Company registration number 07282714 (England and Wales)
SMART HOME SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SMART HOME SOLUTIONS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 8
SMART HOME SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
205,201
87,860
Tangible assets
4
1,350,237
1,337,564
1,555,438
1,425,424
Current assets
Stocks
966,277
815,663
Debtors
245,751
286,147
Cash at bank and in hand
153,621
42,692
1,365,649
1,144,502
Creditors: amounts falling due within one year
(1,220,709)
(1,047,006)
Net current assets
144,940
97,496
Total assets less current liabilities
1,700,378
1,522,920
Creditors: amounts falling due after more than one year
(275,993)
(453,128)
Provisions for liabilities
(102,461)
(97,375)
Net assets
1,321,924
972,417
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
1,321,824
972,317
Total equity
1,321,924
972,417
SMART HOME SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
Mr A R Hazell
Director
Company registration number 07282714 (England and Wales)
SMART HOME SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
948,585
948,685
Year ended 30 June 2023:
Profit and total comprehensive income
-
101,286
101,286
Dividends
-
(77,554)
(77,554)
Balance at 30 June 2023
100
972,317
972,417
Year ended 30 June 2024:
Profit and total comprehensive income
-
422,507
422,507
Dividends
-
(73,000)
(73,000)
Balance at 30 June 2024
100
1,321,824
1,321,924
SMART HOME SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Smart Home Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12, Triangle Park, Metz Way, Gloucester, Gloucestershire, United Kingdom, GL1 1AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue is recognised on despatch of goods.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets relate to the costs associated with the production of YouTube videos. Staff costs to produce the videos have been capitalised along with an apportionment of overheads.

 

Amortisation has been provided at the following rate:

Development costs
25% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Property improvements
No depreciation
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
Over the life of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SMART HOME SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

SMART HOME SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
13
3
Intangible fixed assets
Total
£
Cost
At 1 July 2023
100,416
Additions
158,741
At 30 June 2024
259,157
Amortisation and impairment
At 1 July 2023
12,556
Amortisation charged for the year
41,400
At 30 June 2024
53,956
Carrying amount
At 30 June 2024
205,201
At 30 June 2023
87,860
SMART HOME SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Total
£
Cost
At 1 July 2023
1,371,592
Additions
43,112
Disposals
(1,375)
At 30 June 2024
1,413,329
Depreciation and impairment
At 1 July 2023
34,028
Depreciation charged in the year
29,132
Eliminated in respect of disposals
(68)
At 30 June 2024
63,092
Carrying amount
At 30 June 2024
1,350,237
At 30 June 2023
1,337,564
5
Secured debts

The bank loans are secured by fixed and floating charges.

 

Amounts owed under finance leases are secured against the assets to which they relate.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
60,000
60,000
60
60
Ordinary B shares of 0.1p each
40,000
40,000
40
40
100,000
100,000
100
100
SMART HOME SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
Related party transactions

Electronics Advisor Ltd

Company under common control

 

In a previous year the company owed £8,116 to the related party. This has been repaid during the year.

 

Andrew Hazell Properties Ltd

Company under common control

 

At the end of the year, the company owed £7,500 (2023: £nil) to the related party.

 

Inside Out Ltd

A business in which one of the directors has an interest

 

The company rents part of its property on an arms' length basis to Inside Out Ltd. Rent received in the year to 30 June 2024 was £11,138 (2023: £10,650).

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