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REGISTERED NUMBER: 07669226 (England and Wales)















Financial Statements

for the Year Ended 31 December 2022

for

Smart Payments Limited

Smart Payments Limited (Registered number: 07669226)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Smart Payments Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: D Wirta
M J Henricks





REGISTERED OFFICE: 2 Darker Street
Leicester
Leicestershire
LE1 4SL





REGISTERED NUMBER: 07669226 (England and Wales)





AUDITORS: The Barnbrook Sinclair Partnership LLP
Chartered Accountants
Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Smart Payments Limited (Registered number: 07669226)

Statement of Financial Position
31 December 2022

31/12/22 31/12/21
Notes £    £   
FIXED ASSETS
Intangible assets 5 - 266,667
Property, plant and equipment 6 - 374
- 267,041

CURRENT ASSETS
Debtors 7 - 4,214,322
Cash at bank 4,753,629 2,951,812
4,753,629 7,166,134
CREDITORS
Amounts falling due within one year 8 (4,753,628 ) (4,324,656 )
NET CURRENT ASSETS 1 2,841,478
TOTAL ASSETS LESS CURRENT
LIABILITIES

1

3,108,519

CAPITAL AND RESERVES
Called up share capital 9 1 100
Retained earnings - 3,108,419
SHAREHOLDERS' FUNDS 1 3,108,519

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





M J Henricks - Director


Smart Payments Limited (Registered number: 07669226)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Smart Payments 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.

As set out in the Directors' report, due to the company ceasing to trade on 30th September 2022, the directors have decided to prepare the financial statements on a basis other than a going concern.

The assets and liabilities of the company have been transferred to the company's parent company Community Brands UK Limited at net book value. Accordingly the following policies and procedures were implemented.

All assets have been disclosed at values at which they are expected to be realised;
All liabilities reflect the full amount at which they are expected to materialise.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Subscription revenue is recognised on a straight-line basis over the term of the contract. Revenue relating to future periods is classified as deferred income on the Statement of Financial Position to reflect the transfer of risk and reward.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Smart Payments Limited (Registered number: 07669226)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2021 - 18 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 January 2022 500,000
Disposals (500,000 )
At 31 December 2022 -
Amortisation
At 1 January 2022 233,333
Eliminated on disposal (233,333 )
At 31 December 2022 -
Net book value
At 31 December 2022 -
At 31 December 2021 266,667

Smart Payments Limited (Registered number: 07669226)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
Cost
At 1 January 2022 1,495
Disposals (1,495 )
At 31 December 2022 -
Depreciation
At 1 January 2022 1,121
Eliminated on disposal (1,121 )
At 31 December 2022 -
Net book value
At 31 December 2022 -
At 31 December 2021 374

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/12/21
£    £   
Trade debtors - 1,045,544
Amounts owed by group undertakings - 3,168,014
Other debtors - 764
- 4,214,322

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/12/21
£    £   
Trade creditors - 55,059
Amounts owed to group undertakings 4,753,628 665
Tax - 240,265
Social security and other taxes - 22,993
VAT - 86,093
Other creditors and accruals - 1,901,321
Accruals and deferred income - 2,018,260
4,753,628 4,324,656

9. CALLED UP SHARE CAPITAL

On 27th September 2022, the Company reduced it's issued share capital by £99 from £100, comprising 100
Ordinary Shares of £1 to 100 Ordinary Shares of £0.01.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Carpenter (Senior Statutory Auditor)
for and on behalf of The Barnbrook Sinclair Partnership LLP

Smart Payments Limited (Registered number: 07669226)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate parent undertaking is Community Brands UK Limited, a company incorporated in England and Wales. Community Brands UK Limited is the smallest group for which consolidated accounts including this company are prepared. Copies of the financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office address of Community Brands UK Limited is the same as for this company.

The ultimate parent undertaking is Insight MB Holdings LLC incorporated in the United States of America. There is no ultimate controlling party.