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REGISTERED NUMBER: 00483146 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

S M Spain (Property) Limited

S M Spain (Property) Limited (Registered number: 00483146)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 6

S M Spain (Property) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr J S Spain
Mr J M Spain





SECRETARY: Mr J S Spain





REGISTERED OFFICE: 2a New Road
Bromsgrove
Worcestershire
B60 2HZ





REGISTERED NUMBER: 00483146 (England and Wales)





ACCOUNTANTS: Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL

S M Spain (Property) Limited (Registered number: 00483146)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 180,000 180,000

CREDITORS
Amounts falling due within one year 1,054 1,054
NET CURRENT LIABILITIES (1,054 ) (1,054 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,946

178,946

PROVISIONS FOR LIABILITIES 32,595 32,595
NET ASSETS 146,351 146,351

CAPITAL AND RESERVES
Called up share capital 7,000 7,000
Fair value reserve 5 138,959 138,959
Retained earnings 392 392
SHAREHOLDERS' FUNDS 146,351 146,351

S M Spain (Property) Limited (Registered number: 00483146)

Abridged Statement of Financial Position - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 April 2024 and were signed on its behalf by:





Mr J S Spain - Director


S M Spain (Property) Limited (Registered number: 00483146)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

S M Spain (Property) 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.

The company was dormant throughout the current year and previous year.

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

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investment property
In accordance accounting standards, investment properties are stated at most recent open market values. No depreciation is provided, which is a departure from the Companies Act 2006, but is required to provide a true and fair view.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

S M Spain (Property) Limited (Registered number: 00483146)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 180,000
NET BOOK VALUE
At 31 March 2024 180,000
At 31 March 2023 180,000

In accordance with accounting standards, investment properties are stated at open market values. No depreciation is provided, which is a departure from the Companies Act 2006, but is required to provide a true and fair view.
The property was valued on 31st March 2021 at £180,000 by the directors and they consider that this is a fair representation of the current market value.

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2012 229,054
Valuation in 2017 (37,500 )
Valuation in 2021 (20,000 )
Cost 8,446
180,000

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

2024 2023
£    £   
Cost 8,446 8,446

Freehold property was valued on an open market basis on 31 March 2021 by the directors .

5. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 138,959

6. CONTINGENT LIABILITIES

There are no significant contingent liabilities.

7. POST BALANCE SHEET EVENTS

There were no material post balance sheet events.


Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
S M Spain (Property) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S M Spain (Property) Limited for the year ended 31 March 2024 which comprise the Abridged Income Statement, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of S M Spain (Property) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of S M Spain (Property) Limited and state those matters that we have agreed to state to the Board of Directors of S M Spain (Property) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S M Spain (Property) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that S M Spain (Property) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S M Spain (Property) Limited. You consider that S M Spain (Property) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of S M Spain (Property) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL


1 April 2024