Registered number
07566211
SMI Developments Limited
Filleted Accounts
5 April 2024
SMI Developments Limited
Registered number: 07566211
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 347,442 264
Current assets
Cash at bank and in hand 1,392,208 1,731,284
Creditors: amounts falling due within one year 4 (1,118,989) (1,082,434)
Net current assets 273,219 648,850
Net assets 620,661 649,114
Capital and reserves
Called up share capital 100 100
Profit and loss account 620,561 649,014
Shareholders' funds 620,661 649,114
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Shariff Ismail
Director
Approved by the board on 31 December 2024
SMI Developments Limited
Notes to the Accounts
for the year ended 5 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 6 April 2023 - 1,743 1,743
Additions 347,218 - 347,218
At 5 April 2024 347,218 1,743 348,961
Depreciation
At 6 April 2023 - 1,479 1,479
Charge for the year - 40 40
At 5 April 2024 - 1,519 1,519
Net book value
At 5 April 2024 347,218 224 347,442
At 5 April 2023 - 264 264
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 479 407
Directors loan account 1,118,116 1,081,653
Other creditors 394 374
1,118,989 1,082,434
5 Other information
SMI Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bank Chambers
1-3 Woodford Avenue
Gants Hill, Ilford
Essex
IG2 6UF
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