Smart Homes (Southampton) Limited - Period Ending 2019-05-31
Smart Homes (Southampton) Limited - Period Ending 2019-05-31
Registration number:
Smart Homes (Southampton) Limited
for the Period from 1 April 2018 to 31 May 2019
Prospect House
50 Leigh Road
Eastleigh
Hampshire
SO50 9DT
Smart Homes (Southampton) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Smart Homes (Southampton) Limited
Company Information
Directors |
Mr Ranjit Singh Mrs Kulwinder Kaur |
Registered office |
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Accountants |
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Page 1 |
Smart Homes (Southampton) Limited
(Registration number: 10125209)
Balance Sheet as at 31 May 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Investments |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Smart Homes (Southampton) Limited
(Registration number: 10125209)
Balance Sheet as at 31 May 2019
Approved and authorised by the
.........................................
Mr Ranjit Singh
Director
Page 3 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
69 Bedford Place
Southampton
Hampshire
SO15 2DS
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the value of letting income received and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Office and computer equipment |
33% on cost |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the purchase of a rental business in Southampton represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Page 5 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
Asset class |
Amortisation method and rate |
Goodwill |
100% |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 6 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
A dividend of £20 per ordinary share was declared on 31 March 2018.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 May 2019 |
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Amortisation |
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At 1 April 2018 |
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At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
Revalued assets for the period ended 31 May 2019 |
Revalued assets for the year ended 31 March 2018 |
Page 7 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 May 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the period |
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At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
- |
- |
At 31 March 2018 |
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Investment properties |
2019 |
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At 1 April |
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Additions |
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Disposals |
( |
At 31 May |
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Investment property is shown at market value derived from an independent valuation carried out by CBRE preceding the acquisition of the portfolio by the company on 30 September 2016.
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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- |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 May 2019 |
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Page 8 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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Woodthorpe
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Ordinary |
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The principal activity of Smart Homes (Southern) Limited is |
The profit for the financial period of Smart Homes (Southern) Limited was £20,019 and the aggregate amount of capital and reserves at the end of the period was £48,417. |
Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
- |
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Page 9 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £231,133 (2016 - £nil).
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,853,097 (2016 - £nil).
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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1,002 |
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1,000 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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Page 10 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Dividends |
Interim dividends paid
2019 |
2018 |
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Interim dividend of £ |
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Related party transactions |
Transactions with directors |
2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
At 31 May 2019 |
Mr Rajinderpal Singh |
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Director's current account |
(184,790) |
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( |
( |
Mr Ranjit Singh |
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Director's current account |
(184,790) |
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- |
( |
Mrs Kulwinder Kaur |
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Director's current account |
(184,790) |
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- |
( |
Mrs Sundeep Kaur |
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Director's current account |
(184,790) |
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( |
( |
Page 11 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 31 May 2019
2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Mr Rajinderpal Singh |
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Director's current account |
(183,790) |
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( |
( |
Mr Ranjit Singh |
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Director's current account |
(183,790) |
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( |
( |
Mrs Kulwinder Kaur |
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Director's current account |
(183,790) |
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( |
( |
Mrs Sundeep Kaur |
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Director's current account |
(183,790) |
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( |
( |
Directors' remuneration
The directors' remuneration for the period was as follows:
2019 |
2018 |
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Contributions paid to money purchase schemes |
- |
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Dividends paid to directors |
2019 |
2018 |
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Mr Ranjit Singh |
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Interim dividend (31 March 2018) |
- |
5,000 |
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Mr Rajinderpal Singh |
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Interim dividend (31 March 2018) |
- |
5,000 |
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Mrs Sundeep Kaur |
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Interim dividend (31 March 2018) |
- |
5,000 |
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Mrs Kulwinder Kaur |
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Interim dividend (31 March 2018) |
- |
5,000 |
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Summary of transactions with parent
Page 12 |