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Registered number: 03487614 SMOKE & MIRRORS GROUP LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SMOKE & MIRRORS GROUP LIMITED COMPANY INFORMATION
Directors | S Parish
| R Jameson
Registered number | 03487614
Registered office | 57/59 Beak Street
| London
| W1F 9SJ
Accountants | Ecovis Wingrave Yeats UK Limited
| Chartered Accountants
| 3rd Floor, Waverley House
| 7-12 Noel Street
| London
| W1F 8GQ
SMOKE & MIRRORS GROUP LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 - 11
SMOKE & MIRRORS GROUP LIMITED REGISTERED NUMBER: 03487614 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 350,942 |  | 209,381
Investments |  |  | - |  | -
Investment property | 7 |  | 6,850,576 |  | 6,850,576
|  |  | 7,201,518 |  | 7,059,957
Current assets |  |  |  |  |
Debtors | 8 | 574,532 |  | 267,111 |
Bank & cash balances |  | 97,595 |  | 813,533 |
|  | 672,127 |  | 1,080,644 |
Creditors: amounts falling due within one year | 9 | (275,748) |  | (369,997) |
Net current assets |  |  | 396,379 |  | 710,647
Total assets less current liabilities |  |  | 7,597,897 |  | 7,770,604
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (1,271,487) |  | (1,274,033) |
|  |  | (1,271,487) |  | (1,274,033)
Net assets |  |  | 6,326,410 |  | 6,496,571
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 200 |  | 200
Other reserves | 12 |  | (324,707) |  | -
Profit and loss account | 12 |  | 6,650,917 |  | 6,496,371
|  |  | 6,326,410 |  | 6,496,571
Page 1
SMOKE & MIRRORS GROUP LIMITED REGISTERED NUMBER: 03487614 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2026.
R Jameson
Director
The notes on pages 4 to 11 form part of these financial statements. Page 2
SMOKE & MIRRORS GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 200 | - | 4,565,946 | 4,566,146
Profit for the year | - | - | 1,941,081 | 1,941,081
Dividends: Equity capital | - | - | (10,656) | (10,656)
At 1 January 2024 | 200 | - | 6,496,371 | 6,496,571
Profit for the year | - | - | 154,546 | 154,546
Other reserves movement | - | (324,707) | - | (324,707)
At 31 December 2024 | 200 | (324,707) | 6,650,917 | 6,326,410
| The notes on pages 4 to 11 form part of these financial statements.
Page 3
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Smoke & Mirrors Group Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03487614. The registered office is 57/59 Beak Street, London, W1F 9SJ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% per annum
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Page 4
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.9 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. Page 5
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 6
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Property Valuation The Company periodically undertake external valuations of the investment property. The last external valuation the company obtained was in November 2015. At the current year end date, the directors consider the valuation to be appropriate and reflect the fair value of the property. Market rate of interest of related party loans During the year, the Company advanced an interest-free loan to a related party company under common directorship. In accordance with FRS 102 paragraph 11.13, the loan has been initially recognised at its present value, discounted using a market rate of interest of Bank of England base rate plus 2.75%, being the directors’ best estimate of the rate applicable to an equivalent arm’s-length debt instrument. The difference between the cash advanced and the discounted present value of the loan, amounting to £324,707, has been recognised in Other reserves. The loan is subsequently measured at amortised cost. At the balance sheet date, the carrying amount of the loan was £394,362. Interest income of £24,069 was recognised in the year in respect of the unwinding of the discount.
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
Page 7
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends paid on equity shares | - | 10,656
|  | - | 10,656
6. | Tangible fixed assets
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 January 2024 | 357,531
| Additions | 151,747
| At 31 December 2024 | 509,278
| Depreciation |
| At 1 January 2024 | 148,150
| Charge for the year on owned assets | 10,186
| At 31 December 2024 | 158,336
| Net book value |
| At 31 December 2024 | 350,942
| At 31 December 2023 | 209,381
Page 8
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 6,850,576
| At 31 December 2024 | 6,850,576
| Comprising |
| Cost | 451,018
| Annual revaluation surplus/(deficit) 2014 (net of accumulated depreciation) | 1,068,982
| 2015 (net of accumulated depreciation) | 2,410,000
| Additions during 2022 | 196,964
| Additions during 2023 | 193,393
| Transfer between classes 2023 | 103,612
| Gain in fair value | 2,426,607
| At 31 December 2024 | 6,850,576
| As of 1 July 2023, there was change in the use of assets, resulting in a transfer from tangible fixed assets. This resulted in an increase of £482,545 at cost and a further £2,137,455 in line with the valuation conducted in November 2015. In 2023, there were additions of £103,612 made to the property, increasing the value at 31 December 2023 to £6,850,576. There have been no further changes to the use or classification to the property during the year.
Page 9
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by related parties | 394,362 | -
|  | 394,362 | -
| Due within one year |  |
| Trade debtors | 53,548 | 121,063
| Other debtors | 112,096 | 117,245
| Prepayments and accrued income | 14,526 | 28,803
|  | 574,532 | 267,111
| On 1 January 2024, the company provided a loan of £695,000 to a related party. The loan is unsecured, interest free, and repayable in full on or before 31 December 2033.
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 181,885 | 149,081
| Corporation tax | 60,847 | 97,846
| Other taxation and social security | 6,399 | 17,234
| Accruals and deferred income | 26,617 | 105,836
|  | 275,748 | 369,997
Page 10
SMOKE & MIRRORS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (1,274,033) | (619,640)
| Charged to profit or loss | 2,546 | (654,393)
| At end of year | (1,271,487) | (1,274,033)
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | 3,153 | 606
| Capital gains | (1,274,640) | (1,274,639)
|  | (1,271,487) | (1,274,033)
11. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and partly paid |  |
|  | 20,000 (2023 - 20,000) Ordinary shares of £0.01 each | 200 | 200
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.
12. | Reserves
Other reserves Other reserves include the discount on initial recognition of interest-free loans provided to related parties. Profit & loss account The profit and loss reserve represents cumulative profits and losses net of dividends paid and other adjustments. Within the profit and loss reserve are undistributable reserves of £2,859,342 (2023 - £2,859,342).
Page 11