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REGISTERED NUMBER: 04360045 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Smudge Building Developments Limited

Smudge Building Developments Limited (Registered number: 04360045)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Smudge Building Developments Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: J M Smith
Mrs A Smith





SECRETARY: Mrs A Smith





REGISTERED OFFICE: Myrtle Rose
Bristol Road
Wraxall
Bristol
BS48 1LE





REGISTERED NUMBER: 04360045 (England and Wales)





ACCOUNTANTS: Obsidian Accountancy Limited
Suite 9 Corum Two
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ

Smudge Building Developments Limited (Registered number: 04360045)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,724 30,017
Investment property 5 190,800 920,000
207,524 950,017

CURRENT ASSETS
Stocks 345,688 24,689
Debtors 6 286,057 11,447
Cash at bank 623,344 978,760
1,255,089 1,014,896
CREDITORS
Amounts falling due within one year 7 73,997 275,748
NET CURRENT ASSETS 1,181,092 739,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,388,616

1,689,165

CREDITORS
Amounts falling due after more than
one year

8

(145,680

)

(652,645

)

PROVISIONS FOR LIABILITIES 9 - (17,946 )
NET ASSETS 1,242,936 1,018,574

Smudge Building Developments Limited (Registered number: 04360045)

Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,242,934 1,018,572
1,242,936 1,018,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





J M Smith - Director


Smudge Building Developments Limited (Registered number: 04360045)

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

1. STATUTORY INFORMATION

Smudge Building Developments 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.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% 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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Smudge Building Developments Limited (Registered number: 04360045)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 104,261
DEPRECIATION
At 1 March 2023 74,244
Charge for year 13,293
At 29 February 2024 87,537
NET BOOK VALUE
At 29 February 2024 16,724
At 28 February 2023 30,017

Smudge Building Developments Limited (Registered number: 04360045)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 920,000
Additions 800
Disposals (675,000 )
Impairments (55,000 )
At 29 February 2024 190,800
NET BOOK VALUE
At 29 February 2024 190,800
At 28 February 2023 920,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2019 110,000
Valuation in 2020 (15,549 )
Valuation in 2024 (94,451 )
Cost 190,800
190,800

If investment property had not been revalued it would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 190,800 920,000

Investment property was valued on an open market basis on 29 February 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors - 11,278
Other debtors 286,057 169
286,057 11,447

Smudge Building Developments Limited (Registered number: 04360045)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 6,389 6,389
Trade creditors 30,994 41,246
Taxation and social security 29,431 55,696
Other creditors 7,183 172,417
73,997 275,748

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 145,680 652,645

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 501,076
Mortgage 138,101 137,499
138,101 638,575

9. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax - 17,946

Deferred
tax
£   
Balance at 1 March 2023 17,946
Provided during year (17,946 )
Balance at 29 February 2024 -

Smudge Building Developments Limited (Registered number: 04360045)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
J M Smith and Mrs A Smith
Balance outstanding at start of year - -
Amounts advanced 286,058 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 286,058 -

Interest of £4,847 was charged on the amount outstanding in the year.