Living Smart Property Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05846823 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LIVING SMART PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Thorns

T Thorns

REGISTERED OFFICE:

26 Regent Road

Altrincham

England

WA14 1RP

REGISTERED NUMBER:

05846823 (England and Wales)

ACCOUNTANTS:

d&t

Chartered Accountants

Swatton Barn

Badbury

Swindon

Wiltshire

SN4 0EU

FIXED ASSETS

Tangible assets

4

48,555

50,227

Investments

5

135,924

135,924

Investment property

6

2,115,978

3,039,713

2,300,457

3,225,864

CURRENT ASSETS

Debtors

7

250,103

200,498

Cash at bank

455,384

121,749

705,487

322,247

CREDITORS

Amounts falling due within one year

8

141,576

709,084

NET CURRENT ASSETS/(LIABILITIES)

563,911

(386,837

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,864,368

2,839,027

CREDITORS

Amounts falling due after more than one year

9

1,193,175

1,701,701

NET ASSETS

1,671,193

1,137,326

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,670,193

1,136,326

SHAREHOLDERS' FUNDS

1,671,193

1,137,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2023 and were signed on its behalf by:

B Thorns - Director

T Thorns - Director

1.	STATUTORY INFORMATION

Living Smart Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company's investment properties are held for long-term investment. Investment properties are accounted for in accordance with SSAP 19, as follows:

(i) investment properties are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year; and

(ii) no depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOVERNMENT GRANTS

The company have accounted for government grants due to them at the reporting date, as a result of

the country going into lockdown due to Covid-19 in late March 2020. The funds due to the company

have been accounted for on an accrual basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2022

56,602

8,154

64,756

Disposals

(1,088

)

(3,813

)

(4,901

)

At 31 December 2022

55,514

4,341

59,855

DEPRECIATION

At 1 January 2022

7,352

7,177

14,529

Charge for year

1,104

245

1,349

Eliminated on disposal

(1,065

)

(3,513

)

(4,578

)

At 31 December 2022

7,391

3,909

11,300

NET BOOK VALUE

At 31 December 2022

48,123

432

48,555

At 31 December 2021

49,250

977

50,227

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2022

2021

£

£

Film Partnership Investment

135,924

135,924

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

3,039,713

Additions

188,097

Disposals

(1,360,291

)

Revaluations

248,459

At 31 December 2022

2,115,978

NET BOOK VALUE

At 31 December 2022

2,115,978

At 31 December 2021

3,039,713

Fair value at 31 December 2022 is represented by:

£

Valuation in 2018

126,970

Valuation in 2019

113,169

Valuation in 2020

15,056

Valuation in 2021

27,861

Valuation in 2022

248,459

Cost

1,584,463

2,115,978

If the investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

1,459,782

1,416,554

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

545

2,501

Other debtors

249,558

197,997

250,103

200,498

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

2,045

82,150

Taxation and social security

75,794

-

Other creditors

53,737

616,934

141,576

709,084

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

24,167

34,169

Other creditors

1,169,008

1,667,532

1,193,175

1,701,701

Amounts falling due in more than five years:

Repayable by instalments

Other loans

1,056,458

1,134,982

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

34,167

44,169

Other loans

1,169,008

1,782,532

1,203,175

1,826,701

The loans are secured by way of charges. Details of these charges are as follows;

There is a mortgage for the property known as 34 Chapel Street in a charge dated 25 October 2017.

A fixed charge containing a negative pledge dated as 17 December 2019 over the freehold property known as 3-9 North Place.

A charge containing a negative pledge dated as 30 June 2020 over the property known as 15 Pickmere Close.

A charge containing a negative pledge dated as 28 April 2022 over the freehold property known as 10A Roch Crescent.

A fixed charge containing a negative pledge dated as 21 October 2021 over the freehold property known as Cumberland Court.

11.	RELATED PARTY DISCLOSURES

Unless otherwise disclosed, all related party transactions have been conducted under normal market

conditions, including dividend payments to it's shareholders.