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Registered number: 05074482
Sm Properties (Leicester) Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05074482
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 2,415,000 2,415,000
2,415,000 2,415,000
CURRENT ASSETS
Debtors 5 38,828 44,348
Cash at bank and in hand 10,811 18,489
49,639 62,837
Creditors: Amounts Falling Due Within One Year 6 (686,850 ) (680,208 )
NET CURRENT ASSETS (LIABILITIES) (637,211 ) (617,371 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,777,789 1,797,629
Creditors: Amounts Falling Due After More Than One Year 7 (464,681 ) (504,285 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (127,511 ) (127,511 )
NET ASSETS 1,185,597 1,165,833
CAPITAL AND RESERVES
Called up share capital 9 510,012 510,012
Revaluation reserve 11 382,532 382,532
Profit and Loss Account 293,053 273,289
SHAREHOLDERS' FUNDS 1,185,597 1,165,833
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Z Mitha
Director
27th December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sm Properties (Leicester) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05074482 . The registered office is 109 Coleman Road, Leicester, LE5 4LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises of rental income from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
2.3. Investment Properties
All investment properties are 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 for.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
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4. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 2,415,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,904,958 1,904,958
Investment properties comprises freehold land and buildings. No depreciation is provided in respect of these properties.
The director has confirmed all the properties are reflected at fair value based on market evidence of transaction prices to similar properties and their rental yields.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 35,484 40,907
Other debtors 3,344 3,441
38,828 44,348
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,778 1,918
Other creditors 666,835 671,719
Taxation and social security 16,237 6,571
686,850 680,208
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 464,681 504,285
8. Secured Creditors
The company is subject to a legal charge in favour of Lloyds Bank PLC. The bank loans are secured by way of a fixed and floating charge over all properties of the company.
2024 2023
£ £
Bank loans and overdrafts 464,681 504,285
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 510,012 510,012
Page 4
Page 5
10. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Zulekha Mitha (8,305 ) 5,082 (12,540 ) - (15,762 )
The above loan is unsecured, interest free and repayable on demand.
11. Reserves
Revaluation Reserve
£
As at 1 April 2023 382,532
As at 31 March 2024 382,532
Page 5