Registered number
SC643392
Smith Connelly Investments Ltd
Filleted Accounts
31 October 2023
Smith Connelly Investments Ltd
Registered number: SC643392
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 367,383 344,610
Current assets
Debtors 4 26,269 8,994
Cash at bank and in hand 4,310 42,805
30,579 51,799
Creditors: amounts falling due within one year 5 (202,094) (198,250)
Net current liabilities (171,515) (146,451)
Total assets less current liabilities 195,868 198,159
Creditors: amounts falling due after more than one year 6 (218,277) (158,495)
Provisions for liabilities (20,899) (20,899)
Net (liabilities)/assets (43,308) 18,765
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 109,997 109,997
Profit and loss account (153,405) (91,332)
Shareholders' funds (43,308) 18,765
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Connelly
Director
Approved by the board on 10 May 2024
Smith Connelly Investments Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Fixtures, fittings, tools and equipment 15% on a Reducing Balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax asset is recognised in respect of a tax loss that can be carried forwards to be used against related profits of a future period, where allowable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 343,985 625 344,610
Additions 22,773 - 22,773
At 31 October 2023 366,758 625 367,383
Depreciation
At 31 October 2023 - - -
Net book value
At 31 October 2023 366,758 625 367,383
At 31 October 2022 343,985 625 344,610
4 Debtors 2023 2022
£ £
Smith Connelly Commercial Ltd 18,634 3,714
Other debtors 7,635 5,280
26,269 8,994
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,107 1,077
Trade creditors 16,524 6,002
Investor loans 180,875 190,583
Other creditors 588 588
202,094 198,250
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's accounts 7,692 23,974
Other creditors 210,585 134,521
218,277 158,495
7 Revaluation reserve 2023 2022
£ £
At 1 November 2022 109,997 -
Gain on revaluation of land and buildings - 109,997
At 31 October 2023 109,997 109,997
8 Other information
Smith Connelly Investments Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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