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REGISTERED NUMBER: 10882376 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 July 2023

for


Smart Stay (Swiss Cottage) Ltd


Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)







Contents of the Financial Statements

for the Year Ended 31 July 2023





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4



Report of the Accountants  

8



Smart Stay (Swiss Cottage) Ltd


Company Information

for the Year Ended 31 July 2023









DIRECTORS:

C Papaloizou


L Michaelides







REGISTERED OFFICE:

18-20 Frognal


Hampstead


London


NW3 6AG







REGISTERED NUMBER:

10882376 (England and Wales)







ACCOUNTANTS:

Tasos Papaloizou Chartered Accountants


Suite 1


The Golf Club


Darkes Lane


Potters Bar


EN6 1DE


Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)


Balance Sheet

31 July 2023



31.7.23

31.7.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

80,481


94,683



Investment property

5

6,720,291


6,720,291



6,800,772


6,814,974




CURRENT ASSETS

Debtors

6

47,359


43,775



Cash at bank and in hand

7,377


15,639



54,736


59,414



CREDITORS

Amounts falling due within one year

7

301,008


246,765



NET CURRENT LIABILITIES

(246,272

)

(187,351

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

6,554,500


6,627,623




CREDITORS

Amounts falling due after more than one

year

8

6,521,912


6,517,065



NET ASSETS

32,588


110,558




CAPITAL AND RESERVES

Called up share capital

10

100


100



Fair value reserve

11

700,000


700,000



Retained earnings

11

(667,512

)

(589,542

)


SHAREHOLDERS' FUNDS

32,588


110,558




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.


Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)


Balance Sheet - continued

31 July 2023



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 Statement of Income and Retained Earnings has not been delivered.  


The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024  and were signed on its behalf by:





C Papaloizou - Director




L Michaelides - Director



Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)


Notes to the Financial Statements

for the Year Ended 31 July 2023


1.

STATUTORY INFORMATION



Smart Stay (Swiss Cottage) 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.


The presentation currency of the financial statements is the Pound Sterling (£).


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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.  


Plant and Machinery 15% written down value pa.


Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


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.


Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)


Notes to the Financial Statements - continued

for the Year Ended 31 July 2023


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 3 (2022 - 2 ) .


4.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 August 2022


and 31 July 2023

118,650




DEPRECIATION


At 1 August 2022

23,967




Charge for year

14,202




At 31 July 2023

38,169




NET BOOK VALUE


At 31 July 2023

80,481




At 31 July 2022

94,683




5.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 August 2022


and 31 July 2023

6,720,291




NET BOOK VALUE


At 31 July 2023

6,720,291




At 31 July 2022

6,720,291





Fair value at 31 July 2023 is represented by:

£   



Valuation in 2020

500,000




Valuation in 2021

200,000




Cost

6,020,291



6,720,291





The investment property was valued on an open market basis on 31 July 2023 by the Directors .


Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)


Notes to the Financial Statements - continued

for the Year Ended 31 July 2023


6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.7.23


31.7.22

£   

£   



Amounts owed by related companies

40,084


36,500




Other debtors

7,275


7,275



47,359


43,775




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.7.23


31.7.22

£   

£   



Bank loans and overdrafts

16,986


-




Trade creditors

4,001


5,136




Amounts owed to related companies

209,063


105,538




Taxation and social security

21,243


10,802




Other creditors

49,715


125,289



301,008


246,765




8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.7.23


31.7.22

£   

£   



Bank loans

3,732,629


3,727,782




Amounts owed to related companies

2,789,283


2,789,283



6,521,912


6,517,065





Amounts falling due in more than five years:



Repayable otherwise than by instalments


Bank loans more 5 yrs non-inst

3,575,001


3,587,782





Repayable by instalments


Bank loans more 5 yr by instal

125,384


127,820




9.

SECURED DEBTS



The following secured debts are included within creditors:



31.7.23


31.7.22

£   

£   



Bank loans

3,748,812


3,727,782





Bank loans are secured by a fixed and and floating charge over the  Freehold Property of the Company.


Smart Stay (Swiss Cottage) Ltd (Registered number: 10882376)


Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

4

10.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.7.23


31.7.22


value:

£   

£   



100

Ordinary £1 shares

£1

100


100




11.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 August 2022

(589,542

)

700,000


110,458




Deficit for the year

(77,970

)

(77,970

)



At 31 July 2023

(667,512

)

700,000


32,488




Smart Stay (Swiss Cottage) Ltd


Report of the Accountants to the Directors of

Smart Stay (Swiss Cottage) Ltd


The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 July 2023 set out on pages two to nine and you consider that the company is exempt from an audit.  


In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.  







Tasos Papaloizou Chartered Accountants

Suite 1

The Golf Club

Darkes Lane

Potters Bar

EN6 1DE



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