Smart Homes (Southampton) Limited - Period Ending 2017-03-31
Smart Homes (Southampton) Limited - Period Ending 2017-03-31
Registration number:
Smart Homes (Southampton) Limited
for the Period from 14 April 2016 to 31 March 2017
Prospect House
50 Leigh Road
Eastleigh
Hampshire
SO50 9DT
Smart Homes (Southampton) Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Smart Homes (Southampton) Limited
Company Information
Directors |
Mr Ranjit Singh Mr Rajinderpal Singh Mrs Sundeep Kaur Mrs Kulwinder Kaur |
Registered office |
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Accountants |
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Page 1 |
Smart Homes (Southampton) Limited
Directors' Report for the Period from 14 April 2016 to 31 March 2017
The directors present their report and the financial statements for the period from 14 April 2016 to 31 March 2017.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is Property letting
Small companies provision statement
This report has 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.
Approved by the
.........................................
Mr Ranjit Singh
Director
Page 2 |
Smart Homes (Southampton) Limited
(Registration number: 10125209)
Balance Sheet as at 31 March 2017
Note |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 liabilities |
( |
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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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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 March 2017 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.
Page 3 |
Smart Homes (Southampton) Limited
(Registration number: 10125209)
Balance Sheet as at 31 March 2017
Approved and authorised by the
.........................................
Mr Rajinderpal Singh
Director
Page 4 |
Smart Homes (Southampton) Limited
Statement of Changes in Equity for the Period from 14 April 2016 to 31 March 2017
Share capital |
Share premium |
Profit and loss account |
Total |
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Profit for the period |
- |
- |
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Total comprehensive income |
- |
- |
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New share capital subscribed |
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- |
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At 31 March 2017 |
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Page 5 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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 6 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
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
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:
Asset class |
Amortisation method and rate |
Goodwill |
100% |
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.
Page 7 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Page 8 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
Dividends
No dividends have been voted during this period.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2017 |
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Amortisation |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil.
Revalued assets for the period ended 31 March 2017 |
Page 9 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2017 |
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Depreciation |
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Charge for the period |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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Investment properties |
2017 |
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Additions |
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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.
Debtors |
Note |
2017 |
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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 10 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
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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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Accruals and deferred income |
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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 |
2017 |
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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
2017 |
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No. |
£ |
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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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Page 11 |
Smart Homes (Southampton) Limited
Notes to the Financial Statements for the Period from 14 April 2016 to 31 March 2017
Loans and borrowings |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Related party transactions |
Transactions with directors |
2017 |
Advances to directors |
Repayments by director |
At 31 March 2017 |
Mr Ranjit Singh |
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Director's current account |
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( |
( |
Mr Rajinderpal Singh |
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Director's current account |
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( |
( |
Mrs Sundeep Kaur |
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Director's current account |
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( |
( |
Mrs Kulwinder Kaur |
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Director's current account |
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( |
( |
Page 12 |