Company registration number 10613735 (England and Wales)
SMART PROPERTY LOCATION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SMART PROPERTY LOCATION LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
SMART PROPERTY LOCATION LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
2,410,000
1,984,750
Current assets
Debtors
7
975
2,466
Cash at bank and in hand
50,904
23,465
51,879
25,931
Creditors: amounts falling due within one year
8
(1,571,397)
(1,445,304)
Net current liabilities
(1,519,518)
(1,419,373)
Total assets less current liabilities
890,482
565,377
Creditors: amounts falling due after more than one year
9
(492,655)
(480,126)
Provisions for liabilities
(65,322)
-
0
Net assets
332,505
85,251
Capital and reserves
Called up share capital
300
300
Non-distributable profits reserve
10
425,250
-
0
Distributable profit and loss reserves
(93,045)
84,951
Total equity
332,505
85,251

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
Mr D E Lloyd
Director
Company registration number 10613735 (England and Wales)
SMART PROPERTY LOCATION LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
300
-
0
50,643
50,943
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
34,308
34,308
Balance at 31 October 2023
300
-
0
84,951
85,251
Year ended 31 October 2024:
Profit and total comprehensive income
-
425,250
(177,996)
247,254
Balance at 31 October 2024
300
425,250
(93,045)
332,505
SMART PROPERTY LOCATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Smart Property Location Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 376 London Road, Hadleigh, Benfleet, Essex, SS7 2DA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SMART PROPERTY LOCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SMART PROPERTY LOCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
1,920
-
0
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
5
Investment property
2024
£
Fair value
At 1 November 2023
1,984,750
Revaluations
425,250
At 31 October 2024
2,410,000

The fair value of all of the investment properties have been arrived at on the basis of valuations carried out at the properties by firms of Chartered Surveyors, who are not connected with the company. The directors have considered the valuation position and conclude that there is is no material difference in the value between the valuations and balance sheet date.

6
Security of borrowing

Investment property with a carrying amount of £1,730,000.00 (2023 - £1,328,904) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
975
2,466
SMART PROPERTY LOCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
9,048
Other creditors
1,571,397
1,436,256
1,571,397
1,445,304
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
492,655
480,126
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Fair value reserve
425,250
-
At the end of the year
425,250
-
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Jeffrey Stanley BSc(Econ) FCA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
11 August 2025
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

SMART PROPERTY LOCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Related party transactions
(Continued)
- 7 -
Interest payable
2024
2023
£
£
Rydan Mechanical Services Limited
146,902
-

On 21 June 2024 two the company's directors sold their share capital to Rydan Mechanical Services Limited, a company for which Mr I.B. Skerritt and Mr S.J. Mills are also directors. Mr I.B. Skerritt was paid £198,032 for his 50% shareholding and Mr S.J. Mills was paid £198,032 for his 50% shareholding. The price was arrived at by independent valuations.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Rydan Mechanical Services Limited
1,565,308
1,418,200

Included in creditors: amounts falling due within one year is an amount payable to Rydan Mechanical Services Limited the parent company

13
Parent company

The parent company of Smart Property Location Ltd is Rydan Mechanical Services Limited, a company incorporated in England and Wales which is controlled by the directors. Consolidated financial statements for Rydan Mechanical Services Limited can be obtained from Companies House.

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