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Company No: 06850508 (England and Wales)

SMI PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SMI PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SMI PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
SMI PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mrs S Irish
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 06850508 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
SMI PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
SMI PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,500 3,596
7,500 3,596
Current assets
Debtors 4 12,861 14,364
Cash at bank and in hand 4,491 8,867
17,352 23,231
Creditors: amounts falling due within one year 5 ( 21,135) ( 16,732)
Net current (liabilities)/assets (3,783) 6,499
Total assets less current liabilities 3,717 10,095
Creditors: amounts falling due after more than one year 6 ( 38,000) ( 38,000)
Provision for liabilities ( 600) 4,900
Net liabilities ( 34,883) ( 23,005)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 34,983 ) ( 23,105 )
Total shareholder's deficit ( 34,883) ( 23,005)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of SMI Properties Limited (registered number: 06850508) were approved and authorised for issue by the Director on 12 August 2024. They were signed on its behalf by:

Mrs S Irish
Director
SMI PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SMI PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SMI Properties Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Hannafords, Conniford Lane, Ipplepen, TQ12 5UD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable in respect of rents receivable on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 16,989 16,989
Additions 5,074 5,074
At 31 March 2024 22,063 22,063
Accumulated depreciation
At 01 April 2023 13,393 13,393
Charge for the financial year 1,170 1,170
At 31 March 2024 14,563 14,563
Net book value
At 31 March 2024 7,500 7,500
At 31 March 2023 3,596 3,596

4. Debtors

2024 2023
£ £
Trade debtors 4,118 0
Prepayments 8,743 7,813
Other debtors 0 6,551
12,861 14,364

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,766 5,419
Amounts owed to director 1,002 4,200
Accruals and deferred income 9,144 7,110
Other taxation and social security 373 3
Other creditors 850 0
21,135 16,732

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 38,000 38,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 21,018 5,255