Solar House Estates Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09661086 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

SOLAR HOUSE ESTATES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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

352,680

368,290

Cash at bank and in hand

37,922

10,830

390,602

379,120

CREDITORS

Amounts falling due within one year

6

1,223,272

1,175,199

NET CURRENT LIABILITIES

(832,670

)

(796,079

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,667,330

1,703,921

CREDITORS

Amounts falling due after more than one year

7

(880,633

)

(976,429

)

PROVISIONS FOR LIABILITIES

(83,800

)

(63,700

)

NET ASSETS

702,897

663,792

CAPITAL AND RESERVES

Called up share capital

400

400

Non-distributable reserves

268,095

268,095

Retained earnings

434,402

395,297

SHAREHOLDERS' FUNDS

702,897

663,792

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 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 28 March 2024 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.

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 itsinvestment potential, to depreciate it would not give a true and fair view and that it is necessary to adopt TheFinancial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If thisdeparture from the Act had not been made, the profit for the financial year would have been reduced by theamount 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 (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

and 30 June 2023

2,500,000

NET BOOK VALUE

At 30 June 2023

2,500,000

At 30 June 2022

2,500,000

Fair value at 30 June 2023 is represented by:

£

Valuation in 2023

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:

2023

2022

£

£

Cost

2,164,905

2,164,905

Investment property was valued on a fair value basis on 30 June 2023 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

352,680

290,305

Amounts owed by connected companies

-

75,000

Other debtors

-

2,985

352,680

368,290

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

91,270

33,571

Trade creditors

4,500

4,187

Amounts owed to connected companies

1,094,690

1,074,690

Taxation and social security

28,309

26,480

Other creditors

4,503

36,271

1,223,272

1,175,199

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

880,633

976,429

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

971,903

1,010,000

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

9.	RELATED PARTY DISCLOSURES

Included in creditors amounts falling due within one year is an amount of £10,000 (2022: -£ nil) due to 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 (2022: £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 (2022: £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 (2022: £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 (2022: £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 (2022: £254,068) 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 (2022: £328,796) 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 (2022: £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 (2022: £125,000) 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 (2022: £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.

Included in creditors amounts falling due within one year is £10,000 (2022: £ nil) due to Adams & Styles Lofts Limited, a company in which Mr P Adamou is a common director. The loan is interest free.

10.	ULTIMATE CONTROLLING PARTY