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REGISTERED NUMBER: 02725586 (England and Wales)















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: G Bailey





Registered office: 24 Whiston Grove
Moorgate
Rotherham
South Yorkshire
S60 2TX





Registered number: 02725586 (England and Wales)






SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Tangible assets 4 251,939 222,586
Investment property 5 5,978,917 5,601,537
6,230,856 5,824,123

Current assets
Debtors 6 524,632 666,149
Cash at bank and in hand 1,991 3,855
526,623 670,004
Creditors
Amounts falling due within one year 7 208,407 172,089
Net current assets 318,216 497,915
Total assets less current liabilities 6,549,072 6,322,038

Creditors
Amounts falling due after more than one
year

8

(2,082,615

)

(2,230,719

)

Provisions for liabilities 10 (226,536 ) (262,514 )
Net assets 4,239,921 3,828,805

Capital and reserves
Called up share capital 10 10
Non distributable reserves 3,463,067 3,055,687
Distributable reserves 776,844 773,108
Shareholders' funds 4,239,921 3,828,805

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





G Bailey - Director


SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

Notes to the Financial Statements
for the year ended 31 December 2022

1. Statutory information

Smartadjust 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 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net rental income

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 1 (2021 - 1 ) .

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost or valuation
At 1 January 2022 220,000 76,518 296,518
Revaluations 30,000 - 30,000
At 31 December 2022 250,000 76,518 326,518
Depreciation
At 1 January 2022 - 73,932 73,932
Charge for year - 647 647
At 31 December 2022 - 74,579 74,579
Net book value
At 31 December 2022 250,000 1,939 251,939
At 31 December 2021 220,000 2,586 222,586

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 14,760 19,797
Bailey Estates Loan account 509,872 646,352
524,632 666,149

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 10,851 9,987
Trade creditors 6,925 9,995
Amounts owed to group undertakings 180,000 150,000
Corporation tax 285 -
Social security and other taxes 80 287
Credit cards 909 1,609
Directors' current accounts 9,357 211
208,407 172,089

8. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Bank loans - 1-2 years 10,851 9,987
Bank loans - 2-5 years 33,017 29,962
Bank loans over 5 years 2,038,747 2,190,770
2,082,615 2,230,719

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 2,093,466 2,240,706

10. Provisions for liabilities
2022 2021
£    £   
Deferred tax 226,536 262,514

Deferred
tax
£   
Balance at 1 January 2022 262,514
Provided during year (35,978 )
Balance at 31 December 2022 226,536

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)