Smart Advice Property Investments Limited |
Registered number: |
10364068 |
Balance Sheet |
as at 30 September 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
5 |
|
|
415,150 |
|
|
429,364 |
|
Current assets |
Debtors |
6 |
|
100 |
|
|
100 |
Cash at bank and in hand |
|
|
6,476 |
|
|
2,946 |
|
|
|
6,576 |
|
|
3,046 |
|
Creditors: amounts falling due within one year |
7 |
|
(58,904) |
|
|
(58,904) |
|
Net current liabilities |
|
|
|
(52,328) |
|
|
(55,858) |
|
Total assets less current liabilities |
|
|
|
362,822 |
|
|
373,506 |
|
Creditors: amounts falling due after more than one year |
8 |
|
|
(387,396) |
|
|
(385,554) |
|
|
|
Net liabilities |
|
|
|
(24,574) |
|
|
(12,048) |
|
|
|
|
|
|
|
|
Capital and reserves |
Share premium |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
9 |
|
|
(23,921) |
|
|
- |
Profit and loss account |
|
|
|
(753) |
|
|
(12,148) |
|
Shareholders' funds |
|
|
|
(24,574) |
|
|
(12,048) |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
Robert Loaring |
Director |
Approved by the board on 5 March 2025 |
|
Smart Advice Property Investments Limited |
Notes to the Accounts |
for the year ended 30 September 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). |
|
2 |
Going Concern |
|
|
At the balance sheet date of 30th September 2024, the company had net liabilities of £24,574 (2023: £12,048.) The company is supported by a mortgage secured on one property as well as long term loans which will be available for the forseeable future, there is sufficient liquidity to support continued trade. The directors therefore consider it appropriate for the accounts to be prepared on a going concern basis. |
|
|
3 |
Change of accounting policies |
|
|
The company holds an investment property that was previously held at cost and depreciated annually, an adjustment is included in the accounts to 31st August 2024 to remove the depreciation on the building and account on a fair value basis going forwards as required by the accounting standards. |
|
|
|
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: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
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. |
|
|
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. |
|
|
4 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
5 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 October 2023 |
438,921 |
|
372 |
|
439,293 |
|
Additions |
(23,921) |
|
- |
|
(23,921) |
|
At 30 September 2024 |
415,000 |
|
372 |
|
415,372 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2023 |
9,781 |
|
148 |
|
9,929 |
|
Charge for the year |
- |
|
74 |
|
74 |
|
Surplus on revaluation |
(9,781) |
|
- |
|
(9,781) |
|
At 30 September 2024 |
- |
|
222 |
|
222 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2024 |
415,000 |
|
150 |
|
415,150 |
|
At 30 September 2023 |
429,140 |
|
224 |
|
429,364 |
|
|
6 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Other creditors |
58,904 |
|
58,904 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
201,545 |
|
201,545 |
|
Other creditors |
185,851 |
|
184,009 |
|
|
|
|
|
|
387,396 |
|
385,554 |
|
|
|
|
|
|
|
|
|
|
9 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
Loss on revaluation of land and buildings |
(23,921) |
|
- |
|
|
At 30 September 2024 |
(23,921) |
|
- |
|
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
Included within Other Creditors is a loan from Smart Advice Financial Solutions, a company controlled by Robert Loaring (director.) This loan was £185,851 at 30th September 2024 (2023: £184,009) interest is rolled up and has a term of up to 25 years. Also within Other Creditors is a loan provided by Blaine Tapper (director) this loan is non-interest bearing and repayable on demand. |
|
|
11 |
Other information |
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|
Smart Advice Property Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
8 Clanfield Crescent |
|
Tilehurst |
|
Reading |
|
RG31 6QN |