WM. Smith Exports Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

Registered number: 03227795

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS

CURRENT ASSETS
Debtors	5	192,673		268,137
Cash at bank and in hand		131,149		102,979

		323,822		371,116
Creditors: Amounts Falling Due Within One Year	6	(321,043 )		(318,539 )

NET CURRENT ASSETS (LIABILITIES)			2,779		52,577

TOTAL ASSETS LESS CURRENT LIABILITIES			2,779		52,577

Creditors: Amounts Falling Due After More Than One Year	7		(6,726 )		(13,904 )

NET (LIABILITIES)/ASSETS			(3,947 )		38,673

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			(3,949 )		38,671

SHAREHOLDERS' FUNDS			(3,947)		38,673

For the year ending 31 July 2024 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 A C Finn

Director

21/11/2025

The notes on pages 2 to 4 form part of these financial statements.

1. General Information

WM. Smith Exports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03227795 . The registered office is Unit 4 Hannah Way, Gordleton Industrial Park, Lymington, Hampshire, SO41 8JD.

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.

Presentational Currency

The accounts are presented in and rounded to the nearest £1 sterling.

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:

Plant & Machinery

20% on cost

2.4. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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.

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.

...CONTINUED

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WM. Smith Exports Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2024

2.6. Taxation - continued

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: 2 (2023: 2)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 August 2023	7,358

As at 31 July 2024	7,358

Depreciation
As at 1 August 2023	7,358

As at 31 July 2024	7,358

Net Book Value
As at 31 July 2024	-

As at 1 August 2023	-

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	43,614	158
Other debtors	104,758	266,908
Deferred tax current asset	6,131	-
Directors' loan accounts	27,719	-

	182,222	267,066
Due after more than one year
Corporation tax recoverable assets	10,451	1,071

	192,673	268,137

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	65,524	(45 )
Bank loans and overdrafts	87,654	6,997
Other creditors	153,202	311,587
Taxation and social security	14,663	-

	321,043	318,539

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WM. Smith Exports Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2024

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

	2024	2023
	£	£
Bank loans	6,726	13,904

8. Loans

An analysis of the maturity of loans is given below:

	2024	2023
	£	£
Amounts falling due within one year or on demand:
Bank loans	87,654	6,997

	2024	2023
	£	£
Amounts falling due between one and five years:
Bank loans	6,726	13,904

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 August 2023	Amounts advanced	Amounts repaid	Amounts written off	As at 31 July 2024
	£	£	£	£	£
Mr Anthony Finn	27,344	58,710	(58,259 )	-	27,795

The loan to the director was unsecured and repayable on demand. Interest was charged at the HMRC official rate for beneficial loans.

11. Controlling Parties

The company's ultimate controlling party is A C J Finn by virtue of their interest in the share capital of the company.

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