Registered number
08545555
Smart Properties (Surrey Downs) Limited
Unaudited Filleted Accounts
31 May 2024
Smart Properties (Surrey Downs) Limited
Registered number: 08545555
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,219 4,269
Current assets
Debtors 4 324,791 230,118
Cash at bank and in hand 13,722 7,627
338,513 237,745
Creditors: amounts falling due within one year 5 (273,842) (212,463)
Net current assets 64,671 25,282
Total assets less current liabilities 67,890 29,551
Creditors: amounts falling due after more than one year 6 (66,993) (28,292)
Net assets 897 1,259
Capital and reserves
Called up share capital 2 2
Profit and loss account 895 1,257
Shareholders' funds 897 1,259
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.
Sacha Martin
Director
Approved by the board on 26 February 2025
Smart Properties (Surrey Downs) Limited
Notes to the Accounts
for the year ended 31 May 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 Reducing balance at 15% or 25%
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 12,024
At 31 May 2024 12,024
Depreciation
At 1 June 2023 7,755
Charge for the year 1,050
At 31 May 2024 8,805
Net book value
At 31 May 2024 3,219
At 31 May 2023 4,269
4 Debtors 2024 2023
£ £
Trade debtors 9,099 7,199
Other debtors 315,692 222,919
324,791 230,118
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 50,427 26,517
Taxation and social security costs 189,557 170,455
Other creditors 33,858 15,491
273,842 212,463
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 66,993 28,292
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Sacha Martin
Unsecured loan 77,316 39,894 (6,250) 110,960
Scott Martin
Unsecured loan 77,316 39,894 (6,250) 110,960
154,632 79,788 (12,500) 221,920
8 Related party transactions
Dividends of £37,500 were paid to Sacha Martin and Scott Martin during the period.

Unsecured loans were advanced to and repaid by Sacha Martin and Scott Martin during the period. Interest was charged at the official rate.
9 Controlling party
The company is controlled by its directors.
10 Other information
Smart Properties (Surrey Downs) Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Nork Way
Barnstead
SM7 1PB
Smart Properties (Surrey Downs) Limited 08545555 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Sacha Martin No description of principal activity 08545555 2022-06-01 2023-05-31 08545555 core:WithinOneYear 2023-05-31 08545555 core:AfterOneYear 2023-05-31 08545555 core:ShareCapital 2023-05-31 08545555 core:RetainedEarningsAccumulatedLosses 2023-05-31 08545555 2023-06-01 2024-05-31 08545555 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08545555 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08545555 bus:Director40 2023-06-01 2024-05-31 08545555 1 2023-06-01 2024-05-31 08545555 2 2023-06-01 2024-05-31 08545555 core:PlantMachinery 2023-06-01 2024-05-31 08545555 bus:Director1 2023-06-01 2024-05-31 08545555 bus:Director1 1 2023-06-01 2024-05-31 08545555 bus:Director2 2023-06-01 2024-05-31 08545555 bus:Director2 1 2023-06-01 2024-05-31 08545555 countries:England 2023-06-01 2024-05-31 08545555 bus:FRS102 2023-06-01 2024-05-31 08545555 bus:FilletedAccounts 2023-06-01 2024-05-31 08545555 2024-05-31 08545555 core:WithinOneYear 2024-05-31 08545555 core:AfterOneYear 2024-05-31 08545555 core:ShareCapital 2024-05-31 08545555 core:RetainedEarningsAccumulatedLosses 2024-05-31 08545555 core:PlantMachinery 2024-05-31 08545555 bus:Director1 1 2024-05-31 08545555 bus:Director2 1 2024-05-31 08545555 2023-05-31 08545555 core:PlantMachinery 2023-05-31 08545555 bus:Director1 1 2023-05-31 08545555 bus:Director2 1 2023-05-31 iso4217:GBP xbrli:pure