Smart Estate Agent Limited - Period Ending 2016-03-31

Registration number: 08861723

Smart Estate Agent Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Easterbrook Eaton Limited
  Chartered Accountants
  Cosmopolitan House
  Old Fore Street
  Sidmouth
  Devon
  EX10 8LS

Smart Estate Agent Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Smart Estate Agent Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smart Estate Agent Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Smart Estate Agent Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Smart Estate Agent Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smart Estate Agent Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Smart Estate Agent Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Smart Estate Agent Limited. You consider that Smart Estate Agent Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Smart Estate Agent Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

............................................................

Easterbrook Eaton Limited
  Chartered Accountants
  Cosmopolitan House
  Old Fore Street
  Sidmouth
  Devon
  EX10 8LS

10 October 2016

Page 1

Smart Estate Agent Limited
(Registration number: 08861723)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					23,200			-
Tangible fixed assets					2,508			1,102
					25,708			1,102
Current assets
Debtors					2,155			347
Cash at bank and in hand					15,184			2,219
					17,339			2,566
Creditors: Amounts falling due within one year					(37,199)			(15,670)
Net current liabilities					(19,860)			(13,104)
Net assets/(liabilities)					5,848			(12,002)
Capital and reserves
Called up share capital		3			300			100
Profit and loss account					5,548			(12,102)
Shareholders' funds/(deficit)					5,848			(12,002)

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 October 2016 and signed on its behalf by:

.........................................
Mr Robert James Graves
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Smart Estate Agent Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost.less any estimated residual value,over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line basis over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office Equipment	20% reducing balance

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Smart Estate Agent Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		-			1,377			1,377
Additions		29,000			2,033			31,033
At 31 March 2016		29,000			3,410			32,410
Depreciation
At 1 April 2015		-			275			275
Charge for the year		5,800			627			6,427
At 31 March 2016		5,800			902			6,702
Net book value
At 31 March 2016		23,200			2,508			25,708
At 31 March 2015		-			1,102			1,102

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		300			300			100			100

Page 4