Mark Smith & Co. Limited - Filleted accounts


MARK SMITH & CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2025



































Company Registration Number: 03626236

MARK SMITH & CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 9

MARK SMITH & CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025


DIRECTOR

M J Stewart


SECRETARY

The Mgroup Secretarial Services Limited


REGISTERED OFFICE

C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ


COMPANY REGISTRATION NUMBER

03626236 England and Wales

MARK SMITH & CO. LIMITED

BALANCE SHEET
AS AT 28 FEBRUARY 2025


	Notes	2025		2024
		£		£

FIXED ASSETS
Tangible assets	5		562,077		564,862

CURRENT ASSETS
Stock		70,000		70,000
Debtors	6	277,655		96,252
Cash at bank and in hand		532,465		565,854


		880,120		732,106

CREDITORS: Amounts falling due within one year	7	135,494		125,232
CREDITORS: Amounts falling due within one year


NET CURRENT ASSETS			744,626		606,874


TOTAL ASSETS LESS CURRENT LIABILITIES			1,306,703		1,171,736

CREDITORS: Amounts falling due after more than one year	8		175,623		182,353
CREDITORS: Amounts falling due after more than one year

Provisions for liabilities and charges			4,645		4,258


NET ASSETS			1,126,435		985,125


CAPITAL AND RESERVES
Called up share capital			50,003		50,003
Distributable profit and loss account			917,128		775,818
Revaluation reserve			159,304		159,304


SHAREHOLDERS' FUNDS			1,126,435		985,125

MARK SMITH & CO. LIMITED

BALANCE SHEET
AS AT 28 FEBRUARY 2025


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board




M J Stewart
Director

Date approved by the board: 13 November 2025

MARK SMITH & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


1	GENERAL INFORMATION

	Mark Smith & Co. Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:

	Registered office	Principal place of business
	C9 Glyme Court	Unit 2A Wedgewood Road
	Oxford Office Village	Bicester
	Langford Lane	Oxon
	Kidlington	OX26 4UL
	Oxford
	OX5 1LQ

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of servicing and repair of motor vehicles as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

MARK SMITH & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Tangible fixed assets

	Fixed assets, other than those stated below, are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Land and buildings					Straight line basis at 2% and 20% per annum
	Plant and machinery					25% reducing balance basis per annum
	Furniture and fittings					25% reducing balance basis per annum
	Motor vehicles					25% reducing balance basis per annum

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

	Financial Instruments

	A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss.

	Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.

	Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.


	Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

	Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

MARK SMITH & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

	Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.


	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.

	The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised


	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors

	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

MARK SMITH & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.

	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The director has made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

MARK SMITH & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

4	EMPLOYEES

	The average number of persons employed by the company (including directors) during the year was:

					2025	2024
	Average number of employees				4	4


5	TANGIBLE ASSETS
		Land and buildings	Plant and machinery	Furniture and fittings	Motor vehicles	Total
		£	£	£	£	£
	Cost
	At 1 March 2024	653,980	84,680	25,920	8,177	772,757

	Additions	-	5,557	-	500	6,057


	At 28 February 2025	653,980	90,237	25,920	8,677	778,814


	Accumulated depreciation and impairments
	At 1 March 2024	105,704	69,568	24,544	8,079	207,895

	Charge for year	4,554	3,871	344	73	8,842


	At 28 February 2025	110,258	73,439	24,888	8,152	216,737


	Net book value
	At 1 March 2024	548,276	15,112	1,376	98	564,862


	At 28 February 2025	543,722	16,798	1,032	525	562,077


6	DEBTORS
					2025	2024
					£	£
	Trade debtors				16,950	14,264
	Prepayments and accrued income				1,896	-
	Other debtors				258,809	81,988


					277,655	96,252

MARK SMITH & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


7	CREDITORS: Amounts falling due within one year
					2025	2024
					£	£
	Bank loans and overdrafts				9,192	8,949
	Trade creditors				42,107	43,309
	Taxation and social security				79,860	68,827
	Accruals and deferred income				2,889	2,890
	Other creditors				1,446	1,257


					135,494	125,232


8	CREDITORS: Amounts falling due after more than one year
					2025	2024
					£	£
	Bank loans and overdrafts				175,623	182,353


	Included in the amounts falling due after more than one year are the following amounts which are due in more
	than five years:
					2025	2024
					£	£
	Bank loans and overdrafts				145,171	152,731


9	SECURED DEBTS

	The company has a mortgage with Santander which is secured on the freehold property. The remaining term is 14 years and the interest rate is 5%.

10	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

	The following director's advances, credits and guarantees took place during the year

		Balance at 1 March 2024	Amounts advanced	Amounts repaid	Amounts written off or waived	Balance at 28 February 2025
		£	£	£	£	£
	M J Stewart	10,286	205,503	17,947	-	197,842

Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.