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REGISTERED NUMBER: 10069245 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Three Smiths Limited

Three Smiths Limited (Registered number: 10069245)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Three Smiths Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: S C Smith
Mrs S J Smith
B F Smith





SECRETARY: Mrs S J Smith





REGISTERED OFFICE: 29a Crown Street
Brentwood
Essex
CM14 4BA





REGISTERED NUMBER: 10069245 (England and Wales)





ACCOUNTANTS: Moulton Johnson Limited
Chartered Accountants
29a Crown Street
Brentwood
Essex
CM14 4BA

Three Smiths Limited (Registered number: 10069245)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,938,402 1,938,402

CURRENT ASSETS
Debtors 5 5,616 1,601
Cash at bank 4,730 3,847
10,346 5,448
CREDITORS
Amounts falling due within one year 6 670,850 657,098
NET CURRENT LIABILITIES (660,504 ) (651,650 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,277,898

1,286,752

CREDITORS
Amounts falling due after more than one
year

7

(656,677

)

(637,550

)

PROVISIONS FOR LIABILITIES (49,253 ) (49,253 )
NET ASSETS 571,968 599,949

CAPITAL AND RESERVES
Called up share capital 311,100 311,100
Fair value reserve 9 160,167 160,167
Retained earnings 100,701 128,682
571,968 599,949

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

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

Three Smiths Limited (Registered number: 10069245)

Balance Sheet - continued
31st March 2024


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

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 7th August 2024 and were signed on its behalf by:





S C Smith - Director


Three Smiths Limited (Registered number: 10069245)

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

1. STATUTORY INFORMATION

Three Smiths 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue recognition
Turnover represents rental income receivable during the year.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

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

Three Smiths Limited (Registered number: 10069245)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 1,938,402
NET BOOK VALUE
At 31st March 2024 1,938,402
At 31st March 2023 1,938,402

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2017 209,420
Cost 1,728,982
1,938,402

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

31.3.24 31.3.23
£    £   
Cost 1,728,982 1,728,982

In the opinion of the directors, taking into account current market conditions, there has been no significant change in the fair value of the investment properties during the year.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 1,200 1,200
Directors' loan accounts 4,000 -
Prepayments 416 401
5,616 1,601

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Tax 17,664 20,521
Other creditors 630,026 622,826
Accruals and deferred income 23,160 13,751
670,850 657,098

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 656,677 637,550

Three Smiths Limited (Registered number: 10069245)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 656,677 637,550

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 656,677 637,550

The long-term bank loans are secured over the company's investment properties. In addition, the directors have also personally guaranteed these bank loans.

9. RESERVES
Fair
value
reserve
£   
At 1st April 2023
and 31st March 2024 160,167

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023:

31.3.24 31.3.23
£    £   
B F Smith
Balance outstanding at start of year - -
Amounts advanced 4,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,000 -

The loan advanced to B F Smith was repaid in full on 13th April 2024.

11. RELATED PARTY DISCLOSURES

Wey Valley Music Limited, a company controlled by S C Smith & Mrs S J Smith, continued to advance an interest-bearing loan to the company during the year. The balance due from the company to Wey Valley Music Limited at 31st March 2024 amounted to £627,526 (2023: £618,526).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Three Smiths 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 Balance Sheet. Readers are cautioned that the 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 Three Smiths Limited for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet 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 Three Smiths 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 Three Smiths Limited and state those matters that we have agreed to state to the Board of Directors of Three Smiths 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 Three Smiths Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Three Smiths 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 Three Smiths Limited. You consider that Three Smiths 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 Three Smiths 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.






Moulton Johnson Limited
Chartered Accountants
29a Crown Street
Brentwood
Essex
CM14 4BA


8th August 2024