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Registration number: 09266032

Smartery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2021

 

Smartery Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Smartery Limited

Company Information

Director

N Dino

Registered office

277-279 Chiswick High Road
London
W4 4PU

Accountants

Flintham Mackenzie Ltd
Chartered Accountants
277 - 279 Chiswick High Road
London
W4 4PU

 

Smartery Limited

(Registration number: 09266032)
Balance Sheet as at 31 October 2021

Note

2021
£

2020
£

Current assets

 

Debtors

5

2,054

1,169

Cash at bank and in hand

 

16,252

11,995

 

18,306

13,164

Creditors: Amounts falling due within one year

6

(21,608)

(18,684)

Net liabilities

 

(3,302)

(5,520)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(3,303)

(5,521)

Shareholders' deficit

 

(3,302)

(5,520)

For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 September 2022
 

.........................................
N Dino
Director

 

Smartery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
277-279 Chiswick High Road
London
W4 4PU

These financial statements were authorised for issue by the director on 6 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Smartery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 0).

 

Smartery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 November 2020

2,106

2,106

At 31 October 2021

2,106

2,106

Depreciation

At 1 November 2020

2,106

2,106

At 31 October 2021

2,106

2,106

Carrying amount

At 31 October 2021

-

-

5

Debtors

Current

2021
£

2020
£

Trade debtors

1,016

141

Other debtors

1,038

1,028

 

2,054

1,169

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Accruals and deferred income

650

650

Other creditors

20,958

18,034

21,608

18,684