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REGISTERED NUMBER: 07879693 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st December 2021

for

SO Smart Engineering Limited

SO Smart Engineering Limited (Registered number: 07879693)

Contents of the Financial Statements
for the Year Ended 31st December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SO Smart Engineering Limited

Company Information
for the Year Ended 31st December 2021







DIRECTORS: Mrs O G Jeffery
S R Jeffery





REGISTERED OFFICE: Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT





REGISTERED NUMBER: 07879693 (England and Wales)





ACCOUNTANTS: Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

SO Smart Engineering Limited (Registered number: 07879693)

Balance Sheet
31st December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,712 5,276

CURRENT ASSETS
Debtors 6 30,304 29,241
Cash at bank 26,003 46,708
56,307 75,949
CREDITORS
Amounts falling due within one year 7 27,051 39,734
NET CURRENT ASSETS 29,256 36,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,968

41,491

CREDITORS
Amounts falling due after more than one
year

8

(30,712

)

(40,039

)

PROVISIONS FOR LIABILITIES (705 ) (1,002 )
NET ASSETS 1,551 450

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,451 350
SHAREHOLDERS' FUNDS 1,551 450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SO Smart Engineering Limited (Registered number: 07879693)

Balance Sheet - continued
31st December 2021


The 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, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th September 2022 and were signed on its behalf by:





Mrs O G Jeffery - Director


SO Smart Engineering Limited (Registered number: 07879693)

Notes to the Financial Statements
for the Year Ended 31st December 2021


1. STATUTORY INFORMATION

SO Smart Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:


Fixtures and fittings-20% on cost
Computer equipment-33% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SO Smart Engineering Limited (Registered number: 07879693)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

SO Smart Engineering Limited (Registered number: 07879693)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st January 2021 8,161 6,284 14,445
Additions 549 390 939
At 31st December 2021 8,710 6,674 15,384
DEPRECIATION
At 1st January 2021 4,168 5,001 9,169
Charge for year 1,742 761 2,503
At 31st December 2021 5,910 5,762 11,672
NET BOOK VALUE
At 31st December 2021 2,800 912 3,712
At 31st December 2020 3,993 1,283 5,276

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 30,304 29,241

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 8,885 4,961
Taxation and social security 16,194 32,898
Other creditors 1,972 1,875
27,051 39,734

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 30,712 40,039

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 4,001

SO Smart Engineering Limited (Registered number: 07879693)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the directors owed the company the sum of £25,805 ( 2020 - £24,741 ).