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COMPANY REGISTRATION NUMBER: 11333629
Smallview Properties Limited
Filleted Unaudited Financial Statements
31 May 2023
Smallview Properties Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Smallview Properties Limited
Officers and Professional Advisers
The board of directors
NP Crossick
SB Spitz
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Smallview Properties Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Smallview Properties Limited
Year ended 31 May 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
23 February 2024
Smallview Properties Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
8,911,183
8,916,423
Current assets
Debtors
5
82,175
56,737
Cash at bank and in hand
145,063
170,635
---------
---------
227,238
227,372
Creditors: amounts falling due within one year
6
238,394
187,168
---------
---------
Net current (liabilities)/assets
( 11,156)
40,204
------------
------------
Total assets less current liabilities
8,900,027
8,956,627
Creditors: amounts falling due after more than one year
7
8,860,000
8,860,000
------------
------------
Net assets
40,027
96,627
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
40,025
96,625
--------
--------
Shareholders funds
40,027
96,627
--------
--------
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 May 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 .
Smallview Properties Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
SB Spitz
Director
Company registration number: 11333629
Smallview Properties Limited
Notes to the Financial Statements
Year ended 31 May 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 727-729 High Road, London, N12 0BP.
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 .
Investment properties
Investment properties are accounted for at their fair value every 3 years on a regular basis. Changes in fair value are reflected through the profit and loss account and any unrealised gains or losses are transferred from profit and loss to the fair value reserve. No depreciation is provided in respect of investment properties. This treatment is a departure from the requirements of the companies act 2006 which requires all properties to be depreciated. However, the director considers that these properties are not held for consumption but for investment and that to depreciate them would not give a true and fair view. The amount of of depreciation which might otherwise have been charged cannot be separately identified or quantified as it is not practical to assess the estimated useful lives for investment properties.
Going concern
In our opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which we believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular we believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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 timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
4. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
8,647,977
351,468
6,856
9,006,301
Additions
31,227
31,227
------------
---------
-------
------------
At 31 May 2023
8,647,977
382,695
6,856
9,037,528
------------
---------
-------
------------
Depreciation
At 1 June 2022
85,898
3,980
89,878
Charge for the year
35,096
1,371
36,467
------------
---------
-------
------------
At 31 May 2023
120,994
5,351
126,345
------------
---------
-------
------------
Carrying amount
At 31 May 2023
8,647,977
261,701
1,505
8,911,183
------------
---------
-------
------------
At 31 May 2022
8,647,977
265,570
2,876
8,916,423
------------
---------
-------
------------
At the period end, the directors are of the opinion that there is no material difference between cost and the revalued amount of the properties and that these are revalued regularly at 3 year intervals in line with the accounting policy adopted.
5. Debtors
2023
2022
£
£
Trade debtors
64,404
35,328
Other debtors
17,771
21,409
--------
--------
82,175
56,737
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,784
3,790
Corporation tax
1,508
Social security and other taxes
30,115
21,656
Other creditors
205,495
160,214
---------
---------
238,394
187,168
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
5,800,000
5,800,000
Other creditors
3,060,000
3,060,000
------------
------------
8,860,000
8,860,000
------------
------------
The company has provided security by way of mortgage deeds over all the properties owned in favour of Investec Bank plc.