Registration number:
Property Smith Investments Limited
for the Year Ended 31 October 2023
Property Smith Investments Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Property Smith Investments Limited
(Registration number: 10433506)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
- |
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
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 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
......................................... |
Property Smith Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
|
Cost or valuation |
|||
At 1 November 2022 |
|
|
|
At 31 October 2023 |
|
|
|
Depreciation |
|||
At 1 November 2022 |
|
|
|
Charge for the year |
- |
|
|
At 31 October 2023 |
|
|
|
Carrying amount |
|||
At 31 October 2023 |
- |
- |
- |
At 31 October 2022 |
- |
|
|
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
Investment properties |
2023 |
|
At 1 November |
|
Fair value adjustments |
|
At 31 October |
|
Property Smith Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
- |
|
|
Accruals and deferred income |
|
- |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
|
Other non-current financial liabilities |
|
|
|
|
|
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.