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REGISTERED NUMBER: 08780187 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SMITH ESTATES LTD

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITH ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M L Smith
Dr J Smith





REGISTERED OFFICE: 120 Boundary Lane
St Leonards
Ringwood
Hampshire
BH24 2SF





REGISTERED NUMBER: 08780187 (England and Wales)

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2 2
Investment property 5 3,121,602 816,253
3,121,604 816,255

CURRENT ASSETS
Debtors 6 261,703 350,784
Cash at bank 805,003 129,971
1,066,706 480,755
CREDITORS
Amounts falling due within one year 7 949,816 71,823
NET CURRENT ASSETS 116,890 408,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,238,494

1,225,187

CREDITORS
Amounts falling due after more than one
year

8

(1,130,823

)

(277,286

)

PROVISIONS FOR LIABILITIES (87,500 ) (66,500 )
NET ASSETS 2,020,171 881,401

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 10 262,500 283,500
Retained earnings 1,757,669 597,899
2,020,171 881,401

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.

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

BALANCE SHEET - continued
31 MARCH 2023


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 8 November 2023 and were signed on its behalf by:




M L Smith - Director



Dr J Smith - Director


SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

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

1. STATUTORY INFORMATION

Smith Estates 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 2
NET BOOK VALUE
At 31 March 2023 2
At 31 March 2022 2

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 816,253
Additions 2,305,349
At 31 March 2023 3,121,602
NET BOOK VALUE
At 31 March 2023 3,121,602
At 31 March 2022 816,253

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 150,000
Valuation in 2022 200,000
Cost 2,771,602
3,121,602

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 2,771,602 466,253

Investment property was valued on an open market basis on 31 March 2023 by the directors .

Investment property is shown at most recent valuation. Any aggregate surplus or deficit from changes in fair value is recognised in profit and loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Amounts owed by group undertakings 260,000 350,000
Other debtors 1,703 784
261,703 350,784

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 21,463 20,148
Trade creditors - 2,352
Taxation and social security 9,329 9,534
Other creditors 919,024 39,789
949,816 71,823

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 130,823 152,286
Other creditors 1,000,000 125,000
1,130,823 277,286

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 29,635 57,430

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 152,286 172,434

The bank loan is secured against the investment property. Lloyds Bank Plc have a charge over the investment property owned by the company.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2022 283,500
Revaluation (21,000 )

At 31 March 2023 262,500