Company registration number 15937256 (England and Wales)
SMUDGE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2026
PAGES FOR FILING WITH REGISTRAR
SMUDGE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SMUDGE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2026
28 February 2026
- 1 -
2026
Notes
£
£
Fixed assets
Tangible assets
3
1,448
Investment property
4
227,549
228,997
Current assets
Debtors
5
355
Cash at bank and in hand
2,867
3,222
Creditors: amounts falling due within one year
6
(72,255)
Net current liabilities
(69,033)
Total assets less current liabilities
159,964
Creditors: amounts falling due after more than one year
7
(157,212)
Provisions for liabilities
(362)
Net assets
2,390
Capital and reserves
Called up share capital
100
Profit and loss reserves
2,290
Total equity
2,390
SMUDGE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2026
28 February 2026
- 2 -

For the financial period ended 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 22 May 2026
Mr E D Casson
Director
Company registration number 15937256 (England and Wales)
SMUDGE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2026
- 3 -
1
Accounting policies
Company information

Smudge Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bela House, Old Hutton, Kendal, LA8 0NH.

1.1
Reporting period

These financial statements are prepared for the period from incorporation to 28 February 2026, being an 18‑month period. This extended accounting period was adopted to align the Company’s year end with that of an associated company, for administrative convenience. As this is the Company’s first period of account, no comparative figures are presented.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for land and buildings which are stated at fair value under the revaluation model. The principal accounting policies adopted are set out below.

1.3
Revenue

Revenue represents income arising from the ordinary activities of the entity and is recognised in the accounting period to which it relates.

Revenue comprises rental income derived from investment property. Rental income is recognised over the period to which it relates, on a straight‑line basis over the lease term, regardless of the timing of cash receipts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

SMUDGE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SMUDGE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2026
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2026
Number
Total
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 5 September 2024
-
0
Additions
1,599
At 28 February 2026
1,599
Depreciation and impairment
At 5 September 2024
-
0
Depreciation charged in the period
151
At 28 February 2026
151
Carrying amount
At 28 February 2026
1,448
4
Investment property
2026
£
Fair value
At 5 September 2024
-
0
Additions
227,549
At 28 February 2026
227,549
5
Debtors
2026
Amounts falling due within one year:
£
Other debtors
355
SMUDGE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2026
- 6 -
6
Creditors: amounts falling due within one year
2026
£
Bank loans
2,006
Corporation tax
282
Other creditors
69,967
72,255

The bank loan is a mortgage secured by Kensington Mortgage Company Ltd with a registered charge over the asset to which it relates.

7
Creditors: amounts falling due after more than one year
2026
£
Bank loans and overdrafts
157,212

The bank loan is a mortgage secured by Kensington Mortgage Company Ltd with a registered charge over the asset to which it relates.

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