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Registration number: 10580987

SMGP Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

SMGP Holdings Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

SMGP Holdings Ltd

Company Information

Directors

Mr Phillip Thorpe

Ms Anne Reece

Mrs Sabina Thorpe

Mr Matthew Hubbard

Mr Garfield Reece

Registered office

C/O Williamson & Croft York House, 20 York Street, Manchester
Greater Manchester
United Kingdom
M2 3BB

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SMGP Holdings Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SMGP Holdings Ltd for the year ended 30 June 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of SMGP Holdings Ltd, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of SMGP Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of SMGP Holdings Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SMGP Holdings Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SMGP Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SMGP Holdings Ltd. You consider that SMGP Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SMGP Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

10 January 2025

 

SMGP Holdings Ltd

(Registration number: 10580987)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,266,332

1,266,332

Current assets

 

Debtors

5

1,431

3,128

Cash at bank and in hand

 

56,750

39,894

 

58,181

43,022

Creditors: Amounts falling due within one year

6

(350,083)

(336,665)

Net current liabilities

 

(291,902)

(293,643)

Total assets less current liabilities

 

974,430

972,689

Creditors: Amounts falling due after more than one year

6

(541,727)

(566,151)

Provisions for liabilities

(78,876)

(78,876)

Net assets

 

353,827

327,662

Capital and reserves

 

Called up share capital

7

102

102

Retained earnings

353,725

327,560

Shareholders' funds

 

353,827

327,662

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
Mr Phillip Thorpe
Director

 

SMGP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Williamson & Croft York House, 20 York Street, Manchester
Greater Manchester
United Kingdom
M2 3BB

These financial statements were authorised for issue by the Board on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of property rentals in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

SMGP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SMGP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 July

1,266,332

At 30 June

1,266,332

At the year end the directors have valued investment properties held by the company at £1,266,332 (2023: £1,266,332). The valuation is based on market values of similar properties in the surrounding area.

If the investment properties had been accounted for under the historic cost accounting rules, the value would be £851,197 (2023: £851,197).

There has been no valuation of investment property by an independent valuer.

5

Debtors

2024
£

2023
£

Other debtors

-

2

Prepayments

1,431

3,126

1,431

3,128

 

SMGP Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

23,976

22,095

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

223,701

223,701

Taxation and social security

 

5,524

-

Accruals and deferred income

 

22,024

16,011

Other creditors

 

74,858

74,858

 

350,083

336,665

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

541,727

566,151

Included within loans and borrowings less than one year is £23,976 (2023: £22,095), and loans and borrowings greater than one year is £541,727 (2023: £566,151). This relates to commercial loans which are secured by way of a fixed and floating charge and negative pledge.
 

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

99

99

99

99

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

102

102

102

102

8

Related party transactions

As at the year end there were amounts totalling £74,858 (2023: £74,858) owed to the director. The amounts are unsecured, interest free and repayable on demand.

As at the year end there were amounts totalling £223,701 (2023: £223,701) owed to related parties by way of shareholders. The amounts are unsecured, interest free and repayable on demand.