| SMC Prime Properties Limited |
| Registered number: |
13817768 |
| Balance Sheet |
| as at 31 December 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Current assets |
| Stocks |
|
|
413,160 |
|
|
317,500 |
| Debtors |
3 |
|
2,363 |
|
|
794 |
| Cash at bank and in hand |
|
|
17,433 |
|
|
40,681 |
|
|
|
432,956 |
|
|
358,975 |
|
| Creditors: amounts falling due within one year |
4 |
|
(462,622) |
|
|
(352,358) |
|
| Net current (liabilities)/assets |
|
|
|
(29,666) |
|
|
6,617 |
|
| Net (liabilities)/assets |
|
|
|
(29,666) |
|
|
6,617 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
102 |
|
|
99 |
| Profit and loss account |
|
|
|
(29,768) |
|
|
6,518 |
|
| Shareholders' funds |
|
|
|
(29,666) |
|
|
6,617 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr S Barnes |
| Director |
| Approved by the board on 22 September 2026 |
|
| SMC Prime Properties Limited |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going Concern |
|
As at 31st December 2025, the company’s balance sheet shows net liabilities of £29,666.
The financial statements have been prepared on a going concern basis, which contemplates the continuation of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.
The company was set up to purchase, re-furnish and sell residential property. At the balance sheet date the company held one such property in stock. The directors expect that once completed and sold, the property will return a profit in excess of the net liabilities shown by these accounts. The company has been funded by loans from the directors and the directors have agreed not to demand repayment of their loans until such time as the property is sold and profits are realised.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result should the company be unable to continue as a going concern. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of refurbished residential property. Turnover from the sale of property is recognised in the accounts at the date of completion of the sale. |
|
|
Stocks |
|
Stock comprises property purchased for resale together with costs of refurbishment up to the end of the accounting period. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Other debtors |
2,363 |
|
794 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Taxation and social security costs |
707 |
|
5,656 |
|
Other creditors |
461,915 |
|
346,702 |
|
|
|
|
|
|
462,622 |
|
352,358 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Related party transactions |
|
|
The director, Mr S Barnes, has made a loan to the company. The loan is repayable following the completion of the sale of any property held in trading stock. Interest is charged at the rate of 0.5% above the Bank of England base rate. The balance outstanding at 31st December 2025 was £267,467 (2024 £292,500).
The director, Mr M Collins, together with his mother (Mrs E Collins) has made a loan to the company. The loan is repayable following the completion of the sale of any property held in trading stock. Interest is charged at the rate of 0.5% above the Bank of England base rate. The balance outstanding at 31st December 2025 was £189,896 (2024 £50,000). |
|
|
| 6 |
Controlling party |
|
|
The company is under the control of Simon Barnes by virtue of his 66.66% interest in the share capital of the company. |
|
|
| 7 |
Other information |
|
|
SMC Prime Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
6 Barnmead |
|
Theydon Bois |
|
Essex |
|
CM16 7ET |