Houseway Ltd

Houseway Ltd

HOUSEWAY LTD - Company Information

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1 October 2016 false No description of principal activity Taxfiler 2018.4.Web 07788622business:PrivateLimitedCompanyLtd2016-10-012017-09-30 077886222016-09-30 077886222016-10-012017-09-30 07788622business:AuditExemptWithAccountantsReport2016-10-012017-09-30 07788622business:FullAccounts2016-10-012017-09-30 077886222017-09-30 07788622business:Director12016-10-012017-09-30 07788622business:RegisteredOffice2016-10-012017-09-30 077886222016-09-30 07788622core:WithinOneYear2017-09-30 07788622core:WithinOneYear2016-09-30 07788622core:AfterOneYear2017-09-30 07788622core:AfterOneYear2016-09-30 07788622core:ShareCapital2017-09-30 07788622core:ShareCapital2016-09-30 07788622core:RetainedEarningsAccumulatedLosses2017-09-30 07788622core:RetainedEarningsAccumulatedLosses2016-09-30 07788622business:SmallEntities2016-10-012017-09-30 07788622countries:EnglandWales2016-10-012017-09-30 07788622core:RevaluationInvestmentPropertyDeferredTax2017-09-30 07788622core:RevaluationInvestmentPropertyDeferredTax2016-09-30 077886222015-09-30 077886222015-10-012016-09-30 07788622business:OrdinaryShareClass12016-10-012017-09-30 07788622business:OrdinaryShareClass12015-10-012016-09-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 07788622 (England and Wales)
Houseway Ltd Unaudited accounts for the year ended 30 September 2017
Houseway Ltd Unaudited accounts Contents
Page
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Houseway Ltd Company Information for the year ended 30 September 2017
Director
Pessi Schwarz
Company Number
07788622 (England and Wales)
Registered Office
30 CASTLEWOOD ROAD LONDON N16 6DW ENGLAND
Accountants
Precision Ltd 30 Castlewood Road London N16 6DW
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Houseway Ltd Statement of financial position as at 30 September 2017
2017 
2016 
Notes
£ 
£ 
Fixed assets
Investment property
4
700,000 
700,000 
Current assets
Cash at bank and in hand
1,718 
1,168 
Creditors: amounts falling due within one year
5
(184,528)
(176,584)
Net current liabilities
(182,810)
(175,416)
Total assets less current liabilities
517,190 
524,584 
Creditors: amounts falling due after more than one year
6
(216,339)
(227,051)
Provisions for liabilities
Deferred tax
7
(56,112)
(56,112)
Net assets
244,739 
241,421 
Capital and reserves
Called up share capital
8
1 
1 
Profit and loss account
244,738 
241,420 
Shareholders' funds
244,739 
241,421 
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 24 June 2018.
Pessi Schwarz Director Company Registration No. 07788622
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Houseway Ltd Notes to the Accounts for the year ended 30 September 2017
1
Statutory information
Houseway Ltd is a private company, limited by shares, registered in England and Wales, registration number 07788622. The registered office is 30 CASTLEWOOD ROAD, LONDON, N16 6DW, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 30 September 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 October 2015. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 10 below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents rents demanded during the year.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
4
Investment property
2017 
£ 
Fair value at 1 October 2016
700,000 
At 30 September 2017
700,000 
5
Creditors: amounts falling due within one year
2017 
2016 
£ 
£ 
Other creditors
183,328 
176,584 
Accruals
1,200 
- 
184,528 
176,584 
6
Creditors: amounts falling due after more than one year
2017 
2016 
£ 
£ 
Bank loans
216,339 
227,051 
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Houseway Ltd Notes to the Accounts for the year ended 30 September 2017
7
Deferred taxation
2017 
2016 
£ 
£ 
Revaluation of investment property
56,112 
56,112 
2017 
2016 
£ 
£ 
Provision at start of year
56,112 
20,686 
Charged to the profit and loss account
- 
35,426 
Provision at end of year
56,112 
56,112 
8
Share capital
2017 
2016 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
9
Average number of employees
During the year the average number of employees was 0 (2016: 0).
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Houseway Ltd Notes to the Accounts for the year ended 30 September 2017
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October 2015 
30 September 2016 
£ 
£ 
Capital and reserves (as previously stated)
84,261 
241,421 
Deferred Tax on revaluation gains
(20,686)
- 
Capital and reserves (as restated)
63,575 
241,421 
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015. The following were changes in accounting policies arising from the transition to FRS 102: (a) Investment properties Previously, the company's investment properties were held at market value, with aggregate surplus or deficit being recorded in the revaluation reserve, with the exception of permanent diminutions in value which were written off through the profit and loss account. Under FRS 102, these properties are held at fair value, with changes in fair value being recorded in the profit and loss account. (b) Deferred tax on unrealised gains and losses on investment properties Previously, no deferred tax was recognised on the timing differences between the accounting and tax treatment of the revaluation of the company's investment properties. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account.
Reconciliation of profit or loss for the year
30 September 2016 
£ 
Profit for the year (as previously stated)
13,272 
Deferred Tax on revaluation gains
(35,426)
Gains on Revaluation of investment property
200,000 
Profit for the year (as restated)
177,846 
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