SMS Properties (Wales) Limited - Filleted accounts

SMS Properties (Wales) Limited - Filleted accounts


Registered number
07019923
SMS Properties (Wales) Limited
Filleted Accounts
30 September 2021
SMS Properties (Wales) Limited
Registered number: 07019923
Balance Sheet
as at 30 September 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 2 240,000 240,000
Current assets
Cash at bank and in hand 1,008 722
Creditors: amounts falling due within one year 3 (86,287) (86,417)
Net current liabilities (85,279) (85,695)
Total assets less current liabilities 154,721 154,305
Creditors: amounts falling due after more than one year 4 (45,801) (50,213)
Provisions for liabilities (7,841) (9,473)
Net assets 101,079 94,619
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 70,000 70,000
Profit and loss account 30,079 23,619
Shareholders' funds 101,079 94,619
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 29 November 2021
SMS Properties (Wales) Limited
Notes to the Accounts
for the year ended 30 September 2021
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 2020 240,000
At 30 September 2021 240,000
Depreciation
At 30 September 2021 -
Net book value
At 30 September 2021 240,000
At 30 September 2020 240,000
Freehold land and buildings: 2021 2020
£ £
Historical cost 170,000 170,000
Cumulative depreciation based on historical cost - -
170,000 170,000
The investment properties were value at the year end by the directors.
3 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 6,294 6,540
Directors loan account 77,661 77,661
Taxation and social security costs 1,132 1,616
Other creditors 1,200 600
86,287 86,417
4 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 45,801 50,213
5 Loans 2021 2020
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 20,625 24,055
Secured bank loans 52,095 56,753
The bank loan is secured on the investment properties.
6 Revaluation reserve 2021 2020
£ £
At 1 October 2020 70,000 70,000
At 30 September 2021 70,000 70,000
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.
10 Employees 2021 2020
Average number of persons employed by the company - -
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