Registration number: 05011560

The Old Smithy (IOW) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

The Old Smithy (IOW) Limited

Company Information

Directors

Miss Diane Andrews Mrs Rosemary Brooks Mr Steven Cross Mrs Jane Cross Mr Fergus Robert Cross

Company secretary

Miss Diane Andrews

Registered office

Exchange House St. Cross Lane Newport Isle of Wight United Kingdom PO30 5BZ

The Old Smithy (IOW) Limited

(Registration number: 05011560)
Balance Sheet as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	670,992	650,368
Current assets
Stocks		234,655	242,281
Debtors	6	20,553	29,297
Cash at bank and in hand		426,040	465,756
		681,248	737,334
Creditors: Amounts falling due within one year	7	(286,037)	(277,414)
Net current assets		395,211	459,920
Total assets less current liabilities		1,066,203	1,110,288
Provisions for liabilities		(21,097)	(12,004)
Net assets		1,045,106	1,098,284
Capital and reserves
Called up share capital		250	250
Retained earnings		1,044,856	1,098,034
Shareholders' funds		1,045,106	1,098,284

For the financial year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2026 and signed on its behalf by:
 

......................................... Mr Steven Cross Director

The Old Smithy (IOW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
United Kingdom

These financial statements were authorised for issue by the Board on 23 October 2026.

2	Accounting policies

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.

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.

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.

The Old Smithy (IOW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Depreciation method and rate for tangible assets
Asset class	Depreciation method and rate
Land	- not depreciated
Buildings	- 2% on cost
Plant and machinery	- 25% and 15% on reducing balance basis

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Stocks

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2025 - 34).

The Old Smithy (IOW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2025	500,000	500,000
At 31 January 2026	500,000	500,000
Amortisation
At 1 February 2025	500,000	500,000
At 31 January 2026	500,000	500,000
Carrying amount
At 31 January 2026	-	-

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2025	824,140	216,998	25,877	1,067,015
Additions	-	48,859	-	48,859
At 31 January 2026	824,140	265,857	25,877	1,115,874
Depreciation
At 1 February 2025	225,055	173,036	18,556	416,647
Charge for the year	12,482	13,923	1,830	28,235
At 31 January 2026	237,537	186,959	20,386	444,882
Carrying amount
At 31 January 2026	586,603	78,898	5,491	670,992
At 31 January 2025	599,085	43,962	7,321	650,368

The Old Smithy (IOW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

6

Debtors

Current	2026 £	2025 £
Prepayments	15,648	11,164
Other debtors	4,905	18,133
	20,553	29,297

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Trade creditors	62,178	65,730
Taxation and social security	51,113	43,264
Other creditors	172,746	168,420
	286,037	277,414