IRIS Accounts Production v23.2.0.158 01428243 Board of Directors 1.4.22 31.3.23 31.3.23 true false true false false true false Ordinary 'A' shares 1.00000 Ordinary 'B' shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure014282432022-03-31014282432023-03-31014282432022-04-012023-03-31014282432021-03-31014282432021-04-012022-03-31014282432022-03-3101428243ns16:EnglandWales2022-04-012023-03-3101428243ns15:PoundSterling2022-04-012023-03-3101428243ns11:Director12022-04-012023-03-3101428243ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3101428243ns11:SmallEntities2022-04-012023-03-3101428243ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3101428243ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3101428243ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101428243ns11:FullAccounts2022-04-012023-03-3101428243ns11:OrdinaryShareClass12022-04-012023-03-3101428243ns11:OrdinaryShareClass22022-04-012023-03-3101428243ns11:Director22022-04-012023-03-3101428243ns11:Director32022-04-012023-03-3101428243ns11:Director42022-04-012023-03-3101428243ns11:CompanySecretary12022-04-012023-03-3101428243ns11:RegisteredOffice2022-04-012023-03-3101428243ns6:CurrentFinancialInstruments2023-03-3101428243ns6:CurrentFinancialInstruments2022-03-3101428243ns6:Non-currentFinancialInstruments2023-03-3101428243ns6:Non-currentFinancialInstruments2022-03-3101428243ns6:ShareCapital2023-03-3101428243ns6:ShareCapital2022-03-3101428243ns6:FurtherSpecificReserve3ComponentTotalEquity2023-03-3101428243ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-3101428243ns6:RetainedEarningsAccumulatedLosses2023-03-3101428243ns6:RetainedEarningsAccumulatedLosses2022-03-3101428243ns6:LandBuildings2022-03-3101428243ns6:LongLeaseholdAssetsns6:LandBuildings2022-03-3101428243ns6:FurnitureFittings2022-03-3101428243ns6:MotorVehicles2022-03-3101428243ns6:LandBuildings2022-04-012023-03-3101428243ns6:LongLeaseholdAssetsns6:LandBuildings2022-04-012023-03-3101428243ns6:FurnitureFittings2022-04-012023-03-3101428243ns6:MotorVehicles2022-04-012023-03-3101428243ns6:LandBuildings2023-03-3101428243ns6:LongLeaseholdAssetsns6:LandBuildings2023-03-3101428243ns6:FurnitureFittings2023-03-3101428243ns6:MotorVehicles2023-03-3101428243ns6:LandBuildings2022-03-3101428243ns6:LongLeaseholdAssetsns6:LandBuildings2022-03-3101428243ns6:FurnitureFittings2022-03-3101428243ns6:MotorVehicles2022-03-3101428243ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3101428243ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3101428243ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-03-3101428243ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3101428243ns6:CostValuation2022-03-3101428243ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3101428243ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3101428243ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2023-03-3101428243ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-03-3101428243ns6:Secured2023-03-3101428243ns6:Secured2022-03-3101428243ns11:OrdinaryShareClass12023-03-3101428243ns11:OrdinaryShareClass22023-03-3101428243ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-31
REGISTERED NUMBER: 01428243 (England and Wales)















P. AND J.M. SMEDLEY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 3

Notes to the Financial Statements 5


P. AND J.M. SMEDLEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr P Smedley
Mr S R Smedley
Mr G R Smedley
Mrs T Smedley





SECRETARY: Mr S R Smedley





REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX





BUSINESS ADDRESS: Swale Marina
Conyer Wharf
Conyer
TEYNHAM
Kent
ME9 9HN





REGISTERED NUMBER: 01428243 (England and Wales)






P. AND J.M. SMEDLEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 12,771,207 11,917,373
Investments 6 20,001 20,001
12,791,208 11,937,374

CURRENT ASSETS
Stocks 18,594 16,374
Debtors 7 2,272,311 1,169,981
Cash at bank 553,358 896,141
2,844,263 2,082,496
CREDITORS
Amounts falling due within one year 8 2,426,632 1,117,238
NET CURRENT ASSETS 417,631 965,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,208,839

12,902,632

CREDITORS
Amounts falling due after more than one
year

9

(4,077,149

)

(3,384,592

)

PROVISIONS FOR LIABILITIES (1,594,450 ) (1,266,201 )
NET ASSETS 7,537,240 8,251,839

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Fair value reserve 12 6,334,508 7,009,550
Retained earnings 1,192,732 1,232,289
SHAREHOLDERS' FUNDS 7,537,240 8,251,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





Mr S R Smedley - Director


P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

P. and J.M. Smedley 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about P. and J.M. Smedley Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Tangible fixed assets
Land is not depreciated.

Investment Property
Investment property is shown at most recent valuation, Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Investment property under construction is shown at cost to date with revaluation upon completion.

Stock and work in progress
Work in progress is valued at cost.

Cost includes all direct expenditure.

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments 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 and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant 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 profit and loss.

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

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 profit and loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Other operating income
Other operating income consists of rents received in respect of the let of residential properties and is recognised on a monthly basis in advance.

Rental deposits are not released to the profit and loss account. Instead they are held in a rental deposit control account and are only released when not refundable.

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Going concern
The company receives regular rental income from its portfolio of investment properties. The directors are satisfied that these rents together with the ongoing financial support of the directors mean that the company has sufficient resources to continue for the foreseeable future. Accordingly the directors consider it appropriate to adopt the going concern basis in preparing the financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Land at Fixtures
Investment Swale and Motor
Property Marina fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 10,549,998 1,300,000 - 73,500 11,923,498
Additions 1,286,313 - 48,824 - 1,335,137
Disposals (236,250 ) - - - (236,250 )
Revaluations (228,079 ) - - - (228,079 )
At 31 March 2023 11,371,982 1,300,000 48,824 73,500 12,794,306
DEPRECIATION
At 1 April 2022 - - - 6,125 6,125
Charge for year - - 130 16,844 16,974
At 31 March 2023 - - 130 22,969 23,099
NET BOOK VALUE
At 31 March 2023 11,371,982 1,300,000 48,694 50,531 12,771,207
At 31 March 2022 10,549,998 1,300,000 - 67,375 11,917,373

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS - continued


Investment
Property
Land at Swale
Marina

Cost£4,365,544 £402,046
Valuation at
2019£5,770,547£897,954
2022£1,594,449-
2023£(358,558)
11,371,9821,300,000


Investment properties were valued on an open market basis on 27 April 2022 by Harrisons, Chartered Surveyors.

Investment property is shown at most recent valuation, Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Investment property under construction is shown at cost to date with revaluation upon completion.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 73,500
DEPRECIATION
At 1 April 2022 6,125
Charge for year 16,844
At 31 March 2023 22,969
NET BOOK VALUE
At 31 March 2023 50,531
At 31 March 2022 67,375

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 20,001
NET BOOK VALUE
At 31 March 2023 20,001
At 31 March 2022 20,001

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Cost 20,001

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors - 420
Swale Marina Loan Account 780,183 881,183
Smedley Homes Loan Account 1,476,491 276,591
GR Smedley Loan Account 5,298 5,298
Prepayments and accrued income 10,339 6,489
2,272,311 1,169,981

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 43
Hire purchase contracts 7,443 7,443
Trade creditors 32,185 -
Other creditors 31,725 36,055
Other taxes and PAYE 19,152 24,577
Accruals 1,290,390 3,600
Compensation Reserve 6,750 6,750
Loan - Ann Smedley 90,000 90,000
Directors' Current Accounts 948,987 948,770
2,426,632 1,117,238

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank Loan over 5 Years 4,035,000 3,335,000
Hire purchase contracts 42,149 49,592
4,077,149 3,384,592

Amounts falling due in more than five years:

Repayable by instalments
Bank Loan over 5 Years 4,035,000 3,335,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft - 43
Bank loans 4,035,000 3,335,000
4,035,000 3,335,043

Secured by:

A debenture over the assets of P & JM Smedley Limited.

Charges held over:
Freehold property and land at 55 Millstrrod Road Whitstable (to be satisfied)
Freehold land off Lower Road Teynham
Land at Larkrise Conyer (to be satisfied)

Legal first charges over:
1-4 Rising Sun Cottages, 1-5 St Peters Street Cottages, 1-8 Foxdene Court, Freehold land and flats 8 & 14 St Johns Place, 1-6 Millstream Cottages, 2-6 Gorwell Place.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
8,500 Ordinary 'A' shares £1 8,500 8,500
1,500 Ordinary 'B' shares £1 1,500 1,500
10,000 10,000

P. AND J.M. SMEDLEY LIMITED (REGISTERED NUMBER: 01428243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. RESERVES
Fair
value
reserve
£   
At 1 April 2022 7,009,550
Movement in year (675,042 )

At 31 March 2023 6,334,508

In accordance with Accounting Standards, the Investment Properties have been shown at Fair Value. The Accounting Standard requires deferred tax to be calculated on the difference between the cost and fair value of the properties. This tax will only crystalize when the properties are sold. The movement in the year is mainly due to the increase in the corporation tax rate from 19% to 25%.

13. RELATED PARTY DISCLOSURES

At the balance sheet date there was a balance of £1,476,491 due from Smedley Homes Limited, a wholly owned subsidiary of the company (2022 - £276,59).
At the balance sheet date there was a balance of £780,183 outstanding from Swale Marina Services Limited a wholly owned subsidiary of the company (2022 - £881,183).