Smart Developments (Midlands) Limited 03788807 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true 03788807 2023-07-01 2024-06-30 03788807 2024-06-30 03788807 bus:OrdinaryShareClass1 2024-06-30 03788807 core:CurrentFinancialInstruments 2024-06-30 03788807 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 03788807 core:FurnitureFittingsToolsEquipment 2024-06-30 03788807 core:OtherPropertyPlantEquipment 2024-06-30 03788807 bus:SmallEntities 2023-07-01 2024-06-30 03788807 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03788807 bus:FilletedAccounts 2023-07-01 2024-06-30 03788807 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03788807 bus:RegisteredOffice 2023-07-01 2024-06-30 03788807 bus:Director1 2023-07-01 2024-06-30 03788807 bus:Director2 2023-07-01 2024-06-30 03788807 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 03788807 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03788807 bus:Agent1 2023-07-01 2024-06-30 03788807 core:FurnitureFittings 2023-07-01 2024-06-30 03788807 core:MotorVehicles 2023-07-01 2024-06-30 03788807 countries:AllCountries 2023-07-01 2024-06-30 03788807 2023-06-30 03788807 core:FurnitureFittingsToolsEquipment 2023-06-30 03788807 core:OtherPropertyPlantEquipment 2023-06-30 03788807 2022-07-01 2023-06-30 03788807 2023-06-30 03788807 bus:OrdinaryShareClass1 2023-06-30 03788807 core:CurrentFinancialInstruments 2023-06-30 03788807 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03788807

Smart Developments (Midlands) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Smart Developments (Midlands) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Smart Developments (Midlands) Limited

Company Information

Directors

Mr N G Smart

Mr C C Smart

Registered office

C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Smart Developments (Midlands) Limited
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 Smart Developments (Midlands) Limited 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 Smart Developments (Midlands) Limited, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Smart Developments (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Smart Developments (Midlands) Limited, 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 Smart Developments (Midlands) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Smart Developments (Midlands) Limited 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 Smart Developments (Midlands) Limited. You consider that Smart Developments (Midlands) Limited 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 Smart Developments (Midlands) Limited. 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.

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

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

20 March 2025

 

Smart Developments (Midlands) Limited

(Registration number: 03788807)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

1,236,262

1,011,981

Cash at bank and in hand

 

10,044

180

 

1,246,306

1,012,161

Creditors: Amounts falling due within one year

6

(374,192)

(175,373)

Net assets

 

872,114

836,788

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

872,014

836,688

Shareholders' funds

 

872,114

836,788

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
Mr N G Smart
Director

 

Smart Developments (Midlands) Limited

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 & Wales.

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
6 Compton Road
West Charleton
Kingsbridge
Devon
TQ7 2BP

These financial statements were authorised for issue by the Board on 20 March 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 and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates 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.

 

Smart Developments (Midlands) Limited

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Fixtures and fittings

25% straight line

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 property rental 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Smart Developments (Midlands) Limited

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

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery, etc
£

Total
£

Cost or valuation

At 1 July 2023

908

3,100

4,008

At 30 June 2024

908

3,100

4,008

Depreciation

At 1 July 2023

908

3,100

4,008

At 30 June 2024

908

3,100

4,008

Carrying amount

At 30 June 2024

-

-

-

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

19,125

-

Amounts owed by related parties

1,208,513

1,008,200

Prepayments

 

-

1,264

Other debtors

 

8,624

2,517

   

1,236,262

1,011,981

 

Smart Developments (Midlands) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6.1

110,806

95,806

Trade creditors

 

42,941

32,476

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

193,125

31,712

Taxation and social security

 

6,742

5,587

Accruals and deferred income

 

20,578

9,792

 

374,192

175,373

6.1

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

110,806

95,806

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100