Smart Housing (Space) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05462815 (England and Wales)

ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

FOR

SMART HOUSING (SPACE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L Michaelides

C K I Papaloizou

SECRETARY:

L Michaelides

REGISTERED OFFICE:

137 Tottenham Lane

Crouch End

London

N8 9BJ

REGISTERED NUMBER:

05462815 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

CURRENT ASSETS

Stocks

3

3,430,504

3,430,504

Debtors

4

975,607

985,838

Cash at bank and in hand

5,033

218,738

4,411,144

4,635,080

CREDITORS

Amounts falling due within one year

5

276,423

350,988

NET CURRENT ASSETS

4,134,721

4,284,092

TOTAL ASSETS LESS CURRENT LIABILITIES

4,134,721

4,284,092

CREDITORS

Amounts falling due after more than one year

6

3,839,314

3,901,135

NET ASSETS

295,407

382,957

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

295,405

382,955

SHAREHOLDERS' FUNDS

295,407

382,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 May 2017 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 Board of Directors on 27 February 2018 and were signed on its behalf by:

L Michaelides - Director

1.	STATUTORY INFORMATION

Smart Housing (Space) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date

the rental period occurred. This is stated after trade discounts, other sales taxes and net of VAT.

Property stocks and work in progress

Property stocks and work in progress 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

STOCKS

31.5.17

31.5.16

£

£

Closing stock of properties

3,430,504

3,430,504

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

2,015

1,992

Other debtors

959,050

973,104

Rent deposits scheme

492

492

Prepayments

14,050

10,250

975,607

985,838

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts (see note 7)

250,855

250,850

Other creditors

9,000

9,000

Directors' current accounts

-

78,940

Accrued expenses

16,568

12,198

276,423

350,988

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans (see note 7)

3,839,314

3,901,135

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,835,914

2,897,735

7.

LOANS

An analysis of the maturity of loans is given below:

31.5.17

31.5.16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

5

-

Bank loans

250,850

250,850

250,855

250,850

Amounts falling due between one and two years:

Bank loans - 1-2 years

250,850

250,850

Amounts falling due between two and five years:

Bank loans - 2-5 years

752,550

752,550

31.5.17

31.5.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,835,914

2,897,735

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank overdraft

5

-

Bank loans

4,090,164

4,151,985

4,090,169

4,151,985

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 June 2016

382,955

Profit for the year

2,450

Dividends

(90,000

)

At 31 May 2017

295,405

11.	ULTIMATE CONTROLLING PARTY

12.	CONVERSION TO FRS102

In the transition to FRS102 from the old UK GAAP, no material measurement and recognition adjustments were

required.