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REGISTERED NUMBER: NI050769 (Northern Ireland)















Financial Statements for the Year Ended 31 May 2024

for

Smylie Properties Ltd

Smylie Properties Ltd (Registered number: NI050769)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Smylie Properties Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: N Smyth
M Leslie





SECRETARY: N Smyth





REGISTERED OFFICE: Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX





REGISTERED NUMBER: NI050769 (Northern Ireland)





ACCOUNTANTS: Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX

Smylie Properties Ltd (Registered number: NI050769)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 300,000 307,000

CURRENT ASSETS
Debtors 5 900 900
Cash at bank 15,935 2,117
16,835 3,017
CREDITORS
Amounts falling due within one year 6 433,268 439,979
NET CURRENT LIABILITIES (416,433 ) (436,962 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(116,433

)

(129,962

)

CREDITORS
Amounts falling due after more than one year 7 (4,440 ) (113,711 )

PROVISIONS FOR LIABILITIES (11,866 ) -
NET LIABILITIES (132,739 ) (243,673 )

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 8 50,585 (93,792 )
Retained earnings (183,326 ) (149,883 )
(132,739 ) (243,673 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 8 January 2025 and were signed on its behalf by:





M Leslie - Director


Smylie Properties Ltd (Registered number: NI050769)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Smylie Properties Ltd is a private company, limited by shares , registered in Northern Ireland. 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
Tangible fixed assets compromise investment property. Investment property is carried at fair value with valuations completed on an annual basis.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 June 2023 307,000
Disposals (95,000 )
Revaluations 88,000
At 31 May 2024 300,000
NET BOOK VALUE
At 31 May 2024 300,000
At 31 May 2023 307,000

Smylie Properties Ltd (Registered number: NI050769)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Land and
buildings
£   
Valuation in 2018 (25,550 )
Valuation in 2024 88,000
Cost 237,550
300,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 900 900

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 9,831 20,169
Trade creditors 949 950
Taxation and social security - 904
Other creditors 422,488 417,956
433,268 439,979

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 4,440 113,711

8. RESERVES
Revaluation
reserve
£   
At 1 June 2023 (93,792 )
Revaluation deficit realised 68,242
Unrealised fair value gains 76,135

At 31 May 2024 50,585