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Registered number: 08264208













SMART SOUTHFIELDS LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024


 
SMART SOUTHFIELDS LIMITED
REGISTERED NUMBER:08264208


BALANCE SHEET
AS AT 31 AUGUST 2024

31 August
31 October
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,397
24,380

Investments
  
861,000
-

  
883,397
24,380

Current assets
  

Debtors: amounts falling due within one year
 6 
23,135
23,135

Current asset investments
 7 
143,159
-

Cash at bank and in hand
  
255,700
193,901

  
421,994
217,036

Creditors: amounts falling due within one year
 8 
(1,072,606)
(122,699)

Net current (liabilities)/assets
  
 
 
(650,612)
 
 
94,337

Total assets less current liabilities
  
232,785
118,717

Creditors: amounts falling due after more than one year
 9 
(152,596)
(90,772)

  

Net assets
  
80,189
27,945


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
80,187
27,943

  
80,189
27,945


Page 1


 
SMART SOUTHFIELDS LIMITED
REGISTERED NUMBER:08264208

    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Michaelsen
Director

Date: 19 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

1.


General information

Smart Southfields Limited is a limited liability company incorporated in England. The Registered Office is 63 High Street, Wimbledon, London, SW19 5EE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the Period was 20 (2023 - 15).

Page 7


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

4.


Tangible fixed assets







Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
117,478
3,999
-
121,477


Additions
1,105
693
2,818
4,616



At 31 August 2024

118,583
4,692
2,818
126,093



Depreciation


At 1 November 2023
94,117
2,980
-
97,097


Charge for the Period on owned assets
4,893
1,142
564
6,599



At 31 August 2024

99,010
4,122
564
103,696



Net book value



At 31 August 2024
19,573
570
2,254
22,397



At 31 October 2023
23,361
1,019
-
24,380


5.


Fixed asset investments








Goodwill

£



Cost or valuation


Additions
861,000



At 31 August 2024
861,000




Page 8


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

6.


Debtors

31 August
31 October
2024
2023
£
£


Other debtors
10,000
10,000

Prepayments and accrued income
13,135
13,135

23,135
23,135



7.


Current asset investments

31 August
31 October
2024
2023
£
£

Current investments
143,159
-



8.


Creditors: amounts falling due within one year

31 August
31 October
2024
2023
£
£

Payments received on account
185,884
58,463

Trade creditors
3,074
5,400

Amounts owed to group undertakings
806,057
-

Corporation tax
13,640
26,954

Other taxation and social security
14,953
7,518

Other creditors
2,527
860

Accruals and deferred income
46,471
23,504

1,072,606
122,699



9.


Creditors: amounts falling due after more than one year

31 August
31 October
2024
2023
£
£

Other creditors
152,596
90,772


Page 9


 
SMART SOUTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,600 (2023 - £4,922). Contributions totaling £2,527 (2023 - £870) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 August
31 October
2024
2023
£
£


Not later than 1 year
163,137
158,539

Later than 1 year and not later than 5 years
524,475
660,422

687,612
818,961


12.


Related party transactions

During the year dividends totaling of £56,137 (2023: £159,622) was paid to Smart Pre-School Education Limited, the immediate controlling party of Smart Southfields Limited.


13.


Controlling party

The ultimate controlling party is A Michaelsen and P W Michaelsen. The immediate controlling party is Smart Pre-School Education Limited.

 
Page 10