Registration number: NI007733

Smith's Engineering Works (Northern Ireland) Limited

(Registration number: NI007733)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	3,582,892	3,015,425
Investment property	5	75,000	75,000
		3,657,892	3,090,425
Current assets
Stocks	6	741,813	675,645
Debtors	7	1,621,102	1,019,292
Cash at bank and in hand		21,610	16,109
		2,384,525	1,711,046
Creditors: Amounts falling due within one year	8	(2,493,328)	(1,996,564)
Net current liabilities		(108,803)	(285,518)
Total assets less current liabilities		3,549,089	2,804,907
Creditors: Amounts falling due after more than one year	8	(1,602,818)	(1,620,966)
Provisions for liabilities		(568,510)	(417,695)
Net assets		1,377,761	766,246
Capital and reserves
Called up share capital	9	20,000	20,000
Revaluation reserve		283,574	292,992
Retained earnings		1,074,187	453,254
Shareholders' funds		1,377,761	766,246

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

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Smith's Engineering Works (Northern Ireland) Limited

(Registration number: NI007733)
Balance Sheet as at 31 October 2025

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 June 2026
 

......................................... Mr Darwin Smith Director

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Pennybridge Industrial Estate, Larne Road, Ballymena, Co Antrim, BT42 3HB.

These financial statements were authorised for issue by the director on 11 June 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets (other than freehold hold property) are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is carried at fair value.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold Property	2.5% straight line of the revalued amount
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate revalued on an annual basis. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 43 (2024 - 36).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 November 2024	450,000	226,111	171,297	4,565,243	5,412,651
Additions	-	10,858	-	907,042	917,900
At 31 October 2025	450,000	236,969	171,297	5,472,285	6,330,551
Depreciation
At 1 November 2024	78,750	189,784	84,005	2,044,687	2,397,226
Charge for the year	11,250	11,799	21,824	305,560	350,433
At 31 October 2025	90,000	201,583	105,829	2,350,247	2,747,659
Carrying amount
At 31 October 2025	360,000	35,386	65,468	3,122,038	3,582,892
At 31 October 2024	371,250	36,327	87,292	2,520,556	3,015,425

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Revaluation of fixed assets

The directors had valued the freehold premises at £450,000 at 31st October 2018, taking into account professional valuations obtained in December 2018.

The premises' historical cost was £101,790.

5	Investment properties

	2025 £
At 1 November	75,000
At 31 October	75,000