S G Smith Properties Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 09416045 (England and Wales)
S G Smith Properties Limited
Company Information
Directors
R Smith
P Smith
Company number
09416045
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
S G Smith Properties Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
S G Smith Properties Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,924
1,888
Investment properties
5
12,211,505
12,211,505
12,214,429
12,213,393
Current assets
Debtors
7
117,541
270,836
Investments
58,418
57,988
Cash at bank and in hand
988,184
1,058,796
1,164,143
1,387,620
Creditors: amounts falling due within one year
8
(372,189)
(501,621)
Net current assets
791,954
885,999
Total assets less current liabilities
13,006,383
13,099,392
Provisions for liabilities
(876,461)
(666,110)
Net assets
12,129,922
12,433,282
Capital and reserves
Called up share capital
11
56,750
56,750
Share premium account
6,333,534
6,333,534
Capital redemption reserve
9,285
9,285
Other reserves
4,873,292
4,873,292
Profit and loss reserves
857,061
1,160,421
Total equity
12,129,922
12,433,282
S G Smith Properties Limited
Balance Sheet (Continued)
As at 30 June 2023
Page 2

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 1 October 2023 and are signed on its behalf by:
P Smith
Director
Company Registration No. 09416045
S G Smith Properties Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Page 3
Share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2021
56,750
6,333,534
9,285
5,078,943
755,092
12,233,604
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
-
265,678
265,678
Dividends
-
-
-
-
(66,000)
(66,000)
Transfers
-
-
-
(205,651)
205,651
-
Balance at 30 June 2022
56,750
6,333,534
9,285
4,873,292
1,160,421
12,433,282
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
-
-
(63,360)
(63,360)
Dividends
-
-
-
-
(240,000)
(240,000)
Balance at 30 June 2023
56,750
6,333,534
9,285
4,873,292
857,061
12,129,922
S G Smith Properties Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 4
1
Accounting policies
Company information

S G Smith Properties Limited is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the letting of domestic properties.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight line
Motor vehicles
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Basic financial instruments are measured at amortised cost.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

S G Smith Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

S G Smith Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 6
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022: 3).

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
33,029
Additions
2,374
At 30 June 2023
35,403
Depreciation and impairment
At 1 July 2022
31,141
Depreciation charged in the year
1,338
At 30 June 2023
32,479
Carrying amount
At 30 June 2023
2,924
At 30 June 2022
1,888
S G Smith Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 7
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
12,211,505

Investment property comprises a number of commercial and residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
58,418
57,988
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,394
155,135
Prepayments and accrued income
59,147
115,701
117,541
270,836
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,359
30,977
Corporation tax
49,200
113,423
Other taxation and social security
103,882
17,647
Other creditors
81,324
78,444
Accruals and deferred income
131,424
261,130
372,189
501,621
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
876,461
666,110
876,461
666,110
S G Smith Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 8
10
Retirement benefit schemes
2023
2022
Defined benefit schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,440
1,073

The Company continues to manage and fund a Defined Benefit Pension Scheme for former qualifying employees. Benefits ceased to accrue on the scheme from 31st August 2004. The assets of the scheme are held separately from those of the company being invested with insurance companies. The fair value of the plan assets at 30 June 2023 was £1,660,000 (2022: £1,576,000) and the present value of the obligation is £614,000 (2022: £699,000).

 

The contributions are determined by a qualified actuary on the basis of triennial valuations. The most recent valuation was at 30 June 2023 which has been updated to reflect conditions at the balance sheet date. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments.

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
5,618,800
5,618,800
56,188
56,188
Ordinary B shares of 1p each
56,188
56,188
562
562
5,674,988
5,674,988
56,750
56,750

The Ordinary A have full voting and capital distribution (including on winding up) rights. The Ordinary B shares do not have any voting rights and rank below ordinary A shares for capital distribution rights.

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