SMART CITY PRESTIGE LIMITED 31/12/2024 iXBRL

Company registration number: 08789854

SMART CITY PRESTIGE LIMITED

Unaudited filleted financial statements

31 December 2024

Pearlman Rose

Chartered Accountants

Suite 1, First Floor

Jack Dash House

2 Lawn House Close

London, E14 9YQ

SMART CITY PRESTIGE LIMITED

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

SMART CITY PRESTIGE LIMITED

Directors and other information


	Directors	Mr Tariq Zamir Usmani
		Mr Kashif Zamir Usmani
		Mr Karim Mikail Usmani


	Company number	08789854


	Registered office	50 Havelock Terrace,
		London,
		SW8 4AL


	Business address	50 Havelock Terrace
		London,
		SW8 4AL


	Accountants	Pearlman Rose
		Chartered Accountants
		Suite 1, First Floor,
		Jack Dash House,
		2, Lawn House Close,
		London,
		E14 9YQ




	Bankers	Natwest

SMART CITY PRESTIGE LIMITED

Statement of financial position

31 December 2024

		31/12/24		31/12/23
	Note	£	£	£	£

Fixed assets
Tangible assets	5	630,367		507,435
		_______		_______
			630,367		507,435

Current assets
Debtors	6	96,190		118,318
Cash at bank and in hand		110,591		62,058
		_______		_______
		206,781		180,376
Creditors: amounts falling due
within one year	7	( 536,442)		( 553,985)
		_______		_______
Net current liabilities			( 329,661)		( 373,609)
			_______		_______
Total assets less current liabilities			300,706		133,826

Creditors: amounts falling due
after more than one year	8		( 473,230)		( 271,117)
			_______		_______
Net liabilities			( 172,524)		( 137,291)
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			( 173,524)		( 138,291)
			_______		_______
Shareholders deficit			( 172,524)		( 137,291)
			_______		_______

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 20 June 2025 , and are signed on behalf of the board by:

Mr Karim Mikail Usmani

Director

Company registration number: 08789854

SMART CITY PRESTIGE LIMITED

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	1,000	( 98,713)	( 97,713)

Loss for the year		( 39,578)	( 39,578)
	_______	_______	_______
Total comprehensive income for the year	-	( 39,578)	( 39,578)

	_______	_______	_______
At 31 December 2023 and 1 January 2024	1,000	( 138,291)	( 137,291)

Loss for the year		( 35,233)	( 35,233)
	_______	_______	_______
Total comprehensive income for the year	-	( 35,233)	( 35,233)

	_______	_______	_______
At 31 December 2024	1,000	( 173,524)	( 172,524)
	_______	_______	_______

SMART CITY PRESTIGE 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 United Kingdom. The address of the registered office is 50 Havelock Terrace,, London,, SW8 4AL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Tangible assets

tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Motor vehicles	-	10% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

The aggregate payroll costs incurred during the year were:

	Year	Year
	ended	ended
	31/12/24	31/12/23
	£	£
Wages and salaries	29,167	70,000
Social security costs	3,502	8,467
Other pension costs	550	1,321
	_______	_______
	33,219	79,788
	_______	_______

5. Tangible assets

	Motor vehicles	Total
	£	£
Cost
At 1 January 2024	586,853	586,853
Additions	428,488	428,488
Disposals	( 299,900)	( 299,900)
	_______	_______
At 31 December 2024	715,441	715,441
	_______	_______
Depreciation
At 1 January 2024	79,418	79,418
Charge for the year	58,138	58,138
Disposals	( 52,482)	( 52,482)
	_______	_______
At 31 December 2024	85,074	85,074
	_______	_______
Carrying amount
At 31 December 2024	630,367	630,367
	_______	_______
At 31 December 2023	507,435	507,435
	_______	_______

6. Debtors

	31/12/24	31/12/23
	£	£
Trade debtors	1,000	118,318
Other debtors	95,190	-
	_______	_______
	96,190	118,318
	_______	_______

7. Creditors: amounts falling due within one year

	31/12/24	31/12/23
	£	£
Bank loans and overdrafts	10,384	10,000
Social security and other taxes	17,928	13,503
Obligations under finance leases	141,661	99,764
Director loan accounts	365,719	430,718
	_______	_______
	536,442	553,985
	_______	_______

8. Creditors: amounts falling due after more than one year

	31/12/24	31/12/23
	£	£
Bank loans and overdrafts	5,597	15,761
Obligations under finance leases	467,633	255,356
	_______	_______
	473,230	271,117
	_______	_______

The Company obtained a loan under the Bounce Back Loan Scheme (BBLS) in 2020. Under this government-backed initiative, the interest for the first 12 months was paid by the UK Government. The loan is secured and repayable over a six-year term, with final repayment due in 2026. As at 31 December 2024, the outstanding balance on the secured loan was £15,597 (2023: £25,761), which is repayable as follows: Within one year: £10,000 After more than one year: £5,597

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

Year ended 31/12/24
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr Kashif Zamir Usmani	( 430,718)	64,999	( 365,719)
		_______	_______	_______

Year ended 31/12/23
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr Kashif Zamir Usmani	( 430,718)	-	( 430,718)
		_______	_______	_______