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 4 |  | 45,000 |  | 90,000
Tangible assets | 5 |  | 792,933 |  | 767,171
Investments | 6 |  | 250 |  | 250
|  |  | 838,183 |  | 857,421
CURRENT ASSETS |  |  |  |  |
Stocks |  | 420,484 |  | 398,063 |
Debtors | 7 | 977,000 |  | 962,018 |
Cash at bank and in hand |  | 313,372 |  | 319,528 |
|  | 1,710,856 |  | 1,679,609 |
Creditors: amounts falling due within one year | 8 | (334,500) |  | (365,686) |
NET CURRENT ASSETS |  |  | 1,376,356 |  | 1,313,923
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,214,539 |  | 2,171,344
NET ASSETS |  |  | 2,214,539 |  | 2,171,344
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 9 |  | 59,500 |  | 59,500
Profit and loss account |  |  | 2,155,039 |  | 2,111,844
|  |  | 2,214,539 |  | 2,171,344
Page 1
COLIN M SMITH LIMITED REGISTERED NUMBER: SC094396 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.
A M Smith
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
COLIN M SMITH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | GENERAL INFORMATION
The entity is a private company, limited by shares, incorporated in Scotland with the registration number SC094396. The registered office is 139 Castle Street, Forfar, DD8 3HN and this is also the principal place of business. The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method. Page 3
COLIN M SMITH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.5 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 4
COLIN M SMITH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | INTANGIBLE ASSETS
GOODWILL Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life. OTHER INTANGIBLE ASSETS Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.7 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. Depreciation is provided on the following basis:
|  |  |  | Freehold land and buildings | - |  | Nil
|  |  |  | Plant and equipment | - | 12.5% | straight line
|  |  |  | Motor vehicles | - | 25.0% | reducing balance
|  |  |  | TVs, VCRs & DVDs for rental | - | 25.0% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | VALUATION OF INVESTMENTS
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Page 5
COLIN M SMITH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.
| 2.10 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 21 (2024 - 21).
4. | INTANGIBLE ASSETS
|  | Goodwill
|  | £
| COST |
| At 1 April 2024 | 450,000
| At 31 March 2025 | 450,000
| AMORTISATION |
| At 1 April 2024 | 360,000
| Charge for the year on owned assets | 45,000
| At 31 March 2025 | 405,000
| NET BOOK VALUE |
| At 31 March 2025 | 45,000
| At 31 March 2024 | 90,000
Page 6
COLIN M SMITH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | TANGIBLE FIXED ASSETS
|  | Freehold property | Plant & machinery | Motor vehicles | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 April 2024 | 661,179 | 135,719 | 136,584 | 24,688 | 958,170
| Additions | - | 34,664 | 37,424 | 772 | 72,860
| Disposals | - | - | (37,499) | (1,620) | (39,119)
| At 31 March 2025 | 661,179 | 170,383 | 136,509 | 23,840 | 991,911
| DEPRECIATION |  |  |  |  |
| At 1 April 2024 | - | 92,256 | 78,114 | 20,629 | 190,999
| Charge for the year on owned assets | - | 14,869 | 20,363 | 803 | 36,035
| Disposals | - | - | (28,056) | - | (28,056)
| At 31 March 2025 | - | 107,125 | 70,421 | 21,432 | 198,978
| NET BOOK VALUE |  |  |  |  |
| At 31 March 2025 | 661,179 | 63,258 | 66,088 | 2,408 | 792,933
| At 31 March 2024 | 661,179 | 43,463 | 58,470 | 4,059 | 767,171
Page 7
COLIN M SMITH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | FIXED ASSET INVESTMENTS
|  | Other fixed asset investments
|  | £
| COST OR VALUATION |
| At 1 April 2024 | 250
| At 31 March 2025 | 250
7. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DUE AFTER MORE THAN ONE YEAR |  |
| Amounts owed by joint ventures and associated undertakings | 874,672 | 873,300
|  | 874,672 | 873,300
| DUE WITHIN ONE YEAR |  |
| Trade debtors | 98,107 | 84,529
| Other debtors | 4,221 | 4,189
|  | 977,000 | 962,018
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 113,796 | 91,409
| Other taxation and social security | 64,641 | 84,238
| Other creditors | 153,063 | 187,039
| Accruals and deferred income | 3,000 | 3,000
|  | 334,500 | 365,686
9. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 59,500 (2024 - 59,500) Ordinary shares of £1.00 each | 59,500 | 59,500
Page 8