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Registration number: 10433506

Property Smith Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Property Smith Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Property Smith Investments Limited

(Registration number: 10433506)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

466

Investment property

5

340,000

280,000

 

340,000

280,466

Current assets

 

Cash at bank and in hand

 

1,089

986

Creditors: Amounts falling due within one year

6

(13,820)

(22,494)

Net current liabilities

 

(12,731)

(21,508)

Total assets less current liabilities

 

327,269

258,958

Creditors: Amounts falling due after more than one year

6

(209,519)

(211,788)

Provisions for liabilities

(15,000)

-

Net assets

 

102,750

47,170

Capital and reserves

 

Called up share capital

60

60

Revaluation reserve

125,276

65,276

Retained earnings

(22,586)

(18,166)

Shareholders' funds

 

102,750

47,170

 

Property Smith Investments Limited

(Registration number: 10433506)
Balance Sheet as at 31 October 2023

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2024
 

.........................................
Mr M K Newman
Director

 

Property Smith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the director on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on going concern basis.

Revenue recognition

Turnover comprises the rental income recogised as it falls due, in accordance with the lease in place with the tenant.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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.

 

Property Smith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

No depreciation charged

Fixtures and fittings

25% Straight line

Office equipment

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

19,035

9,988

29,023

At 31 October 2023

19,035

9,988

29,023

Depreciation

At 1 November 2022

19,035

9,522

28,557

Charge for the year

-

466

466

At 31 October 2023

19,035

9,988

29,023

Carrying amount

At 31 October 2023

-

-

-

At 31 October 2022

-

466

466

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

Property Smith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Investment properties

2023
£

At 1 November

280,000

Fair value adjustments

60,000

At 31 October

340,000

 

Property Smith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13,100

22,200

Trade creditors

 

-

294

Accruals and deferred income

 

720

-

 

13,820

22,494

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

203,029

203,548

Other non-current financial liabilities

 

6,490

8,240

 

209,519

211,788

A debenture has been lodged at Companies House, in favour of Interbay Funding bank, with fixed and floating charges over all assets, dated 16 October 2023.