Smart Group Property Ltd 12450516 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is property Digita Accounts Production Advanced 6.30.9574.0 true 12450516 2023-03-01 2024-02-29 12450516 2024-02-29 12450516 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 12450516 core:ProvisionsDeferredTax 2024-02-29 12450516 core:RevaluationInvestmentPropertyDeferredTax 2024-02-29 12450516 core:CurrentFinancialInstruments 2024-02-29 12450516 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12450516 core:MotorVehicles 2024-02-29 12450516 bus:SmallEntities 2023-03-01 2024-02-29 12450516 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12450516 bus:FullAccounts 2023-03-01 2024-02-29 12450516 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12450516 bus:RegisteredOffice 2023-03-01 2024-02-29 12450516 bus:Director1 2023-03-01 2024-02-29 12450516 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12450516 core:MotorVehicles 2023-03-01 2024-02-29 12450516 countries:EnglandWales 2023-03-01 2024-02-29 12450516 2023-02-28 12450516 core:MotorVehicles 2023-02-28 12450516 2022-03-01 2023-02-28 12450516 2023-02-28 12450516 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 12450516 core:ProvisionsDeferredTax 2023-02-28 12450516 core:RevaluationInvestmentPropertyDeferredTax 2023-02-28 12450516 core:CurrentFinancialInstruments 2023-02-28 12450516 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12450516 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 12450516

Prepared for the registrar

Smart Group Property Ltd

Annual Report and Unaudited Financial Statements

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

 

Tangible assets

5

50,008

-

Investment property

6

2,034,819

1,050,000

 

2,084,827

1,050,000

Current assets

 

Debtors

7

81,558

1,102

Cash at bank and in hand

 

43,592

26,974

 

125,150

28,076

Creditors: Amounts falling due within one year

8

(2,066,993)

(832,605)

Net current liabilities

 

(1,941,843)

(804,529)

Total assets less current liabilities

 

142,984

245,471

Deferred tax liabilities

4

(17,565)

(60,412)

Net assets

 

125,419

185,059

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 18 November 2024 and signed on its behalf by:
 


Mr S Woolaway
Director

 

Smart Group Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Smart Group Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

11,199

Short term timing differences

26,344

-

Revaluation of investment property

-

32,710

26,344

43,909

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

6,801

Short term timing differences

4,099

-

Revaluation of investment property

-

57,710

4,099

64,511

 

5

Tangible assets

Motor vehicles
 £

Cost or valuation

At 1 March 2023

-

Additions

50,008

At 29 February 2024

50,008

Depreciation

At 1 March 2023

-

Charge for the year

-

At 29 February 2024

-

Carrying amount

At 29 February 2024

50,008

At 28 February 2023

-

 

Smart Group Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

6

Investment properties

£

At 1 March 2023

1,050,000

Additions

1,084,819

Fair value adjustments

(100,000)

At 29 February 2024

2,034,819

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).

 

7

Debtors

2024
 £

2023
 £

Other debtors

80,000

131

Prepayments

1,558

971

 

81,558

1,102

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Amounts due to related parties

9

1,925,006

799,998

Social security and other taxes

 

1,413

-

Accrued expenses

 

110,067

26,457

Corporation tax liability

24,507

150

Deferred income

 

6,000

6,000

 

2,066,993

832,605

 

9

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.