REGISTERED NUMBER: OC427167 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SMEE INDUSTRIES LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

FIXED ASSETS

Tangible assets

4

330,876

310,376

Investment property

5

2,980,000

2,840,000

3,310,876

3,150,376

CURRENT ASSETS

Debtors

6

18,471

21,589

Cash at bank

92,314

6,390

110,785

27,979

CREDITORS

Amounts falling due within one year

7

32,492

28,506

NET CURRENT ASSETS/(LIABILITIES)

78,293

(527

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,389,169

3,149,849

CREDITORS

Amounts falling due after more than one year

8

6,902

23,902

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,382,267

3,125,947

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

3,169,417

2,983,097

Revaluation reserve

9

212,850

142,850

3,382,267

3,125,947

TOTAL MEMBERS' INTERESTS

Members' other interests

3,382,267

3,125,947

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 2025.

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 3 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 (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

-

310,376

310,376

Additions

2,200

8,850

11,050

Revaluations

-

10,000

10,000

At 31 March 2025

2,200

329,226

331,426

DEPRECIATION

Charge for year

550

-

550

At 31 March 2025

550

-

550

NET BOOK VALUE

At 31 March 2025

1,650

329,226

330,876

At 31 March 2024

-

310,376

310,376

Cost or valuation at 31 March 2025 is represented by:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Valuation in 2024

-

(20,000

)

(20,000

)

Valuation in 2023

-

52,850

52,850

Valuation in 2025

-

10,000

10,000

Cost

2,200

286,376

288,576

2,200

329,226

331,426

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

2,840,000

Revaluations

140,000

At 31 March 2025

2,980,000

NET BOOK VALUE

At 31 March 2025

2,980,000

At 31 March 2024

2,840,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2022

(105,000

)

Valuation in 2023

5,000

Valuation in 2025

140,000

Cost

2,940,000

2,980,000

Investment property was valued at 31 March 2025 by the members on an open market basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

17,370

18,210

Other debtors

1,101

3,379

18,471

21,589

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

20,461

20,203

Trade creditors

6,031

2,663

Accruals and deferred income

6,000

5,640

32,492

28,506

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

6,902

20,461

Bank loans - 2-5 years

-

3,441

6,902

23,902

9.

RESERVES

Revaluation

reserve

£

At 1 April 2024

142,850

Revaluation adjustment

70,000

At 31 March 2025

212,850