Living Smart Property Ltd 05846823 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is real estate letting. Digita Accounts Production Advanced 6.30.9574.0 true 05846823 2023-01-01 2023-12-31 05846823 2023-12-31 05846823 core:RetainedEarningsAccumulatedLosses 2023-12-31 05846823 core:ShareCapital 2023-12-31 05846823 core:CurrentFinancialInstruments 2023-12-31 05846823 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05846823 core:Non-currentFinancialInstruments 2023-12-31 05846823 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05846823 core:OtherResidualIntangibleAssets 2023-12-31 05846823 core:FurnitureFittingsToolsEquipment 2023-12-31 05846823 bus:SmallEntities 2023-01-01 2023-12-31 05846823 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05846823 bus:FullAccounts 2023-01-01 2023-12-31 05846823 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05846823 bus:RegisteredOffice 2023-01-01 2023-12-31 05846823 bus:Director1 2023-01-01 2023-12-31 05846823 bus:Director2 2023-01-01 2023-12-31 05846823 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05846823 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05846823 countries:EnglandWales 2023-01-01 2023-12-31 05846823 2022-12-31 05846823 core:OtherResidualIntangibleAssets 2022-12-31 05846823 core:FurnitureFittingsToolsEquipment 2022-12-31 05846823 2022-01-01 2022-12-31 05846823 2022-12-31 05846823 core:RetainedEarningsAccumulatedLosses 2022-12-31 05846823 core:ShareCapital 2022-12-31 05846823 core:CurrentFinancialInstruments 2022-12-31 05846823 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05846823 core:Non-currentFinancialInstruments 2022-12-31 05846823 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05846823 core:OtherResidualIntangibleAssets 2022-12-31 05846823 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05846823

Living Smart Property Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Living Smart Property Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Living Smart Property Ltd

(Registration number: 05846823)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

135,924

135,924

Tangible assets

5

36,417

48,556

Investment property

6

2,345,978

2,115,978

 

2,518,319

2,300,458

Current assets

 

Debtors

7

692,950

250,104

Cash at bank and in hand

 

216,786

455,384

 

909,736

705,488

Creditors: Amounts falling due within one year

8

(237,899)

(141,579)

Net current assets

 

671,837

563,909

Total assets less current liabilities

 

3,190,156

2,864,367

Creditors: Amounts falling due after more than one year

8

(1,348,373)

(1,193,174)

Net assets

 

1,841,783

1,671,193

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,840,783

1,670,193

Shareholders' funds

 

1,841,783

1,671,193

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

 

Living Smart Property Ltd

(Registration number: 05846823)
Balance Sheet as at 31 December 2023

.........................................
Mr T Thorns
Director

.........................................
Mr B Thorns
Director

 

Living Smart Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 33 Peel House
30 The Downs
Altricham
WA14 2PX
UK

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Living Smart Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

Living Smart Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

135,924

135,924

At 31 December 2023

135,924

135,924

Amortisation

Carrying amount

At 31 December 2023

135,924

135,924

At 31 December 2022

135,924

135,924

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

59,856

59,856

At 31 December 2023

59,856

59,856

Depreciation

At 1 January 2023

11,300

11,300

Charge for the year

12,139

12,139

At 31 December 2023

23,439

23,439

Carrying amount

At 31 December 2023

36,417

36,417

At 31 December 2022

48,556

48,556

6

Investment properties

 

Living Smart Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

At 1 January

2,115,978

Fair value adjustments

230,000

At 31 December

2,345,978

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

3,301

545

Amounts owed by related parties

674,842

235,000

Prepayments

 

4,969

4,941

Other debtors

 

9,838

9,618

   

692,950

250,104

 

Living Smart Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

181,585

10,111

Trade creditors

 

2,737

2,045

Taxation and social security

 

14,451

75,794

Accruals and deferred income

 

7,516

7,141

Other creditors

 

31,610

46,488

 

237,899

141,579

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,741

10,000

Other borrowings

170,844

111

181,585

10,111

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,348,373

1,193,174

Other borrowings

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,426

24,167

Other borrowings

1,334,947

1,169,007

1,348,373

1,193,174

 

Living Smart Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,741

10,000

Other borrowings

170,844

111

181,585

10,111