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REGISTERED NUMBER: 02725586 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SMARTADJUST LIMITED

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMARTADJUST LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: G Bailey





REGISTERED OFFICE: 24 Whiston Grove
Rotherham
S60 2TX





REGISTERED NUMBER: 02725586 (England and Wales)





ACCOUNTANTS: Bernard Rogers & Co
Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 261,454 251,939
Investment property 5 6,194,000 5,978,917
6,455,454 6,230,856

CURRENT ASSETS
Debtors 6 515,129 524,632
Cash at bank and in hand 1,819 1,991
516,948 526,623
CREDITORS
Amounts falling due within one year 7 251,152 208,407
NET CURRENT ASSETS 265,796 318,216
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,721,250

6,549,072

CREDITORS
Amounts falling due after more than one
year

8

(2,048,267

)

(2,082,615

)

PROVISIONS FOR LIABILITIES (200,263 ) (226,536 )
NET ASSETS 4,472,720 4,239,921

CAPITAL AND RESERVES
Called up share capital 10 10
Revaluation reserve 10 3,714,423 3,463,067
Retained earnings 758,287 776,844
4,472,720 4,239,921

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

BALANCE SHEET - continued
31 December 2023


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 director and authorised for issue on 11 September 2024 and were signed by:





G Bailey - Director


SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Smartadjust 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.

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.

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.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

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 1 (2022 - 1 ) .

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 250,000 76,518 326,518
Revaluations 10,000 - 10,000
At 31 December 2023 260,000 76,518 336,518
DEPRECIATION
At 1 January 2023 - 74,579 74,579
Charge for year - 485 485
At 31 December 2023 - 75,064 75,064
NET BOOK VALUE
At 31 December 2023 260,000 1,454 261,454
At 31 December 2022 250,000 1,939 251,939

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 157,804 - 157,804
Cost 102,196 76,518 178,714
260,000 76,518 336,518

Freehold property at a cost of £102,196 is included at market valuation of £260,000 as valued by Mr Graham Bailey,director, who considers that this valuation is reasonable as at 31 December 2023.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 5,978,917
Revaluations 215,083
At 31 December 2023 6,194,000
NET BOOK VALUE
At 31 December 2023 6,194,000
At 31 December 2022 5,978,917

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 3,754,329
Cost 2,439,671
6,194,000

The investment properties are included at open market value and were valued by Mr Graham Bailey, director, in December 2023, the valuations being reflected in the accounts.
Included in Investment property is property with a value of £6,194,000 used in operating leases.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by participating interests 500,369 509,872
Other debtors 14,760 14,760
515,129 524,632

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,369 10,851
Trade creditors 5,164 6,925
Amounts owed to group undertakings 210,000 180,000
Taxation and social security 2,504 365
Other creditors 23,115 10,266
251,152 208,407

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,048,267 2,082,615

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,007,463 2,038,747

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,058,636 2,093,466

SMARTADJUST LIMITED (REGISTERED NUMBER: 02725586)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


10. RESERVES
Revaluation
reserve
£   
At 1 January 2023 3,463,067
Non distributable reserves 251,356

At 31 December 2023 3,714,423

11. RELATED PARTY DISCLOSURES

A loan was made to Bailey Estates Ltd - a company owned by Mr G Bailey.

At the year end 31st December 2023 the amount owed to Smartadjust Ltd was £500,369 (2022: £509,872)

There is a cross guarantee between Smartadjust Limited and Bailey Corringham Ltd supported by a debenture over the whole assets and undertakings including the called up share capital of Bailey Corringham Ltd.

G Bailey is a director of the parent company, Bailey Corringham Limited. He has a beneficial interest in 100% of that company's issued share capital.

At 31st December 2023 Smartadjust Ltd owed the parent company, Bailey Corringham Ltd, £210,000 (2022: £180,000).

At 31 December 2023 other creditors included loans made to the company by the directors of £16,892 (2022: £9,357). The loans are interest free and have no fixed date for repayment.