| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 |
| FOR |
| SMITH & MUNSON LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 |
| FOR |
| SMITH & MUNSON LIMITED |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SMITH & MUNSON LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Tax Consultants |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| BALANCE SHEET |
| 31 OCTOBER 2025 |
| 31.10.25 | 31.10.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 1. | STATUTORY INFORMATION |
| Smith & Munson Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Depreciation has been computed to write off the cost of tangible fixed assets on a reducing balance basis over their expected useful lives using the following rates: |
| Improvement to property | - 10% per annum and 4% straight line |
| Plant & machinery | - 25% per annum and 5% straight line |
| Motor vehicles | - 25% per annum |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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 future taxable profits. |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and | Motor |
| property | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2024 |
| Additions |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| Included in cost of land and buildings is freehold land of £ 77,024 (2024 - £ 77,024 ) which is not depreciated. |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2024 |
| Additions |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 8) |
| Other creditors |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 231,109 | 254,541 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Within one year |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 402,842 | 71,030 |
| The bank loans are secured by a fixed charge over the freehold land at King's Gale, Gedney. |
| The obligations under hire purchase agreements are secured over the assets to which they relate. |
| SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 October 2025 and 31 October 2024: |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest was charged on the overdrawn directors loan account balances at 2.25% until 5 April 2025, and 3.75% thereafter. |
| 11. | PREFERENCE SHARES |
| Allotted, issued and fully paid | 31.10.25 | 31.10.24 |
| £ | £ |
| 140,000 4% redeemable cumulative preference shares of £1 each | 140,000 | 140,000 |
| As at 31 October 2025 | 140,000 | 140,000 |
| The 4% redeemable cumulative preference shares are classified as compound financial instruments, which have the characteristics of both debt and equity and may be redeemed at the option of the company at par. |
| The debt element is the net present value of the liability relating to the future dividend stream and redemption and has been calculated using an equivalent rate of 7%, being the directors estimate of the cost of capital. |
| Debt | Equity |
| Element | Element | Total |
| 4% redeemable cumulative preference shares | 80,000 | 60,000 | 140,000 |
| As at 31 October 2025 | 80,000 | 60,000 | 140,000 |