Company Registration No. NI045764 (Northern Ireland)
F. B. SMYTH & CO LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
F. B. SMYTH & CO LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
F. B. SMYTH & CO LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr Kevin Smyth
Mr Steven Smyth
Company secretary
Mr Kevin Smyth
Company number
NI045764
Registered office
Unit 56
Mallusk Enterprise Park
Mallusk Drive
Newtownabbey
Co. Antrim
BT36 4GN
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Unit 56
Mallusk Enterprise Park
Mallusk Drive
Newtownabbey
Co. Antrim
BT36 4GN
Bankers
Danske Bank
31A Longwood Road
Newtownabbey
Co Antrim
BT37 9UH
F. B. SMYTH & CO LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
75,474
97,307
Current assets
Debtors
5
281,131
379,451
Cash at bank and in hand
562,001
378,695
843,132
758,146
Creditors: amounts falling due within one year
6
(281,014)
(282,267)
Net current assets
562,118
475,879
Total assets less current liabilities
637,592
573,186
Provisions for liabilities
7
(18,900)
(24,300)
Net assets
618,692
548,886
Capital and reserves
Called up share capital
10
1,100
1,100
Profit and loss reserves
617,592
547,786
Total equity
618,692
548,886
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
F. B. SMYTH & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 3 -
Directors' statement in respect of the financial statements

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in accordance with section 476 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS 102 Section 1A - Small Entities.

The financial statements were approved by the board of directors and authorised for issue on 10 December 2025 and are signed on its behalf by:
Mr Kevin Smyth
Mr Steven Smyth
..............................
..............................
Mr Kevin Smyth
Mr Steven Smyth
Director
Director
Company Registration No. NI045764
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
F. B. SMYTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information

F. B. Smyth & Co Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Unit 56, Mallusk Enterprise Park, Mallusk Drive, Newtownabbey, Co. Antrim, BT36 4GN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill is the difference between fair value of the consideration given on the acquisition of a business and the aggregate fair value of the separate net assets acquired. It is being amortised through the profit and loss account in equal instalments over its estimated economic life of 1 0 years on a straight-line basis. Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate the the carrying value may not be recoverable.

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

F. B. SMYTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

F. B. SMYTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Capital instruments
Shares are included in shareholders' funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
1.13
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
F. B. SMYTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
155,800
Amortisation and impairment
At 1 April 2024 and 31 March 2025
155,800
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
16,717
151,935
168,652
Additions
2,316
-
0
2,316
At 31 March 2025
19,033
151,935
170,968
Depreciation and impairment
At 1 April 2024
11,896
59,449
71,345
Depreciation charged in the year
1,027
23,122
24,149
At 31 March 2025
12,923
82,571
95,494
Carrying amount
At 31 March 2025
6,110
69,364
75,474
At 31 March 2024
4,821
92,486
97,307
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
276,837
371,917
Other debtors
144
282
Prepayments and accrued income
4,150
7,252
281,131
379,451
F. B. SMYTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
131,563
159,067
Corporation tax
104,300
78,008
Other taxation and social security
39,110
39,455
Accruals and deferred income
6,041
5,737
281,014
282,267
7
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
8
18,900
24,300
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
18,900
24,300
2025
Movements in the year:
£
Liability at 1 April 2024
24,300
Credit to profit or loss
(5,400)
Liability at 31 March 2025
18,900
9
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
121,914
143,644

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

F. B. SMYTH & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
100
100
100
100
1,100
1,100
1,100
1,100
11
Control

The directors control the company.

12
Financial commitments

At 31 March 2025 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2026:

Land & Buildings
2025
2024
Operating leases which expire:
£
£
Within one year
12,864
12,864
13
Capital commitments

The company had no capital commitments at the year end 31 March 2025 or 31 March 2024 .

14
Related party transactions

The balance on the directors' loan account at the year end amounted to £144 (2024: £282) and is included in debtors due within one year. No interest is payable on this loan.

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