Hi Spawney. There's a table in 'xxx.brick-yard.co.uk/forum/tyre-size-for-rim-width_topic60146.html' that show the min/max tyre sizes that will fit a given wheelrim. I can guess that a 205 will fit your wheelrim without a
problem, however you will be reducing the diameter of the wheel (the '40' is a %age of the tyre width, which you are reducing) , reducing the ride height by 4mm and putting the speedo out a little (overread marginally).
I don't think you will notice any real difference with handling - and it is winter now so when(?!) it snows it's considered narrower tyres are better (not that 1cm will make much difference...).
Have a look at tyres-pneus-online.co.uk - they may have what you're looking for and are well priced even after adding the fitting price at your local fitter.