Solar House Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09661086 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

SOLAR HOUSE ESTATES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P Adamou

Mr P Stavrou

Mr T Panayiotou

Mr C Stylianou

REGISTERED OFFICE:

South Point House

Chase Road

London

N14 6JT

REGISTERED NUMBER:

09661086 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Investment property

4

2,500,000

2,500,000

CURRENT ASSETS

Debtors

5

270,665

242,283

Cash at bank and in hand

7,230

24,309

277,895

266,592

CREDITORS

Amounts falling due within one year

6

1,197,937

1,166,438

NET CURRENT LIABILITIES

(920,042

)

(899,846

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,579,958

1,600,154

CREDITORS

Amounts falling due after more than one year

7

(966,318

)

(1,048,355

)

PROVISIONS FOR LIABILITIES

(67,000

)

(67,000

)

NET ASSETS

546,640

484,799

CAPITAL AND RESERVES

Called up share capital

400

400

Non-distributable reserves

268,095

268,095

Retained earnings

278,145

216,304

SHAREHOLDERS' FUNDS

546,640

484,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 30 March 2021 and were signed on its behalf by:

Mr P Adamou - Director

1.	STATUTORY INFORMATION

Solar House Estates 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.

The financial statement has been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. The directors will finance the company as and when required.

TURNOVER

Turnover represents net rental income receivable. Rental income is recognised when it becomes due under the terms of the lease.

INVESTMENT PROPERTY

Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The directors consider that, because the property is not held for consumption but for its

investment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt The

Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this

departure from the Act had not been made, the profit for the financial year would have been reduced by the

amount of depreciation.

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

and 30 June 2020

2,500,000

NET BOOK VALUE

At 30 June 2020

2,500,000

At 30 June 2019

2,500,000

Fair value at 30 June 2020 is represented by:

£

Valuation in 2020

335,095

Cost

2,164,905

2,500,000

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

2020

2019

£

£

Cost

2,164,905

2,164,905

Investment property was valued on a fair value basis on 30 June 2020 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

192,680

165,310

Amounts owed by connected companies

75,000

75,000

Other debtors

2,985

1,973

270,665

242,283

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

72,000

72,000

Trade creditors

8,814

-

Amounts owed to connected companies

1,074,690

1,076,790

Taxation and social security

35,157

13,985

Other creditors

7,276

3,663

1,197,937

1,166,438

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

966,318

1,048,355

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,038,318

1,120,355

The loan is secured by a fixed charge on the assets of the company.

9.	RELATED PARTY DISCLOSURES

Included in debtors amounts falling due within one year is an amount of £75,000 (2019: £75,000) due from Southgate Views Limited, a company with common directors. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £59,269 (2019: £59,269) due to Kittyco Sub1 Limited, a company in which Mr T Panayiotou is a common director. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £118,488 (2019: £118,488) due to Kittyco Sub2 Limited, a company in which Mr P Stavrou is a common director. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £59,269 (2019: £59,269) due to Kittyco Sub3 Limited, a company in which a close family member of the director, Mr P Stavrou is a director. The loan is interest free.

Included in creditors amounts falling due within one year is £4,800 (2019: £4,800) due to Microcom Services Limited, a company with common directors. The loan is interest free.

Included in creditors amounts falling due within one year is £254,068 (2019: £256,168) due to Nayland Rock Limited, a company in which Mr P Stavrou is a common director. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £328,796 (2019: £403,796) due to Adams & Styles Properties Limited, a company in which Mr P Adamou and Mr C Stylianou are common directors. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £25,000 (2019: £25,000) due to Hollywood Estates Limited, a company in which Mr P Adamou and Mr P Stavrou are common directors. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £125,000 (2019: £50,000) due to Abbeyway Estates Limited, a company in which Mr T Panayiotou and Mr P Stavrou are common directors. The loan is interest free.

Included in creditors amounts falling due within one year is an amount of £100,000 (2019: £100,000) due to Berkeley Corporate Finance Limited, a company in which Mr P Adamou and Mr P Stavrou are common directors. The loan is interest free.

10.	ULTIMATE CONTROLLING PARTY