Smarter Lets Limited - Filleted accounts

Registered number

04355812

Smarter Lets Limited

Filleted Accounts

31 July 2024

Smarter Lets Limited
Registered number:		04355812
Balance Sheet
as at 31 July 2024
	Notes		2024		2023
			£		£
Fixed assets
Tangible assets	4		352		469
Investments	5		1,000,003		1,000,000
			1,000,355		1,000,469

Current assets
Stocks		338,500		1,065,995
Cash at bank and in hand		17,423		22,935
		355,923		1,088,930

Creditors: amounts falling due within one year	6	(760,098)		(551,627)

Net current (liabilities)/assets			(404,175)		537,303

Total assets less current liabilities			596,180		1,537,772

Creditors: amounts falling due after more than one year	7		(762,240)		(1,689,383)

Provisions for liabilities			(22,213)		(22,213)

Net liabilities			(188,273)		(173,824)

Capital and reserves
Called up share capital			4		1
Revaluation reserve	8		86,163		86,163
Profit and loss account			(274,440)		(259,988)

Shareholder's funds			(188,273)		(173,824)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.




Dr Reginald Chukwuma Onyeka
Director
Approved by the board on 24 November 2025

Smarter Lets Limited
Notes to the Accounts
for the year ended 31 July 2024


1	Accounting policies

	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 amounts in these financial statements are rounded to the nearest £. 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 financial instruments at fair value. The principal accounting policies adopted are set out below.

	Going concern
	These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future . The director considers this appropriate.The company is dependent on the continued support of the director.

	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. 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. 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:

	Plant and machinery	25% reducing balance
	Computer Equipment	33.3% Straight Line

	Investment Properties
	Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss

	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.



	Stocks
	Stocks represent the acquisition cost of and any attributable improvements expenditure on properties held for resale.

	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.

	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.


2	Judgements and key sources of estimation uncertainty

	In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


3	Employees			2024		2023
				Number		Number

	Average number of persons employed by the company			1		1











4	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 August 2023	2,345		7,377		9,722
	At 31 July 2024	2,345		7,377		9,722

	Depreciation
	At 1 August 2023	1,876		7,377		9,253
	Charge for the year	117		-		117
	At 31 July 2024	1,993		7,377		9,370

	Net book value
	At 31 July 2024	352		-		352
	At 31 July 2023	469		-		469


5	Investments
Investments in
subsidiary			Other
undertakings			investments		Total
£			£		£
	Fair Value
	At 1 August 2023	-		1,000,000		1,000,000
	Additions	3		-		3

	At 31 July 2024	3		1,000,000		1,000,003

	Investment property comprises 62 Cambria Rd, SE5 9AS acquired in March 2017. The fair value of this property has been arrived at on the basis of a valuation carried out at 30 June 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.




6	Creditors: amounts falling due within one year			2024		2023
				£		£

	Amounts due to connected company - Smarter Lets Investments Ltd			6,853		5,500
	Trade creditors			788		1,846
	Taxation and social security costs			(4,731)		482
	Other creditors			757,188		543,799
				760,098		551,627






7	Creditors: amounts falling due after one year			2024		2023
				£		£

	Bank loans			762,240		1,689,383

	The above represents the interest only mortgages relating to the acquisition of properties.The mortgages are secured by way of a fixed charge over all legal interest in 62 Cambria Road, SE5 9AS.




8	Fair value reserve			2024		2023
				£		£

	At 1 August 2023			86,163		87,785
	Loss on revaluation of land and buildings			-		(1,622)

	At 31 July 2024			86,163		86,163

	The Fair value reserve relates to the investment property and is net of deferred tax ,calculated on the basis of full potential tax liability, included in the financial statements.



9	Related party transactions

	The director operates a loan account with the company on an interest free basis. At the beginning of the year the director was owed £363,669 by the company. During the year net aggregate advances, from the director to the company, of £140,069 were made. At the year end the company owed the director £503,738.


10	Other information

	Smarter Lets Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Accountax House
	420a Streatham High Road
	Streatham
	London
	SW16 3SN