Smudge Building Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04360045 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Smudge Building Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M Smith

Mrs A Smith

SECRETARY:

Mrs A Smith

REGISTERED OFFICE:

Myrtle Rose

Bristol Road

Wraxall

Bristol

BS48 1LE

REGISTERED NUMBER:

04360045 (England and Wales)

ACCOUNTANTS:

Obsidian Accountancy Limited

Suite 9 Corum Two

Corum Office Park

Crown Way

Warmley

Bristol

BS30 8FJ

FIXED ASSETS

Tangible assets

4

30,017

48,630

Investment property

5

920,000

1,371,632

950,017

1,420,262

CURRENT ASSETS

Stocks

24,689

62,257

Debtors

6

11,447

62,384

Cash at bank

978,760

270,323

1,014,896

394,964

CREDITORS

Amounts falling due within one year

7

275,748

182,654

NET CURRENT ASSETS

739,148

212,310

TOTAL ASSETS LESS CURRENT LIABILITIES

1,689,165

1,632,572

CREDITORS

Amounts falling due after more than one year

8

(652,645

)

(662,419

)

PROVISIONS FOR LIABILITIES

9

(17,946

)

(17,946

)

NET ASSETS

1,018,574

952,207

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,018,572

952,205

1,018,574

952,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 14 November 2023 and were signed on its behalf by:

J M Smith - Director

1.	STATUTORY INFORMATION

Smudge Building Developments 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.	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.

Turnover

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

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% 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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2022

121,261

Disposals

(17,000

)

At 28 February 2023

104,261

DEPRECIATION

At 1 March 2022

72,631

Charge for year

13,234

Eliminated on disposal

(11,621

)

At 28 February 2023

74,244

NET BOOK VALUE

At 28 February 2023

30,017

At 28 February 2022

48,630

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

1,371,632

Disposals

(451,632

)

At 28 February 2023

920,000

NET BOOK VALUE

At 28 February 2023

920,000

At 28 February 2022

1,371,632

Fair value at 28 February 2023 is represented by:

£

Valuation in 2019

110,000

Valuation in 2020

(15,549

)

Cost

825,549

920,000

If investment property had not been revalued it would have been included at the following historical cost:

28.2.23

28.2.22

£

£

Cost

920,000

1,005,549

Investment property was valued on an open market basis on 28 February 2023 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

11,278

62,257

Other debtors

169

127

11,447

62,384

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

6,389

6,389

Trade creditors

41,246

37,354

Taxation and social security

55,696

38,223

Other creditors

172,417

100,688

275,748

182,654

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

652,645

662,419

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

501,076

500,993

Mortgage

137,499

141,545

638,575

642,538

9.	PROVISIONS FOR LIABILITIES

28.2.23

28.2.22

£

£

Deferred tax

17,946

17,946

Deferred

tax

£

Balance at 1 March 2022

17,946

Balance at 28 February 2023

17,946