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Registration number: 07049577

McRae Smith Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 October 2025

McRae Smith Limited

Contents

Company Information | 1
Statement of Financial Position | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

McRae Smith Limited

Company Information

Directors | Mrs Wendy Smith Mr John Smith

Registered office | 46 Surrenden Crescent Brighton East Sussex BN1 6WF

Accountants | Melrose Accountants Accountants 62 Florence Road Brighton East Sussex BN1 6DJ

McRae Smith Limited

(Registration number: 07049577)
Statement of Financial Position as at 31 October 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investment property | 4 | 1,457,000 | 1,457,000
Investments | 5 | 2 | 2
|  | 1,457,002 | 1,457,002
Current assets |  |  |
Debtors | 6 | 245 | 3,995
Cash at bank and in hand |  | 2,028 | 402
|  | 2,273 | 4,397
Creditors: Amounts falling due within one year | 7 | (1,005,389) | (1,187,596)
Net current liabilities |  | (1,003,116) | (1,183,199)
Total assets less current liabilities |  | 453,886 | 273,803
Creditors: Amounts falling due after more than one year | 7 | (173,140) | -
Provisions for liabilities |  | (36,190) | (36,190)
Net assets |  | 244,556 | 237,613
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Other reserves |  | 150,810 | 150,810
Retained earnings |  | 93,646 | 86,703
Shareholders' funds |  | 244,556 | 237,613

For the financial year ending 31 October 2025 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 17 January 2026 and signed on its behalf by:

McRae Smith Limited

(Registration number: 07049577)
Statement of Financial Position as at 31 October 2025

......................................... Mrs Wendy Smith Director

McRae Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
46 Surrenden Crescent
Brighton
East Sussex
BN1 6WF

These financial statements were authorised for issue by the Board on 17 January 2026.

2 | 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.

Group accounts not prepared

The company satisfies the criteria set out in section 297 of the Companies Act 2014 to qualify as a small group.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

McRae Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

McRae Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4 | Investment properties

| 2025 £
At 1 November | 1,457,000

Investment property is measured at fair value. The fair value reflects among other things rental income for current leases and other assumptions market participants would make when pricing the property under current market conditions. It is based on an assumption of 6% yield on rental income with no void periods.

There has been no valuation of investment property by an independent valuer.

5 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 2 | 2

Subsidiaries | £
Cost or valuation
At 1 November 2024 | 2
Provision
Carrying amount
At 31 October 2025 | 2
At 31 October 2024 | 2

McRae Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
McRae Smith Lettings Limited | 46 Surrenden Crescent Brighton BN1 6WF England | ordinary | 100% | 100%

Subsidiary undertakings
McRae Smith Lettings Limited The principal activity of McRae Smith Lettings Limited is letting residential property.

6 | Debtors

Current | 2025 £ | 2024 £
Prepayments | - | 3,750
Other debtors | 245 | 245
| 245 | 3,995

McRae Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 15,060 | 585,690
Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 64,060 | 55,600
Taxation and social security |  | 1,629 | 2,910
Accruals and deferred income |  | 2,165 | 2,181
Other creditors |  | 922,475 | 541,215
|  | 1,005,389 | 1,187,596

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 173,140 | -

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
ordinary shares of £1 each | 100 | 100 | 100 | 100

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 173,140 | -

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 15,060 | 585,690

Bank borrowings

McRae Smith Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

The Bank Loan is denominated in £ with a nominal interest rate of 2.39% above the Bank of England base rate, and the final instalment is due on 4 December 2029. The carrying amount at year end is £188,200 (2024 - £585,690). The bank loan is secured by a debenture over the land and associated property currently held within investment property and by a fixed and floating charge over all of the Company's assets.