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COMPANY REGISTRATION NUMBER: 11345511
Neil Smith Developments Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Neil Smith Developments Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Neil Smith Developments Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Neil Smith Developments Limited
Year ended 31 May 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
29 May 2025
Neil Smith Developments Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
142,555
142,555
Current assets
Debtors
6
858
338,112
Cash at bank and in hand
96
1,622
----
---------
954
339,734
Creditors: amounts falling due within one year
7
35,473
356,914
--------
---------
Net current liabilities
34,519
17,180
---------
---------
Total assets less current liabilities
108,036
125,375
---------
---------
Net assets
108,036
125,375
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
107,936
125,275
---------
---------
Shareholders funds
108,036
125,375
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Mr N Smith
Director
Company registration number: 11345511
Neil Smith Developments Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Holbrook House, Hensol Road, Pontyclun, CF72 8JW, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Going concern
The director has assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the director has taken in to account all available information about the future and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover represents the rental income received on the investment properties on a straight line basis over the lease term. Interest received is recognised using the effective interest method on loans issued to joint ventures.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: Nil).
5. Tangible assets
Investment property
£
Cost
At 1 June 2023 and 31 May 2024
142,555
---------
Depreciation
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
142,555
---------
At 31 May 2023
142,555
---------
The investment property was valued at fair value, determined by the Company director to be £142,555. There was no surplus on revaluation to be credited to the profit and loss.
6. Debtors
2024
2023
£
£
Other debtors
858
338,112
----
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank and other loans
20,628
154,858
Trade creditors
390
1,976
Amounts owed to group undertakings
9,394
Accruals and deferred income
2,130
2,697
Social security and other taxes
12,344
Director loan accounts
2,931
185,039
--------
---------
35,473
356,914
--------
---------
Included in bank and other loans are Pension Trust liabilities which are secured on the investment property.
8. Related party transactions
On 5 April 2019 the Company received a secured loan of £295,000 from the Holbrook Pension Trust in which Mr Neil Smith is a Trustee. The loan was due to be repaid over 5 annual instalments with compounded interest rate of 1.75%. At the year end the company owed £nil (2023: £124,285). Included within creditors is a balance of £9,394 (2023: debtor of £313,061) owed from Vone Developments LLP, a partnership for which the company has significant influence. There are no fixed terms of repayment or interest charged. Included within debtors is a balance of £nil (2023: £25,000) owed from Vone Rentals Limited following service recharge. Vone Rentals Limited is a company under a joint venture. There are no fixed terms of repayment or interest charged. Included within creditors is a balance of £2,931 (2023: £185,039) owed to Mr Neil Smith, a company director. There are no fixed terms of repayment or interest charged.