REGISTERED NUMBER: |
SMARTADJUST LIMITED |
Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
SMARTADJUST LIMITED |
Financial Statements for the Year Ended 31 December 2022 |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
SMARTADJUST LIMITED |
Company Information |
for the year ended 31 December 2022 |
Director: |
Registered office: |
Registered number: |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Non distributable reserves |
Distributable reserves |
Shareholders' funds |
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. |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Balance Sheet - continued |
31 December 2022 |
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 and authorised for issue on |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Smartadjust Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents net rental income |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Investment property |
Investment properties are included at open market value and the aggregate surplus or deficit is transferred to reserves. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost or valuation |
At 1 January 2022 |
Revaluations |
At 31 December 2022 |
Depreciation |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
Freehold property at a cost of £102,196 is included at market valuation of £250,000 as valued by Mr Graham Bailey, director, who considers that this valuation is reasonable as at 31 December 2022 |
. |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
4. | Tangible fixed assets - continued |
Cost or valuation at 31 December 2022 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2008 | 25,304 | - | 25,304 |
Valuation in 2012 | 22,500 | - | 22,500 |
Valuation in 2013 | 15,000 | - | 15,000 |
Valuation in 2015 | 10,000 | - | 10,000 |
Valuation in 2016 | 5,000 | - | 5,000 |
Valuation in 2018 | 5,000 | - | 5,000 |
Valuation in 2020 | 15,000 | - | 15,000 |
Valuation in 2021 | 20,000 | - | 20,000 |
Valuation in 2022 | 30,000 | - | 30,000 |
Cost | 102,196 | 76,518 | 178,714 |
250,000 | 76,518 | 326,518 |
5. | Investment property |
The investment properties are included at open market value and were valued by Mr Graham Bailey, director, in December 2022, the valuations being reflected in the accounts. |
Included in Investment property is property with a value of £5,978,917 used in operating leases. |
Fair value at 31 December 2022 is represented by: |
£ |
Valuation in 2012 | 1,801,021 |
Valuation in 2013 | 253,000 |
Valuation in 2014 | 165,845 |
Valuation in 2015 | 124,000 |
Valuation in 2016 | 110,000 |
Valuation in 2017 | 110,000 |
Valuation in 2019 | 100,000 |
Valuation in 2020 | 225,000 |
Valuation in 2021 | 273,000 |
Valuation in 2022 | 377,380 |
Cost | 2,439,671 |
5,978,917 |
6. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Other debtors |
Bailey Estates Loan account | 509,872 | 646,352 |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Credit cards | 909 | 1,609 |
Directors' current accounts | 9,357 | 211 |
8. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans over 5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years | 2,038,747 | 2,190,770 |
9. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
10. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax | 226,536 | 262,514 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year | ( |
) |
Balance at 31 December 2022 |
The deferred tax provision relates to the revaluation of investment properties as required under the provisions of UK GAAP FRS 102 |
SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
11. | Related party disclosures |
A loan was made to Bailey Estates Ltd - a company owned by Mr G Bailey. |
At the year end the amount owed to Smartadjust Ltd was £509,872 (2021: £646,352) |
There is a cross guarantee between Smartadjust Limited and Bailey Corringham Ltd supported by a debenture over the whole assets and undertakings including the called up share capital of Bailey Corringham Ltd. |
At 31st December 2022 Smartadjust Ltd owed the parent company, Bailey Corringham Ltd, £180,000 (2021: £150,000) |