Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31false2021-04-01falseNo description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11327823 2021-04-01 2022-03-31 11327823 2020-04-01 2021-03-31 11327823 2022-03-31 11327823 2021-03-31 11327823 c:Director1 2021-04-01 2022-03-31 11327823 d:ComputerEquipment 2021-04-01 2022-03-31 11327823 d:ComputerEquipment 2022-03-31 11327823 d:ComputerEquipment 2021-03-31 11327823 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 11327823 d:CurrentFinancialInstruments 2022-03-31 11327823 d:CurrentFinancialInstruments 2021-03-31 11327823 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11327823 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 11327823 d:UKTax 2021-04-01 2022-03-31 11327823 d:UKTax 2020-04-01 2021-03-31 11327823 d:ShareCapital 2022-03-31 11327823 d:ShareCapital 2021-03-31 11327823 d:RetainedEarningsAccumulatedLosses 2022-03-31 11327823 d:RetainedEarningsAccumulatedLosses 2021-03-31 11327823 c:FRS102 2021-04-01 2022-03-31 11327823 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 11327823 c:FullAccounts 2021-04-01 2022-03-31 11327823 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 11327823













SMIT PROJECT SOLUTIONS LTD
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022


 
SMIT PROJECT SOLUTIONS LTD
REGISTERED NUMBER:11327823


BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
702

  
-
702

Current assets
  

Debtors: amounts falling due within one year
 6 
1,525
28,424

Cash at bank and in hand
  
19,553
32,744

  
21,078
61,168

Creditors: amounts falling due within one year
 7 
(21,077)
(20,463)

Net current assets
  
 
 
1
 
 
40,705

Total assets less current liabilities
  
1
41,407

  

Net assets
  
1
41,407


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
-
41,406

  
1
41,407


Page 1


 
SMIT PROJECT SOLUTIONS LTD
REGISTERED NUMBER:11327823

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T A Smit
Director

Date: 31 August 2022

The notes on pages 3 to 7 form part of these financial statements.

Page 2


 
SMIT PROJECT SOLUTIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Smit Project Solutions Ltd is a limited liability company incorporated in England. The registered office is 121 Upper Richmond Road, Apartment 1, London, SW15 2DU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.3

Pensions

The company contributes to a personal pension plan on behalf of the director. These contributions form part of the directors' remuneration by the company and are charged to the statement of comprehensive income in the year in which they become payable.

Page 3


 
SMIT PROJECT SOLUTIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4


 
SMIT PROJECT SOLUTIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5


 
SMIT PROJECT SOLUTIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
(1,487)
9,611


Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2021 - 19%).



5.


Tangible fixed assets





Computer equipment

£





At 1 April 2021
1,053


Disposals
(1,053)



At 31 March 2022

-





At 1 April 2021
351


Charge for the year on owned assets
211


Disposals
(562)



At 31 March 2022

-



Net book value



At 31 March 2022
-



At 31 March 2021
702

Page 6


 
SMIT PROJECT SOLUTIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

2022
2021
£
£


Trade debtors
-
28,424

Other debtors
1,525
-

1,525
28,424



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Corporation tax
-
9,611

Other taxation and social security
-
9,248

Other creditors
18,577
104

Accruals and deferred income
2,500
1,500

21,077
20,463



8.


Pension commitments

The company makes contributions to a personal pension plan on behalf of the director. These contributions form part of the directors' remuneration by the company and are subject to profitability, but not to contractual commitment. The pension plan is held personally by the director and is wholly independent of the company. There is no commitment whatsoever on behalf of the company in respect of either the personal pension plan or any pension contributions made to it.

 
Page 7