Ken Smith & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06398470 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

Ken Smith & Sons Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K Smith

SECRETARY:

Mrs T J Smith

REGISTERED OFFICE:

The Old School

The Quay

Carmarthen

Carmarthenshire

SA31 3LN

REGISTERED NUMBER:

06398470 (England and Wales)

ACCOUNTANTS:

Ashmole & Co.

Chartered Certified Accountants

The Old School

The Quay

Carmarthen

Carmarthenshire

SA31 3LN

FIXED ASSETS

Intangible assets

4

1,600

3,200

Tangible assets

5

326,509

330,768

328,109

333,968

CURRENT ASSETS

Debtors

4,916

8,225

CREDITORS

Amounts falling due within one year

168,477

128,043

NET CURRENT LIABILITIES

(163,561

)

(119,818

)

TOTAL ASSETS LESS CURRENT LIABILITIES

164,548

214,150

CREDITORS

Amounts falling due after more than one year

(113,607

)

(159,573

)

PROVISIONS FOR LIABILITIES

(62,037

)

(66,154

)

NET LIABILITIES

(11,096

)

(11,577

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(11,097

)

(11,578

)

SHAREHOLDERS' FUNDS

(11,096

)

(11,577

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 July 2018 and were signed by:

K Smith - Director

1.	STATUTORY INFORMATION

Ken Smith & Sons Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

The company acquired goodwill of £8,000 in 2007. The goodwill is now being amortised over 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost and 10% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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 future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

and 31 October 2017

8,000

AMORTISATION

At 1 November 2016

4,800

Amortisation for year

1,600

At 31 October 2017

6,400

NET BOOK VALUE

At 31 October 2017

1,600

At 31 October 2016

3,200

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

429,930

Additions

172,517

Disposals

(180,515

)

At 31 October 2017

421,932

DEPRECIATION

At 1 November 2016

99,162

Charge for year

36,512

Eliminated on disposal

(40,251

)

At 31 October 2017

95,423

NET BOOK VALUE

At 31 October 2017

326,509

At 31 October 2016

330,768

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 November 2016

352,615

Additions

168,847

Disposals

(177,015

)

At 31 October 2017

344,447

DEPRECIATION

At 1 November 2016

66,642

Charge for year

31,664

Eliminated on disposal

(38,817

)

At 31 October 2017

59,489

NET BOOK VALUE

At 31 October 2017

284,958

At 31 October 2016

285,973

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Director Loan Account

Amount owing to the director as at 01/11/16 £ 54

Movement in the year £ 456

Amount owing to the director as at 31/10/17 £ 510

7.	ULTIMATE CONTROLLING PARTY

The controlling party is K Smith.