Registered number
10364068
Smart Advice Property Investments Limited
Unaudited Filleted Accounts
30 September 2024
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
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
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