Registration number:
Property Smith Investments Limited
for the Year Ended 31 October 2024
Property Smith Investments Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Property Smith Investments Limited
(Registration number: 10433506)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
60 |
60 |
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Revaluation reserve |
125,276 |
125,276 |
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Retained earnings |
3,330 |
(22,586) |
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Shareholders' funds |
128,666 |
102,750 |
Property Smith Investments Limited
(Registration number: 10433506)
Balance Sheet as at 31 October 2024
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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......................................... |
Property Smith Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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.
Going concern
The financial statements have been prepared on going concern basis.
Revenue recognition
Turnover comprises the rental income recogised as it falls due, in accordance with the lease in place with the tenant.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Property Smith Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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:
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Asset class |
Depreciation method and rate |
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Land and buildings |
No depreciation charged |
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Fixtures and fittings |
25% Straight line |
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Office equipment |
25% Straight line |
Investment property
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Property Smith Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
- |
- |
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Investment properties |
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2024 |
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At 1 November |
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At 31 October |
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The Director has revalued the premises at the current market value.
Property Smith Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other financial liabilities |
- |
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A debenture has been lodged at Companies House, in favour of Interbay Funding bank, with fixed and floating charges over all assets, dated 16 October 2023.