Registration number:
Prepared for the registrar
for the
Year Ended 29 February 2024
Smart Group Property Ltd
(Registration number: 12450516)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
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Tangible assets |
|
- |
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Deferred tax liabilities |
(17,565) |
(60,412) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Revaluation reserve |
98,130 |
173,130 |
|
Profit and loss account |
27,287 |
11,927 |
|
Shareholders' funds |
125,419 |
185,059 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Smart Group Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
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 and after eliminating sales within the company.
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 the profit and loss account, except that a charge 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Smart Group Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% Reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Smart Group Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Deferred tax |
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Difference between accumulated depreciation and capital allowances |
- |
|
Short term timing differences |
|
- |
Revaluation of investment property |
- |
|
|
|
2023 |
Asset |
Liability |
Difference between accumulated depreciation and capital allowances |
- |
|
Short term timing differences |
|
- |
Revaluation of investment property |
- |
|
|
|
Tangible assets |
Motor vehicles |
|
Cost or valuation |
|
At 1 March 2023 |
- |
Additions |
|
At 29 February 2024 |
|
Depreciation |
|
At 1 March 2023 |
- |
Charge for the year |
- |
At 29 February 2024 |
- |
Carrying amount |
|
At 29 February 2024 |
|
At 28 February 2023 |
- |
Smart Group Property Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investment properties |
£ |
|
At 1 March 2023 |
|
Additions |
|
Fair value adjustments |
( |
At 29 February 2024 |
|
The carrying value of the investment property is based on the market value as estimated by the directors. The carrying amount at historical cost is £1,903,979 (2023 - £819,160).
Debtors |
2024 |
2023 |
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
- |
|
Accrued expenses |
|
|
|
Corporation tax liability |
|
|
|
Deferred income |
|
|
|
|
|
Related party transactions |
At 29 February 2024 the company owed £1,925,006 (2023 - £799,998) to the directors in the form of a directors loan account. Interest of £105,379 (2023: £21,576) has been accrued on this balance but not added to the loan. The loan is unsecured and repayable on demand.