Smith's Merchandise Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 11069692

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		266,554		268,340

			266,554		268,340
CURRENT ASSETS
Stocks	5	102,296		138,334
Debtors	6	8,257		2,257
Cash at bank and in hand		334,381		193,512

		444,934		334,103
Creditors: Amounts Falling Due Within One Year	7	(233,659 )		(200,208 )

NET CURRENT ASSETS (LIABILITIES)			211,275		133,895

TOTAL ASSETS LESS CURRENT LIABILITIES			477,829		402,235

Creditors: Amounts Falling Due After More Than One Year	8		(197,267 )		(197,267 )

NET ASSETS			280,562		204,968

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			280,560		204,966

SHAREHOLDERS' FUNDS			280,562		204,968

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Smith's Merchandise Ltd

Balance Sheet (continued)

As At 30 November 2025

For the year ending 30 November 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 Steven Smith Director	Mr Stuart Smith Director
26 August 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Smith's Merchandise Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11069692 . The registered office is 40 Burnley Road, Accrington, BB5 1AF.

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:

Freehold	0%
Plant & Machinery	20% Reducing Balance
Fixtures & Fittings	20% Reducing Balance
Computer Equipment	33% Straight Line

2.4. 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.

2.5. 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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Smith's Merchandise Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.6. Taxation

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

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 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. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 December 2024	264,117	833	2,048	6,226	273,224

As at 30 November 2025	264,117	833	2,048	6,226	273,224

Depreciation
As at 1 December 2024	-	167	833	3,884	4,884
Provided during the period	-	133	245	1,408	1,786

As at 30 November 2025	-	300	1,078	5,292	6,670

Net Book Value
As at 30 November 2025	264,117	533	970	934	266,554

As at 1 December 2024	264,117	666	1,215	2,342	268,340

5. Stocks

	2025	2024 as restated
	£	£
Finished goods	102,296	138,334

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Smith's Merchandise Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

6. Debtors

	2025	2024 as restated
	£	£
Due within one year
Other debtors	8,257	2,257

7. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	3,420	599
Other creditors	186,455	167,705
Taxation and social security	43,784	31,904

	233,659	200,208

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Mortgage Loan	197,267	197,267

9. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	2	2

10. Restatement of 2024 comparatives

During the preparation of the financial statements for the year ended 30 November 2025, amendments were identified in respect of the comparative figures for the year ended 30 November 2024.

The amendments relate to the recognition of a freehold property of £264,117 and the related financing arrangements, together with associated finance costs of £11,522.

Following these amendments, the taxable profit for the year ended 30 November 2024 has been reduced from £106,855 to £98,932 and the corporation tax liability has been reduced from £24,566.58 to £22,466.98.

Corporation tax of £24,566.58 was paid on 29 August 2025. Accordingly, an amount of £2,099.60 is recoverable from HM Revenue & Customs in respect of the corporation tax overpayment.

The 2024 comparative figures have been restated to reflect these amendments. The revised 2024 comparative figures are presented in these financial statements and do not represent a re-filing of the 2024 financial statements with Companies House.

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