Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06737967 2023-01-01 2023-12-31 06737967 2022-01-01 2022-12-31 06737967 2023-12-31 06737967 2022-12-31 06737967 2022-01-01 06737967 c:Director3 2023-01-01 2023-12-31 06737967 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 06737967 d:FreeholdInvestmentProperty 2023-12-31 06737967 d:FreeholdInvestmentProperty 2022-12-31 06737967 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 06737967 d:CurrentFinancialInstruments 2023-12-31 06737967 d:CurrentFinancialInstruments 2022-12-31 06737967 d:Non-currentFinancialInstruments 2023-12-31 06737967 d:Non-currentFinancialInstruments 2022-12-31 06737967 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06737967 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06737967 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06737967 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06737967 d:ShareCapital 2023-12-31 06737967 d:ShareCapital 2022-12-31 06737967 d:SharePremium 2023-12-31 06737967 d:SharePremium 2022-12-31 06737967 d:RevaluationReserve 2023-12-31 06737967 d:RevaluationReserve 2022-12-31 06737967 d:RetainedEarningsAccumulatedLosses 2023-12-31 06737967 d:RetainedEarningsAccumulatedLosses 2022-12-31 06737967 c:FRS102 2023-01-01 2023-12-31 06737967 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06737967 c:FullAccounts 2023-01-01 2023-12-31 06737967 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06737967 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06737967 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06737967 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06737967









THE SMITH PROPERTY PARTNERSHIP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
REGISTERED NUMBER: 06737967

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
4,242,000
4,337,492

Current assets
  

Debtors: amounts falling due within one year
 5 
13,944,998
13,733,659

Cash at bank and in hand
  
54,739
91,781

  
13,999,737
13,825,440

Creditors: amounts falling due within one year
 6 
(125,113)
(117,531)

Net current assets
  
 
 
13,874,624
 
 
13,707,909

Total assets less current liabilities
  
18,116,624
18,045,401

Creditors: amounts falling due after more than one year
 7 
(623,708)
(657,877)

Provisions for liabilities
  

Deferred tax
 8 
(164,692)
(190,185)

Net assets
  
17,328,224
17,197,339


Capital and reserves
  

Called up share capital 
  
147,951
147,951

Share premium account
  
14,647,050
14,647,050

Investment property revaluation reserve
  
1,154,215
1,263,815

Profit and loss account
  
1,379,008
1,138,523

  
17,328,224
17,197,339


Page 1

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
REGISTERED NUMBER: 06737967
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




C J Spires
Director


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Smith Property Partnership Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registration number is 06737967 and its registered office is First Floor Kirkdale House, Kirkdale Road, Leytonstone, London, E11 1HP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents rental income receivable by the company under the lease agreement and is recognised on the date when rent is due.

 
2.3

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are repayable on demand.

 
2.5

Creditors

Short term creditors are measured at the transaction price. 

 
2.6

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of comprehensive income on a straight line basis over the term of the relevant lease.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 3

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
4,337,492


Additions at cost
39,600


Deficit on revaluation 
(135,092)



At 31 December 2023
4,242,000

The 2023 valuations were made internally by an employee of the Group, who is MRICS (Member of Royal Institute of Chartered Surveyors), on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,923,092
2,883,492

Page 5

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,700
4,919

Other debtors
13,938,699
13,712,726

Prepayments and accrued income
4,599
16,014

13,944,998
13,733,659



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
36,994
39,819

Trade creditors
1,623
3,695

Corporation tax
73,958
60,873

Other creditors
154
2,306

Accruals and deferred income
12,384
10,838

125,113
117,531



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
623,708
657,877


Secured loans
Bank loans of £660,702 (2022 - £697,696) are secured by a legal mortgage charge over the company's properties and a debenture over the company's assets.

Page 6

 
THE SMITH PROPERTY PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(190,185)
(190,185)


Credited to the Statement of comprehensive income
25,493
-



At end of year
(164,692)
(190,185)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised gain on revaluation of investment property
(164,692)
(190,185)

 
Page 7