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REGISTERED NUMBER: 03408484 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Smart Hotels Limited

Smart Hotels Limited (Registered number: 03408484)






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 7

Smart Hotels Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: C Papaloizou
L Michaelides





SECRETARY:





REGISTERED OFFICE: 18-20 Frognal
Hampstead
London
NW3 6AG





REGISTERED NUMBER: 03408484 (England and Wales)





ACCOUNTANTS: Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE

Smart Hotels Limited (Registered number: 03408484)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 730

CURRENT ASSETS
Debtors 5 4,485,749 4,239,872
Cash at bank and in hand 761 625
4,486,510 4,240,497
CREDITORS
Amounts falling due within one year 6 5,029,501 4,562,043
NET CURRENT LIABILITIES (542,991 ) (321,546 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(542,991

)

(320,816

)

CREDITORS
Amounts falling due after more than one
year

7

41,938

46,140
NET LIABILITIES (584,929 ) (366,956 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (585,029 ) (367,056 )
SHAREHOLDERS' FUNDS (584,929 ) (366,956 )

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 Hotels Limited (Registered number: 03408484)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:




C Papaloizou - Director



L Michaelides - Director


Smart Hotels Limited (Registered number: 03408484)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Smart Hotels 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.

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.

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 each asset over its estimated useful life.

15% Reducing Balance per annum.

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.

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 3 (2022 - 5 ) .

Smart Hotels Limited (Registered number: 03408484)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 197,343
DEPRECIATION
At 1 August 2022 196,613
Charge for year 730
At 31 July 2023 197,343
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 730

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 9,398 27,654
Amounts owed by related companies 2,936,798 2,874,717
Other debtors 1,539,553 1,337,501
4,485,749 4,239,872

The amounts due from / to Related companies are owed/due to a number of Property investment companies under common control. Smart Hotels Limited acts as the trading vehicle to these companies and utilizes the properties owned by these companies in its trade. These amounts are due after more than one year.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts (see note 8) 9,825 9,629
Trade creditors 19,226 226,442
Amounts owed to related companies 4,923,933 4,224,307
Taxation and social security 50,554 64,542
Other creditors 25,963 37,123
5,029,501 4,562,043

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans (see note 8) 41,938 46,140

Smart Hotels Limited (Registered number: 03408484)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. LOANS

An analysis of the maturity of loans is given below:

31.7.23 31.7.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 9,825 9,629

Amounts falling due between two and five years:
Bank loans - 2-5 years 41,938 46,140

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
C Papaloizou
Balance outstanding at start of year 444,114 436,389
Amounts advanced 77,547 7,725
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 521,661 444,114

L Michaelides
Balance outstanding at start of year 572,303 439,829
Amounts advanced 88,862 132,474
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 661,165 572,303

Smart Hotels Limited

Report of the Accountants to the Directors of
Smart Hotels Limited

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: .............................................