REGISTERED NUMBER: OC427167 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SMEE INDUSTRIES LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

S J Smee

Smee Investments Limited

REGISTERED OFFICE:

15 West Street

Brighton

East Sussex

BN1 2RL

REGISTERED NUMBER:

OC427167 (England and Wales)

ACCOUNTANTS:

Galloways Accounting Limited

15 West Street

Brighton

East Sussex

BN1 2RL

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

DESIGNATED MEMBERS

The designated members during the year under review were:

S J Smee

Smee Investments Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £57,648 (2023 - £141,844 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

S J Smee - Designated member

20 October 2025

TURNOVER

113,614

102,828

Administrative expenses

(34,565

)

(8,210

)

OPERATING PROFIT

79,049

94,618

Gain/loss on revaluation of assets

(20,000

)

57,850

59,049

152,468

Interest payable and similar expenses

(1,401

)

(10,624

)

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

57,648

141,844

FIXED ASSETS

Tangible assets

4

310,376

310,000

Investment property

5

2,840,000

2,840,000

3,150,376

3,150,000

CURRENT ASSETS

Debtors

6

21,589

21,222

Cash at bank

6,390

34,719

27,979

55,941

CREDITORS

Amounts falling due within one year

7

28,506

24,990

NET CURRENT (LIABILITIES)/ASSETS

(527

)

30,951

TOTAL ASSETS LESS CURRENT LIABILITIES

3,149,849

3,180,951

CREDITORS

Amounts falling due after more than one year

8

23,902

44,105

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,125,947

3,136,846

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

2,983,097

2,973,996

Revaluation reserve

9

142,850

162,850

3,125,947

3,136,846

TOTAL MEMBERS' INTERESTS

Members' other interests

3,125,947

3,136,846

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 20 October 2025 and were signed by:

S J Smee - Designated member

1.	STATUTORY INFORMATION

Smee Industries LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises income from the leasing of real estate.

Tangible fixed assets

Depreciation of £nil has been charged on the motor vehicles held by the LLP as the members consider that the net realisable value is at least equal to the valuation. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss and then transferred to a revaluation reserve.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST OR VALUATION

At 1 April 2023

310,000

Additions

20,376

Revaluations

(20,000

)

At 31 March 2024

310,376

NET BOOK VALUE

At 31 March 2024

310,376

At 31 March 2023

310,000

Cost or valuation at 31 March 2024 is represented by:

Motor

vehicles

£

Valuation in 2024

(20,000

)

Valuation in 2023

52,850

Cost

277,526

310,376

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2023

and 31 March 2024

2,840,000

NET BOOK VALUE

At 31 March 2024

2,840,000

At 31 March 2023

2,840,000

Fair value at 31 March 2024 is represented by:

£

Valuation in 2022

(105,000

)

Valuation in 2023

5,000

Cost

2,940,000

2,840,000

Investment property was valued at 31 March 2024 by the members on an open market basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

As restated

£

£

Trade debtors

18,210

17,791

Other debtors

3,379

3,431

21,589

21,222

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

As restated

£

£

Bank loans and overdrafts

20,203

19,950

Trade creditors

2,663

-

Accruals and deferred income

5,640

5,040

28,506

24,990

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

As restated

£

£

Bank loans - 1-2 years

20,461

20,203

Bank loans - 2-5 years

3,441

23,902

23,902

44,105

9.

RESERVES

Revaluation

reserve

£

At 1 April 2023

162,850

Revaluation adjustment

(20,000

)

At 31 March 2024

142,850

10.	PRIOR YEAR ADJUSTMENTS

The prior year has been restated to reflect a correction in the amounts reported in investment property, revaluation reserve and capital accounts.

At 31 March 2023, there has been a £840,000 decrease in investment property, a £630,000 decrease in revaluation reserve and a £210,000 decrease in capital accounts.