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D R Smith & Partner Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06052685
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,696 64,787
73,696 64,787
CURRENT ASSETS
Stocks 35,546 35,546
Debtors 5 150,977 184,156
Cash at bank and in hand 181,348 64,234
367,871 283,936
Creditors: Amounts Falling Due Within One Year 6 (206,822 ) (141,874 )
NET CURRENT ASSETS (LIABILITIES) 161,049 142,062
TOTAL ASSETS LESS CURRENT LIABILITIES 234,745 206,849
Creditors: Amounts Falling Due After More Than One Year 7 (19,620 ) (34,988 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,423 ) (16,196 )
NET ASSETS 196,702 155,665
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 196,602 155,565
SHAREHOLDERS' FUNDS 196,702 155,665
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N R Mandry
Director
28 November 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
D R Smith & Partner Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06052685 . The registered office is Unit 1, Whipley Manor Farm Palmers Cross, Bramley, Guildford, GU5 0LL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 50% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares, which are measured at fair value, with changes recognised in profit or loss. 
Derivative financial instruments, where applicable, are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and a deferred tax provision where necessary in accordance with accounting standards.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all material taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Where a reliable tax rate cannot be forecast, a deferred tax provision is calculated at the highest tax rate possibly applicable, based on tax rates (and tax laws) enacted by the end of the reporting date. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 12 (2024: 12)
12 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 2,014 115,913 5,869 5,871 129,667
Additions - 44,046 - 1,900 45,946
As at 31 March 2025 2,014 159,959 5,869 7,771 175,613
Depreciation
As at 1 April 2024 1,007 54,186 4,347 5,340 64,880
Provided during the period 503 33,781 1,272 1,481 37,037
As at 31 March 2025 1,510 87,967 5,619 6,821 101,917
Net Book Value
As at 31 March 2025 504 71,992 250 950 73,696
As at 1 April 2024 1,007 61,727 1,522 531 64,787
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2025 2024
£ £
Motor Vehicles 16,079 27,410
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5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 143,277 175,812
Other debtors 7,700 8,344
150,977 184,156
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 4,928 4,928
Trade creditors 65,340 85,458
Bank loans and overdrafts 10,441 10,183
Other loans 1,796 1,272
Other creditors 61,865 17,725
Taxation and social security 62,452 22,308
206,822 141,874
Included within Other creditors above are unsecured loans from the directors of £4,227 (2024 - £7,158 ). These loans are interest free and repayable on demand.
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 16,983 21,911
Bank loans 2,637 13,077
19,620 34,988
8. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,928 4,928
Later than one year and not later than five years 16,983 21,911
21,911 26,839
21,911 26,839
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 7,000 12,000
Later than one year and not later than five years - 7,000
7,000 19,000
The above commitment is in relation to the office property lease which ends in 2025.
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