Company registration number 04355812 (England and Wales)
SMARTER LETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SMARTER LETS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SMARTER LETS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
469
730
Investment properties
5
1,000,000
1,000,000
1,000,469
1,000,730
Current assets
Stocks
1,065,995
1,065,995
Debtors
6
-
0
1
Cash at bank and in hand
22,935
15,567
1,088,930
1,081,563
Creditors: amounts falling due within one year
7
(551,627)
(527,528)
Net current assets
537,303
554,035
Total assets less current liabilities
1,537,772
1,554,765
Creditors: amounts falling due after more than one year
8
(1,689,383)
(1,689,383)
Provisions for liabilities
(22,213)
(20,591)
Net liabilities
(173,824)
(155,209)
Capital and reserves
Called up share capital
1
1
Fair value reserve
9
86,163
87,785
Profit and loss reserves
(259,988)
(242,995)
Total equity
(173,824)
(155,209)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SMARTER LETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
R C Onyeka
Director
Company Registration No. 04355812
SMARTER LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

SMARTER LETS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 18 Melbourne Grove, London, SE22 8RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future . The director considers this appropriate not withstanding that the company's total liabilities exceeded total assets by £173,824. The company is dependent on the continued support of the director.true

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Computer equipment
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks
SMARTER LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

Stocks represent the acquisition cost of and any attributable improvements expenditure on properties held for resale.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 1

2023
2022
Number
Number
Total
1
1
SMARTER LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
9,722
Depreciation and impairment
At 1 July 2022
8,992
Depreciation charged in the year
261
At 30 June 2023
9,253
Carrying amount
At 30 June 2023
469
At 30 June 2022
730
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
1,000,000

Investment property comprises 62 Cambria Rd, SE5 9AS acquired in March 2017. The fair value of this property has been arrived at on the basis of a valuation carried out at 30 June 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
1
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
482
1,085
Other creditors
534,428
516,786
Accruals and deferred income
16,717
9,657
551,627
527,528
SMARTER LETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
1,689,383
1,689,383

The above represents the interest only mortgages relating to the acquisition of properties.The mortgages are secured by way of a fixed charge over all legal interest in 62 Cambria Road SE5 9AS and 33 Stradella Road SE24 9HN

 

9
Fair value reserve
2023
2022
£
£
At beginning of year
87,785
128,285
Increase in property value
(1,622)
(40,500)
At end of year
86,163
87,785

The Fair value reserve relates to the investment property and is net of deferred tax ,calculated on the basis of full potential tax liability, included in the financial statements

10
Related party transactions

The director operates a loan account with the company on an interest free basis. At the beginning of the year the director was owed £477,748 by the company. During the year net aggregate advances of £114,125 were made. At the year end the director was owed £363,623 by the company.

2023-06-302022-07-01false30 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityR C Onyekafalsefalse043558122022-07-012023-06-30043558122023-06-30043558122022-06-3004355812core:OtherPropertyPlantEquipment2023-06-3004355812core:OtherPropertyPlantEquipment2022-06-3004355812core:CurrentFinancialInstruments2023-06-3004355812core:CurrentFinancialInstruments2022-06-3004355812core:Non-currentFinancialInstruments2023-06-3004355812core:Non-currentFinancialInstruments2022-06-3004355812core:ShareCapital2023-06-3004355812core:ShareCapital2022-06-3004355812core:RevaluationReserve2023-06-3004355812core:RevaluationReserve2022-06-3004355812core:RetainedEarningsAccumulatedLosses2023-06-3004355812core:RetainedEarningsAccumulatedLosses2022-06-3004355812core:RevaluationReserve2022-06-3004355812bus:Director12022-07-012023-06-3004355812core:PlantMachinery2022-07-012023-06-3004355812core:ComputerEquipment2022-07-012023-06-30043558122021-07-012022-06-3004355812core:OtherPropertyPlantEquipment2022-06-3004355812core:OtherPropertyPlantEquipment2022-07-012023-06-30043558122022-06-3004355812core:WithinOneYear2023-06-3004355812core:WithinOneYear2022-06-300435581212022-07-012023-06-3004355812core:RevaluationReserve12021-07-012022-06-3004355812bus:PrivateLimitedCompanyLtd2022-07-012023-06-3004355812bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3004355812bus:FRS1022022-07-012023-06-3004355812bus:AuditExemptWithAccountantsReport2022-07-012023-06-3004355812bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP