Registered number
SC490785
SmarterTax Limited
Filleted Accounts
30 November 2021
SmarterTax Limited
Registered number: SC490785
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 1,271 2,540
Tangible assets 4 80,744 80,082
82,015 82,622
Current assets
Cash at bank and in hand 52,608 48,714
Creditors: amounts falling due within one year 5 (43,908) (30,368)
Net current assets 8,700 18,346
Total assets less current liabilities 90,715 100,968
Creditors: amounts falling due after more than one year 6 (80,406) (76,631)
Net assets 10,309 24,337
Capital and reserves
Called up share capital 12 12
Profit and loss account 10,297 24,325
Shareholders' funds 10,309 24,337
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
CM Christie
Director
Approved by the board on 29 August 2022
SmarterTax Limited
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses on a straight-line basis over 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Office Equipment 20% on a Reducing Balance basis
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2020 47,922
At 30 November 2021 47,922
Amortisation
At 1 December 2020 45,382
Provided during the year 1,269
At 30 November 2021 46,651
Net book value
At 30 November 2021 1,271
At 30 November 2020 2,540
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2020 75,000 6,178 81,178
Additions - 1,789 1,789
At 30 November 2021 75,000 7,967 82,967
Depreciation
At 1 December 2020 - 1,096 1,096
Charge for the year - 1,127 1,127
At 30 November 2021 - 2,223 2,223
Net book value
At 30 November 2021 75,000 5,744 80,744
At 30 November 2020 75,000 5,082 80,082
5 Creditors: amounts falling due within one year 2021 2020
£ £
Corporation tax 19,236 18,414
Other taxes and social security costs 15,435 11,954
Other creditors 9,237 -
43,908 30,368
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 80,038 76,306
Other creditors 368 325
80,406 76,631
7 Other information
SmarterTax Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
No.1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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