REGISTERED NUMBER: 03079741 (England and Wales)

John Smart Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Smart

K M Wallis

SECRETARY:

J J B Lamb

REGISTERED OFFICE:

44 Station Road

New Milton

Hampshire

BH25 6JX

REGISTERED NUMBER:

03079741 (England and Wales)

Fixed assets

Tangible assets

5

786,689

849,542

Other financial assets

6

13,483

13,483

800,172

863,025

Current assets

Debtors

7

143,033

113,645

Cash at bank

70,520

1,597

213,553

115,242

Creditors

Amounts falling due within one year

8

(1,581

)

(26,261

)

Net current assets

211,972

88,981

Total assets less current liabilities

1,012,144

952,006

Creditors

Amounts falling due after more than one year

9

-

(75,000

)

Provisions for liabilities

(3,302

)

(3,302

)

Net assets

1,008,842

873,704

Capital and reserves

Called up share capital

2

2

Revaluation reserve

152,339

56,548

Retained earnings

856,501

817,154

1,008,842

873,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2025 and were signed on its behalf by:

J R Smart - Director

1.	GENERAL INFORMATION

John Smart Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

3.	ACCOUNTING POLICIES

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.

The company's functional and presentational currency is pound sterling.

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.

GOING CONCERN

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

TURNOVER AND REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rent receivable which are credited to revenue in the accounting period in which they are receivable.

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.

TANGIBLE ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and

installation.

DEPRECIATION

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% reducing balance

Office equipment

25% reducing balance

Investment property

Not depreciated

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

BORROWINGS

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 Profit and Loss Account 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Investment

and

Office

property

fittings

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2024

849,138

7,535

1,764

858,437

Additions

86,527

-

1,049

87,576

Disposals

(280,000

)

-

(1,174

)

(281,174

)

Revaluations

130,000

-

-

130,000

At 31 December 2024

785,665

7,535

1,639

794,839

DEPRECIATION

At 1 January 2024

-

7,504

1,391

8,895

Charge for year

-

8

333

341

Eliminated on disposal

-

-

(1,086

)

(1,086

)

At 31 December 2024

-

7,512

638

8,150

NET BOOK VALUE

At 31 December 2024

785,665

23

1,001

786,689

At 31 December 2023

849,138

31

373

849,542

6.

OTHER FINANCIAL ASSETS (CURRENT AND NON-CURRENT)

Unlisted

investments

£

COST

At 1 January 2024

and 31 December 2024

13,483

NET BOOK VALUE

At 31 December 2024

13,483

At 31 December 2023

13,483

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Other debtor - corporation tax

3,422

7,894

Other debtors - loans

29,080

45,000

Directors' current accounts

10,802

21,751

Prepayments and accrued income

27,860

39,000

71,164

113,645

Amounts falling due after more than one year:

Other debtors - loans

71,869

-

Aggregate amounts

143,033

113,645

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Corporation tax liability

(1,647

)

23,319

Accruals and deferred income

3,228

2,942

1,581

26,261

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Loans and borrowings (see note 10)

-

75,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

75,000

10.	LOANS AND BORROWINGS

An analysis of the maturity of loans and borrowings is given below:

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

75,000

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

J R Smart

Balance outstanding at start of year

21,751

17,864

Amounts advanced

-

3,887

Amounts repaid

(10,949

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,802

21,751