Company registration number 00271687 (England and Wales)
SIDNEY SMITH ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SIDNEY SMITH ENTERPRISES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SIDNEY SMITH ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
-
0
9,600,000
Current assets
Debtors
4
-
0
3,319,098
Cash at bank and in hand
-
0
155,456
-
0
3,474,554
Creditors: amounts falling due within one year
5
(13,735)
(94,677)
Net current (liabilities)/assets
(13,735)
3,379,877
Total assets less current liabilities
(13,735)
12,979,877
Creditors: amounts falling due after more than one year
6
-
0
(119,486)
Provisions for liabilities
7
-
0
(1,787,704)
Net (liabilities)/assets
(13,735)
11,072,687
Capital and reserves
Called up share capital
8
6,000
6,000
Investment property revaluation reserve
-
0
7,653,646
Other reserves
-
0
3,500
Profit and loss reserves
(19,735)
3,409,541
Total (deficit)/equity
(13,735)
11,072,687

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have 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.

SIDNEY SMITH ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
P Loutit
S Patel
Director
Director
Company Registration No. 00271687
SIDNEY SMITH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Sidney Smith Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Duke Of York Square, London, SW3 4LY.

1.1
Reporting period

The financial statements for the comparative period have been prepared over an extended 14 months period to 31 March 2024. As a result, the current amounts presented in the financial statements are not entirely comparable.

 

1.2
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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

As explained in the directors' report, the company ceased trading on the 31 March 2024. As a result the financial statements have been prepared on a basis other than going concern.

1.4
Turnover

Turnover represents rents receivable from letting of investment properties. Rents receivable from tenants are measured at fair value and is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

 

The fair value model is determined by the directors with the benefit of professional external valuers 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.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

SIDNEY SMITH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SIDNEY SMITH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
3
12
3
Investment property
2024
£
Fair value
At 1 April 2023
9,600,000
Disposals
(9,600,000)
At 31 March 2024
-
0

No depreciation is provided in respect of these properties.

 

On a historical cost basis the investment properties would have been included at an original cost of £nil (2023 - £158,650).

SIDNEY SMITH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,374
Amounts owed by group undertakings
-
0
3,074,999
Other debtors
-
123,156
Prepayments and accrued income
-
0
83
-
0
3,199,612
2024
2023
Amounts falling due after more than one year:
£
£
Tenants deposits
-
119,486
Total debtors
-
0
3,319,098
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
3,955
Corporation tax
4,135
-
0
Other taxation and social security
-
0
26,849
Other creditors
9,600
63,873
13,735
94,677
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
119,486
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
-
0
1,787,704
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 50p each
12,000
12,000
6,000
6,000
SIDNEY SMITH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:

The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.

10
Parent company

The parent company is Sidney Smith Chelsea Limited and its registered office is 10 Duke Of York Square, London, SW3 4LY.

 

The ultimate parent company is Cadogan Estates Limited and its registered office is 10 Duke Of York Square, London, SW3 4LY

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