3 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04406707 2022-04-01 2023-03-31 04406707 2023-03-31 04406707 2021-04-01 2022-03-31 04406707 2022-03-31 04406707 bus:Director1 2022-04-01 2023-03-31 04406707 core:AfterOneYear 2023-03-31 04406707 core:AfterOneYear 2022-03-31 04406707 core:WithinOneYear 2023-03-31 04406707 core:WithinOneYear 2022-03-31 04406707 core:ShareCapital 2023-03-31 04406707 core:ShareCapital 2022-03-31 04406707 core:RevaluationReserve 2023-03-31 04406707 core:RevaluationReserve 2022-03-31 04406707 core:RetainedEarningsAccumulatedLosses 2023-03-31 04406707 core:RetainedEarningsAccumulatedLosses 2022-03-31 04406707 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 04406707 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 04406707 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04406707 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-03-31 04406707 core:Non-currentFinancialInstruments 2023-03-31 04406707 core:Non-currentFinancialInstruments 2022-03-31 04406707 bus:SmallEntities 2022-04-01 2023-03-31 04406707 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04406707 bus:FullAccounts 2022-04-01 2023-03-31 04406707 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04406707 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 04406707
D&J Smith Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
D&J Smith Properties Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
3,832,665
4,150,334
Current assets
Debtors
6
333,239
273,844
Cash at bank and in hand
27,137
984
---------
---------
360,376
274,828
Creditors: amounts falling due within one year
7
33,454
38,097
---------
---------
Net current assets
326,922
236,731
------------
------------
Total assets less current liabilities
4,159,587
4,387,065
Creditors: amounts falling due after more than one year
8
2,924,885
3,105,901
Provisions
Taxation including deferred tax
57,746
63,978
------------
------------
Net assets
1,176,956
1,217,186
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
875,154
946,631
Profit and loss account
300,802
269,555
------------
------------
Shareholders funds
1,176,956
1,217,186
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D&J Smith Properties Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Dr D Smith
Director
Company registration number: 04406707
D&J Smith Properties Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West Carrs, Green Lane, Welton, Lincoln, LN2 3JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have produced cashflow forecasts which take account of the level of rental income and the current interest rates. In addition they have considered the availability of finance plus their ability to provide additional funds into the company. Following this review the directors are satisfied that the company is a going concern and accordingly have prepared the accounts on that basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rents receivable in the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Investments
Investment property
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2022
4,145,869
102,046
4,247,915
Disposals
( 317,669)
( 317,669)
------------
---------
------------
At 31 March 2023
3,828,200
102,046
3,930,246
------------
---------
------------
Impairment
At 1 April 2022 and 31 March 2023
97,581
97,581
------------
---------
------------
Carrying amount
At 31 March 2023
3,828,200
4,465
3,832,665
------------
---------
------------
At 31 March 2022
4,145,869
4,465
4,150,334
------------
---------
------------
Investment properties are valued by the directors at their fair market value.
Other investments are recorded at their recoverable amounts.
6. Debtors
2023
2022
£
£
Trade debtors
3,610
3,942
Other debtors
329,629
269,902
---------
---------
333,239
273,844
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
11,225
Other creditors
33,454
26,872
--------
--------
33,454
38,097
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Mortgage loans
2,924,885
3,105,901
------------
------------
Mortgage loans are secured on the relevant investment property
9. Related party transactions
The company was controlled by its directors.