| SMS Properties (Wales) Limited |
| Registered number: |
07019923 |
| Balance Sheet |
| as at 30 September 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
210,000 |
|
|
210,000 |
|
| Current assets |
| Cash at bank and in hand |
|
|
1,769 |
|
|
735 |
|
| Creditors: amounts falling due within one year |
3 |
|
(86,451) |
|
|
(83,104) |
|
| Net current liabilities |
|
|
|
(84,682) |
|
|
(82,369) |
|
| Total assets less current liabilities |
|
|
|
125,318 |
|
|
127,631 |
|
| Creditors: amounts falling due after more than one year |
4 |
|
|
(58,113) |
|
|
(62,581) |
|
| Provisions for liabilities |
|
|
|
(5,673) |
|
|
(5,822) |
|
|
| Net assets |
|
|
|
61,532 |
|
|
59,228 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Revaluation reserve |
6 |
|
|
40,000 |
|
|
40,000 |
| Profit and loss account |
|
|
|
20,532 |
|
|
18,228 |
|
| Shareholders' funds |
|
|
|
61,532 |
|
|
59,228 |
|
|
|
|
|
|
|
|
| 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 Jason Sherwood |
| Director |
| Approved by the board on 20 June 2019 |
|
| SMS Properties (Wales) Limited |
| Notes to the Accounts |
| for the year ended 30 September 2018 |
|
|
| 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). |
|
|
Turnover |
|
Turnover represents the value of rent received on the company's investment properties. |
|
|
Investment properties |
|
Investment properties are initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss. |
|
|
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 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
At 1 October 2017 |
210,000 |
|
At 30 September 2018 |
210,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2018 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2018 |
210,000 |
|
At 30 September 2017 |
210,000 |
|
|
|
|
|
|
|
|
|
|
|
Investment properties: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
170,000 |
|
170,000 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
170,000 |
|
170,000 |
|
The investment properties were valued at the year end by the directors. |
|
|
| 3 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
6,426 |
|
6,323 |
|
Directors loan account |
77,661 |
|
75,522 |
|
Corporation tax |
1,164 |
|
659 |
|
Other creditors |
1,200 |
|
600 |
|
|
|
|
|
|
86,451 |
|
83,104 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
58,113 |
|
62,581 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
32,409 |
|
37,291 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
64,539 |
|
68,904 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured on the investment properties. |
|
|
| 6 |
Revaluation reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 October 2017 |
40,000 |
|
- |
|
Gain on revaluation of land and buildings |
- |
|
40,000 |
|
|
At 30 September 2018 |
40,000 |
|
40,000 |
|
|
|
|
|
|
|
|
|
| 7 |
Controlling party |
|
|
The company is controlled by the directors, who each own 50% of the issued share capital. |
|
| 8 |
Other information |
|
|
SMS Properties (Wales) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
|
12 Garwellt |
|
Penywaun |
|
Aberdare |
|
Rhondda Cynon Taff |
|
CF44 9LT |
|
| 9 |
Presentation currency |
|
|
The financial statements are presented in Sterling and rounded to the nearest £1. |
