Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mr A S Dyer 20/08/2019 Mrs L M Dyer 01/05/2005 Mr R R Morris 27/02/2004 Mr A J Smith 31/07/2023 01/05/2005 Mrs S Smith 31/07/2023 01/05/2005 20 January 2025 The principal activity of the Company during the financial year is the rental of property and investments. 05058326 2024-04-30 05058326 bus:Director1 2024-04-30 05058326 bus:Director2 2024-04-30 05058326 bus:Director3 2024-04-30 05058326 bus:Director4 2024-04-30 05058326 bus:Director5 2024-04-30 05058326 2023-04-30 05058326 core:CurrentFinancialInstruments 2024-04-30 05058326 core:CurrentFinancialInstruments 2023-04-30 05058326 core:Non-currentFinancialInstruments 2024-04-30 05058326 core:Non-currentFinancialInstruments 2023-04-30 05058326 core:ShareCapital 2024-04-30 05058326 core:ShareCapital 2023-04-30 05058326 core:SharePremium 2024-04-30 05058326 core:SharePremium 2023-04-30 05058326 core:FurtherSpecificReserve1ComponentTotalEquity 2024-04-30 05058326 core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-30 05058326 core:RetainedEarningsAccumulatedLosses 2024-04-30 05058326 core:RetainedEarningsAccumulatedLosses 2023-04-30 05058326 core:FurnitureFittings 2023-04-30 05058326 core:FurnitureFittings 2024-04-30 05058326 core:ListedExchangeTraded core:WithinOneYear 2024-04-30 05058326 core:ListedExchangeTraded core:WithinOneYear 2023-04-30 05058326 1 2024-04-30 05058326 1 2023-04-30 05058326 2 2024-04-30 05058326 2 2023-04-30 05058326 3 2024-04-30 05058326 3 2023-04-30 05058326 bus:OrdinaryShareClass1 2024-04-30 05058326 bus:OrdinaryShareClass2 2024-04-30 05058326 bus:OrdinaryShareClass3 2024-04-30 05058326 bus:OrdinaryShareClass4 2024-04-30 05058326 bus:OrdinaryShareClass5 2024-04-30 05058326 bus:OtherShareClass1 2024-04-30 05058326 2023-05-01 2024-04-30 05058326 bus:FilletedAccounts 2023-05-01 2024-04-30 05058326 bus:SmallEntities 2023-05-01 2024-04-30 05058326 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 05058326 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05058326 bus:Director1 2023-05-01 2024-04-30 05058326 bus:Director2 2023-05-01 2024-04-30 05058326 bus:Director3 2023-05-01 2024-04-30 05058326 bus:Director4 2023-05-01 2024-04-30 05058326 bus:Director5 2023-05-01 2024-04-30 05058326 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 05058326 2022-05-01 2023-04-30 05058326 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 05058326 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 05058326 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 05058326 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 05058326 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 05058326 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 05058326 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 05058326 bus:OrdinaryShareClass4 2023-05-01 2024-04-30 05058326 bus:OrdinaryShareClass4 2022-05-01 2023-04-30 05058326 bus:OrdinaryShareClass5 2023-05-01 2024-04-30 05058326 bus:OrdinaryShareClass5 2022-05-01 2023-04-30 05058326 bus:OtherShareClass1 2023-05-01 2024-04-30 05058326 bus:OtherShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05058326 (England and Wales)

SMART PROPS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SMART PROPS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SMART PROPS LIMITED

BALANCE SHEET

As at 30 April 2024
SMART PROPS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 2,499,040 2,499,040
2,499,040 2,499,040
Current assets
Debtors 5 869,223 869,911
Investments 6 0 183,003
Cash at bank and in hand 2,191 14,355
871,414 1,067,269
Creditors: amounts falling due within one year 7 ( 1,041,664) ( 1,120,370)
Net current liabilities (170,250) (53,101)
Total assets less current liabilities 2,328,790 2,445,939
Creditors: amounts falling due after more than one year 8 ( 1,153,116) ( 1,122,949)
Provision for liabilities ( 88,469) ( 105,717)
Net assets 1,087,205 1,217,273
Capital and reserves
Called-up share capital 9 1,000,500 1,000,500
Share premium account 18,606 18,606
Fair value reserve 0 30,521
Profit and loss account 68,099 167,646
Total shareholder's funds 1,087,205 1,217,273

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Smart Props Limited (registered number: 05058326) were approved and authorised for issue by the Board of Directors on 20 January 2025. They were signed on its behalf by:

Mr A S Dyer
Director
SMART PROPS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SMART PROPS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Smart Props Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Morris Engineering Ltd Bell, Close Newnham Industrial Estate, Plympton, PL7 4JH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised in the month to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 May 2023 43,879 43,879
At 30 April 2024 43,879 43,879
Accumulated depreciation
At 01 May 2023 43,879 43,879
At 30 April 2024 43,879 43,879
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 2,499,040
As at 30 April 2024 2,499,040

The investment property is included at cost which in the directors' opinion reflects its fair value.

5. Debtors

2024 2023
£ £
Other debtors 869,223 869,911

6. Current asset investments

2024 2023
£ £
Listed investments – at fair value 0 198,527
Fair value adjustments 0 ( 14,693)
Additions 0 11,430
Disposals 0 ( 12,261)
0 183,003

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 51,944 128,408
Trade creditors 253 0
Amounts owed to Group undertakings 985,508 985,508
Other taxation and social security 1,309 4,099
Other creditors 2,650 2,355
1,041,664 1,120,370

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,153,116 1,122,949

The bank loan is secured on the freehold property.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary A shares of £ 0.50 each 500 500
500,000 Ordinary B shares of £ 0.50 each 250,000 250,000
375,000 Ordinary C shares of £ 0.50 each 187,500 187,500
375,000 Ordinary D shares of £ 0.50 each 187,500 187,500
375,000 Ordinary E shares of £ 0.50 each 187,500 187,500
375,000 Ordinary F shares of £ 0.50 each 187,500 187,500
1,000,500 1,000,500

10. Ultimate controlling party

Parent Company:

Morris Engineering New Holdco Limited
The registered office of Morris Engineering New Holdco Limited is C/O PKF Francis Clark Melville Building East, Royal William Yard, Plymouth, United Kingdom, PL1 3RP