Company No: 05058326 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	5	2,499,040		2,499,040
		2,499,040		2,499,040
Current assets
Debtors	6	10,332		869,223
Cash at bank and in hand	7	468		2,191
		10,800		871,414
Creditors: amounts falling due within one year	8	( 1,044,611)		( 1,041,664)
Net current liabilities		(1,033,811)		(170,250)
Total assets less current liabilities		1,465,229		2,328,790
Creditors: amounts falling due after more than one year	9	( 1,105,485)		( 1,153,116)
Provision for liabilities	10	0		( 88,469)
Net assets		359,744		1,087,205
Capital and reserves
Called-up share capital	11	1,000,500		1,000,500
Share premium account		18,606		18,606
Profit and loss account		( 659,362 )		68,099
Total shareholder's funds		359,744		1,087,205

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Smart Props Limited (registered number: 05058326) were approved and authorised for issue by the Board of Directors on 29 April 2026. They were signed on its behalf by:

Mr A S Dyer Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Smart Props Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Morris Engineering Ltd Bell, Close Newnham Industrial Estate, Plympton, PL7 4JH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised in the month to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		1

4. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 May 2024	43,879		43,879
At 30 April 2025	43,879		43,879
Accumulated depreciation
At 01 May 2024	43,879		43,879
At 30 April 2025	43,879		43,879
Net book value
At 30 April 2025	0		0
At 30 April 2024	0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 May 2024	2,499,040
As at 30 April 2025	2,499,040

The directors have provided the above valuation based on their interpretation of the market and the factors that they have experienced, in order to determine the appropriate fair value.

6. Debtors

	2025		2024
	£		£
Other debtors	10,332		869,223

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	468		2,191

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	51,368		51,944
Trade creditors	0		253
Amounts owed to Group undertakings	988,628		985,508
Other taxation and social security	1,865		1,309
Other creditors	2,750		2,650
	1,044,611		1,041,664

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

	2025		2024
	£		£
Bank loans (secured)	1,105,485		1,153,116

The bank loan is secured on the freehold property.

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	0		88,469

	Deferred taxation		Total
	£		£
At 01 May 2024	88,469		88,469
Credited to the Profit and Loss Account	( 88,469)		( 88,469)
At 30 April 2025	0		0

Deferred tax

	2025		2024
	£		£
Accelerated capital allowances	0		88,469
Provision for deferred tax	0		88,469

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary A shares of £ 0.50 each	500		500
500,000 Ordinary B shares of £ 0.50 each	250,000		250,000
375,000 Ordinary C shares of £ 0.50 each	187,500		187,500
375,000 Ordinary D shares of £ 0.50 each	187,500		187,500
375,000 Ordinary E shares of £ 0.50 each	187,500		187,500
375,000 Ordinary F shares of £ 0.50 each	187,500		187,500
	1,000,500		1,000,500

12. Audit Opinion

The auditor's report on the accounts for the financial year ended 30 April 2025 was unqualified. Smart Props Limited was eligible for audit exemption for the period to 30 April 2024.

The audit report was signed by Nicola Cornish BSc BFP FCA CTA on behalf of PKF Francis Clark.

13. Ultimate controlling party

Parent Company:

Morris Engineering New Holdco Limited

The registered office of Morris Engineering New Holdco Limited is C/O PKF Francis Clark Melville Building East, Royal William Yard, Plymouth, United Kingdom, PL1 3RP

Parent of the largest and smallest group for which group accounts are drawn up:
Morris Engineering New Holdco Limited
The registered office of Morris Engineering New Holdco Limited is C/O PKF Francis Clark Melville Building East, Royal William Yard, Plymouth, United Kingdom, PL1 3RP