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REGISTERED NUMBER: 08780187 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SMITH ESTATES LTD

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITH ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M L Smith
J Smith





REGISTERED OFFICE: 120 Boundary Lane
St Leonards
Ringwood
Hampshire
BH24 2SF





REGISTERED NUMBER: 08780187 (England and Wales)

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,824 -
Investments 5 2 2
Investment property 6 3,121,602 3,121,602
3,140,428 3,121,604

CURRENT ASSETS
Debtors 7 10,822 261,703
Cash at bank 28,671 805,003
39,493 1,066,706
CREDITORS
Amounts falling due within one year 8 95,307 949,816
NET CURRENT (LIABILITIES)/ASSETS (55,814 ) 116,890
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,084,614

3,238,494

CREDITORS
Amounts falling due after more than one
year

9

(370,910

)

(1,130,823

)

PROVISIONS FOR LIABILITIES (89,372 ) (87,500 )
NET ASSETS 2,624,332 2,020,171

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 11 262,500 262,500
Retained earnings 2,361,830 1,757,669
2,624,332 2,020,171

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

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

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

BALANCE SHEET - continued
31 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 15 August 2024 and were signed on its behalf by:




M L Smith - Director



J Smith - Director


SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Smith Estates Ltd 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 22,785
At 31 March 2024 22,785
DEPRECIATION
Charge for year 3,961
At 31 March 2024 3,961
NET BOOK VALUE
At 31 March 2024 18,824

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 2
NET BOOK VALUE
At 31 March 2024 2
At 31 March 2023 2

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,121,602
NET BOOK VALUE
At 31 March 2024 3,121,602
At 31 March 2023 3,121,602

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 150,000
Valuation in 2022 200,000
Cost 2,771,602
3,121,602

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

31.3.24 31.3.23
£    £   
Cost 2,771,602 2,771,602

Investment property was valued on an open market basis on 31 March 2024 by the directors .

SMITH ESTATES LTD (REGISTERED NUMBER: 08780187)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY - continued

Investment property is shown at most recent valuation. Any aggregate surplus or deficit from changes in fair value is recognised in profit and loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 5,000 260,000
Other debtors 5,822 1,703
10,822 261,703

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 22,912 21,463
Trade creditors 4,797 -
Amounts owed to group undertakings 32,500 -
Taxation and social security 21,681 9,329
Other creditors 13,417 919,024
95,307 949,816

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 107,911 130,823
Other creditors 262,999 1,000,000
370,910 1,130,823

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 29,635

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 130,823 152,286

The bank loan is secured against the investment property. Lloyds Bank Plc have a charge over the investment property owned by the company.

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 262,500