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REGISTERED NUMBER: 06408396 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE SMITHY PROPERTIES LTD

THE SMITHY PROPERTIES LTD (REGISTERED NUMBER: 06408396)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE SMITHY PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: Mrs E M Maxey
J R Maxey MA,FRICS, FAAV
T R Maxey





SECRETARY: J R Maxey MA,FRICS, FAAV





REGISTERED OFFICE: Hopwood
The Still
Leverington
Wisbech
Cambridgeshire
PE13 5DQ





REGISTERED NUMBER: 06408396 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

THE SMITHY PROPERTIES LTD (REGISTERED NUMBER: 06408396)

BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,107 1,017

CURRENT ASSETS
Stocks 250 1,424
Debtors 5 41,077 16
Cash at bank 40,207 57,376
81,534 58,816
CREDITORS
Amounts falling due within one year 6 56,183 36,508
NET CURRENT ASSETS 25,351 22,308
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,458

23,325

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 27,453 23,320
SHAREHOLDERS' FUNDS 27,458 23,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 SMITHY PROPERTIES LTD (REGISTERED NUMBER: 06408396)

BALANCE SHEET - continued
31 MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by:




J R Maxey MA,FRICS, FAAV - Director



Mrs E M Maxey - Director


THE SMITHY PROPERTIES LTD (REGISTERED NUMBER: 06408396)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

The Smithy Properties Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents the sales value of goods and services supplied, excluding value added tax, adjusted for ongoing contracts that are long term or material in relation to turnover and profits in accordance with FRS 102 Section 12 as detailed in the long term contract accounting policy.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs include land purchase fees, legal and professional fees and construction costs.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

THE SMITHY PROPERTIES LTD (REGISTERED NUMBER: 06408396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Long term contracts
Amounts recoverable on contracts, which are included in debtors, are stated at cost plus attributable profit to the extent that this is reasonably certain after making provisions for contingencies less any losses incurred or foreseen in bringing contracts to completion, and less amounts received as progress payments. Cost for this purpose includes material costs and all overheads other than those relating to the general administration of the company. For any contracts where receipts exceed book value of work done, the excess is included in creditors as payments on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2021 5,834
Additions 1,619
At 31 March 2022 7,453
DEPRECIATION
At 1 April 2021 4,817
Charge for year 529
At 31 March 2022 5,346
NET BOOK VALUE
At 31 March 2022 2,107
At 31 March 2021 1,017

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 32,672 -
Amounts recoverable on contract 1,255 -
Other debtors 7,150 16
41,077 16

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors 3,110 -
Other creditors 53,073 36,508
56,183 36,508