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COMPANY REGISTRATION NUMBER: 14522659
SMITHS PROPERTY MIDLANDS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2024
SMITHS PROPERTY MIDLANDS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,574
1,200
CURRENT ASSETS
Debtors
6
29,473
17,976
Cash at bank and in hand
96,198
77,468
---------
--------
125,671
95,444
CREDITORS: amounts falling due within one year
7
57,537
77,114
---------
--------
NET CURRENT ASSETS
68,134
18,330
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
70,708
19,530
--------
--------
NET ASSETS
70,708
19,530
--------
--------
CAPITAL AND RESERVES
Called up share capital
8
201
201
Profit and loss account
70,507
19,329
--------
--------
SHAREHOLDERS FUNDS
70,708
19,530
--------
--------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SMITHS PROPERTY MIDLANDS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 2 May 2025 , and are signed on behalf of the board by:
T O Smith
L F Smith
Director
Director
B O'Grady
Director
Company registration number: 14522659
SMITHS PROPERTY MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Rawdon House, Rawdon Terrace, Ashby de la Zouch, Leicestershire, LE65 2GN. The trading address is 42 Main Street, East Leake, Loughborough, Leicestershire, LE12 6PG.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Office equipment
-
15% reducing balance
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 5 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
621
828
1,449
Additions
658
1,005
1,663
-------
-------
-------
At 31 December 2024
1,279
1,833
3,112
-------
-------
-------
Depreciation
At 1 January 2024
84
165
249
Charge for the year
150
139
289
-------
-------
-------
At 31 December 2024
234
304
538
-------
-------
-------
Carrying amount
At 31 December 2024
1,045
1,529
2,574
-------
-------
-------
At 31 December 2023
537
663
1,200
-------
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
29,473
13,026
Other debtors
4,950
--------
--------
29,473
17,976
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,723
1,453
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50,000
Corporation tax
13,133
5,508
Social security and other taxes
24,449
15,430
Pensions payable
1,039
677
Other creditors
11,193
4,046
--------
--------
57,537
77,114
--------
--------
Included within creditors was a £150,000 secured revolving loan facility from IW GP Limited. It was agreed between the company and IW GP Limited that the loan facility would reduce to £125,000 as at 15 October 2023, and then subsequently as at 30 November 2023 to £100,000. This was secured by a debenture. Interest was due on the drawn loan at a rate of 10% per annum. Interest was payable at a rate of 5% on the balance of the total loan facility not yet drawn. Within the year to 31st December 2024 a total amount of £75,000 had been drawn down by the company and had been fully repaid to IW GP Limited (2023: £25,000). It is intended that the loan facility, and the associated debenture will be cancelled within the financial year to 31st December 2025.
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary B shares of £ 1 each
200
200
200
200
Redeemable A shares of £ 0.01 each
100
1
100
1
----
----
----
----
300
201
300
201
----
----
----
----
Included within share capital is £1 of issued redeemable A ordinary shares. These shares gives the holders the rights to vote in any circumstances. The shares will be redeemed at par value 60 months after the issue date. On that date the B ordinary shares will be automatically converted into voting shares.
During the period 200 ordinary £1 shares and 100 ordinary redeemable 1p shares were issued at par.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
35,000
10,000
Later than 1 year and not later than 5 years
55,000
10,000
--------
--------
90,000
20,000
--------
--------
10. Related party transactions
The company had a £150,000 secured revolving loan facility with IW GP Limited. IW GP Limited is wholly owned by IW Topco Limited which is under the control of Mr B O'Grady , a director of this company. It had been agreed between the company and IW GP Limited that the loan facility would reduce to £125,000 as at 15 October 2023, and then subsequently as at 30 November 2023 to £100,000. Within the year to 31st December 2024 a total amount of £75,000 had been drawn down by the company and fully repaid to IW GP Limited (2023: £25,000). IW GP Limited also has an investment of 50% of the issued redeemable shares of £0.01 each.