Smart Home Solutions Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 07282714 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

SMART HOME SOLUTIONS LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

A R Hazell

REGISTERED OFFICE:

Unit 12 Triangle Park

Metz Way

Gloucester

Gloucestershire

GL1 1AJ

REGISTERED NUMBER:

07282714 (England and Wales)

ACCOUNTANTS:

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

FIXED ASSETS

Intangible assets

4

87,860

-

Tangible assets

5

1,337,564

1,484,291

1,425,424

1,484,291

CURRENT ASSETS

Stocks

815,663

645,335

Debtors

286,147

48,157

Cash at bank

42,692

87,458

1,144,502

780,950

CREDITORS

Amounts falling due within one year

(1,047,006

)

(729,555

)

NET CURRENT ASSETS

97,496

51,395

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,522,920

1,535,686

CREDITORS

Amounts falling due after more than one
year

6

(453,128

)

(447,001

)

PROVISIONS FOR LIABILITIES

(97,375

)

(140,000

)

NET ASSETS

972,417

948,685

CAPITAL AND RESERVES

Called up share capital

8

100

Retained earnings

972,317

948,585

SHAREHOLDERS' FUNDS

972,417

948,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2024 and were signed by:

A R Hazell - Director

1.	STATUTORY INFORMATION

Smart Home Solutions Ltd 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.

Turnover

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

Revenue is recognised on despatch of goods.

Intangible assets

Intangible assets relate to the costs associated with the production of YouTube videos. Staff costs to produce the videos have been capitalised along with an apportionment of overheads. Amortisation has been provided at a rate of 25% on cost.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Only assets that cost £250 or more are capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings No depreciation

Plant and machinery etc 25% on reducing balance.

Motor vehicles Over the life of the lease

The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

100,416

At 30 June 2023

100,416

AMORTISATION

Amortisation for year

12,556

At 30 June 2023

12,556

NET BOOK VALUE

At 30 June 2023

87,860

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2022

1,588,159

Additions

156,156

Disposals

(372,723

)

At 30 June 2023

1,371,592

DEPRECIATION

At 1 July 2022

103,868

Charge for year

39,525

Eliminated on disposal

(109,365

)

At 30 June 2023

34,028

NET BOOK VALUE

At 30 June 2023

1,337,564

At 30 June 2022

1,484,291

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

30.6.23

30.6.22

£

Repayable by instalments

Bank loans

280,282

300,982

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

Bank loans

409,991

442,305

Hire purchase contracts

76,178

67,491

486,169

509,796

The bank loans are secured by fixed and floating charges.

Amounts owed under finance leases are secured against the assets to which they relate.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

£

60,000

Ordinary A

£0.00

1

60

40,000

Ordinary B

£0.00

1

40

100

9.	RELATED PARTY DISCLOSURES

At the year end the company owed £8,116 (2022: £726) to Electronics Advisor Limited, a company under common control.

The company rents part of its property on an arms' length basis to Inside Out, a business in which one of the directors has an interest. Rent received in the year to 30 June 2023 was £10,650 (2022: £2,663).

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Smart Home Solutions Ltd for the year ended 30 June 2023 which comprise the Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Smart Home Solutions Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Smart Home Solutions Ltd and state those matters that we have agreed to state to the director of Smart Home Solutions Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smart Home Solutions Ltd and its director for our work or for this report.

It is your duty to ensure that Smart Home Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Smart Home Solutions Ltd. You consider that Smart Home Solutions Ltd 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 financial statements of Smart Home Solutions Ltd. 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 financial statements.

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

Date: .............................................

Smart Home Solutions Ltd - Accounts to registrar (filleted) - small 23.2.5

Smart Home Solutions Ltd - Accounts to registrar (filleted) - small 23.2.5