Registration number:
Smithfest Holdings Limited
|
|
Smithfest Holdings Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Smithfest Holdings Limited
Company Information
Directors |
C Smith K R Lewis M L Smith S R Smith |
Registered office |
|
Accountants |
|
Smithfest Holdings Limited
Statement of Financial Position as at 28 February 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investment property |
- |
|
|
Other financial assets |
8,915,672 |
9,466,104 |
|
|
|
||
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
1,029,764 |
1,052,452 |
|
Shareholders' funds |
1,029,864 |
1,052,552 |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Smithfest Holdings Limited
Statement of Financial Position as at 28 February 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
S R Smith
Director
Company registration number: 12462270
Smithfest Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of an investment company, holding both investment property and quoted investments.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company has made a loss for the year ended 28 February 2023 but had net assets at that date of £1,029,864, including cash at bank amounting to £201,939.
The directors have considered the potential effect on the global investment markets for factors which could affect these markets and the directors believe that the investment portfolio is appropriately structured to cope with any market fluctuations caused by economic and worldwide uncertainties. Whilst there is no certainty as to whether current or future events will impact investment markets, the directors' view is that any impact will be manageable. The company's affairs are simplistic with expenses controllable. At 28 February the company was funded by loans from the directors of £4,905,955. The directors have confirmed that they will continue to support the company and will not call for repayment of their loans until such a time as the company has sufficient working capital.
On the basis of the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Smithfest Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment property on a time apportioned basis and dividends received in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
The company recognises rental income in the period to which it relates. The company recognises dividend income in the period that the dividend was declared.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Investment property
Investment properties are subsequently carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the directors ("the valuers"). The valuers use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Smithfest Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year, was
Investment properties |
2023 |
|
At 1 March 2022 |
|
Disposals |
( |
At 28 February 2023 |
- |
Smithfest Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Investments |
Quoted investments |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 March 2022 |
9,466,104 |
9,466,104 |
Additions |
6,276,784 |
6,276,784 |
Fair value adjustments |
(249,101) |
(249,101) |
Disposals |
(6,578,115) |
(6,578,115) |
At 28 February 2023 |
8,915,672 |
8,915,672 |
Impairment |
||
Carrying amount |
||
At 28 February 2023 |
|
8,915,672 |
At 28 February 2022 |
|
9,466,104 |
Debtors |
2023 |
2022 |
|
Other debtors |
|
- |
|
- |
Creditors |
2023 |
2022 |
|
Bank loans and overdrafts |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
|
Smithfest Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2022 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 28 February 2023 |
|
|
|
Transactions with directors |
At 28 February 2023 an amount of £62,979 was due from a director (2022: £Nil). Advances of £62,979 were made in the year and repayments of £Nil were made. Interest has been charged at 2% per annum.
Non adjusting events after the financial period |
|
Reserves |
Profit and loss account - This reserve records retained earnings and accumulated losses. Of the amounts standing to the credit of the profit and loss account an amount of £451,192 (2022: £639,296) is undistributable in accordance with Companies Act 2006.