SMITH & MERCER INVESTMENTS LIMITED

Company Registration Number:
SC694333 (Scotland)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

SMITH & MERCER INVESTMENTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

SMITH & MERCER INVESTMENTS LIMITED

Balance sheet

As at 31 July 2023


Notes

2023

16 months to 31 July 2022


£

£
Fixed assets
Tangible assets: 3 345,430 347,829
Total fixed assets: 345,430 347,829
Current assets
Debtors:     2,411
Cash at bank and in hand: 4,121 2,945
Total current assets: 4,121 5,356
Creditors: amounts falling due within one year: 4 (171,919) (147,144)
Net current assets (liabilities): (167,798) (141,788)
Total assets less current liabilities: 177,632 206,041
Creditors: amounts falling due after more than one year: 5 (196,491) (218,991)
Total net assets (liabilities): (18,859) (12,950)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (18,860) (12,951)
Shareholders funds: (18,859) (12,950)

The notes form part of these financial statements

SMITH & MERCER INVESTMENTS LIMITED

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 April 2024
and signed on behalf of the board by:

Name: Craig Smith
Status: Director

The notes form part of these financial statements

SMITH & MERCER INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts receivable for the renting of properties. The company recognises revenue over the period of rent and when collection of the resulting receivable is reasonably assured. Should the company consider that the criteria for revenue recognition are not met for a transaction, revenue recognition would be delayed until such a time as the transaction becomes fully earned or collectability is reasonably assured.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Fixtures and fittings 25% Reducing balanceInvestment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

SMITH & MERCER INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 16 months to 31 July 2022
Average number of employees during the period 2 2

SMITH & MERCER INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 349,439
At 31 July 2023 349,439
Depreciation
At 01 August 2022 1,610
Charge for year 2,399
At 31 July 2023 4,009
Net book value
At 31 July 2023 345,430
At 31 July 2022 347,829

SMITH & MERCER INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Creditors: amounts falling due within one year note

Other creditors £171,919

SMITH & MERCER INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Creditors: amounts falling due after more than one year note

Bank loans £196,491The mortgage lenders hold securities over the investment properties.

SMITH & MERCER INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

6. Loans to directors

Name of director receiving advance or credit: Craig Smith
Description of the loan: As at 31 July 2023, the company was due the director amounts totalling £85,806. There is no interest charged and no set repayment terms.
£
Balance at 01 August 2022 71,983
Advances or credits made: 13,823
Balance at 31 July 2023 85,806
Name of director receiving advance or credit: Paul Mercer
Description of the loan: As at 31 July 2023, the company was due the director amounts totalling £85,388. There is no interest and no set repayment date.
£
Balance at 01 August 2022 73,911
Advances or credits made: 13,394
Advances or credits repaid: 1,917
Balance at 31 July 2023 85,388