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REGISTERED NUMBER: 08855163 (England and Wales)


















Unaudited Cessation Financial Statements

for the Year Ended 31 December 2022

for

SmartUp.io Limited

SmartUp.io Limited (Registered number: 08855163)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


SmartUp.io Limited (Registered number: 08855163)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 4 464 735
Investments 5 1 1
465 736

CURRENT ASSETS
Debtors 6 9,077 41,682
Cash at bank 863 97,221
9,940 138,903
CREDITORS
Amounts falling due within one year 7 (899,973 ) (954,642 )
NET CURRENT LIABILITIES (890,033 ) (815,739 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(889,568

)

(815,003

)

CAPITAL AND RESERVES
Called up share capital 48 48
Share premium 4,773,013 4,773,013
Retained earnings (5,662,629 ) (5,588,064 )
SHAREHOLDERS' FUNDS (889,568 ) (815,003 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

SmartUp.io Limited (Registered number: 08855163)

Balance Sheet - continued
31 December 2022


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:





E Goh - Director


SmartUp.io Limited (Registered number: 08855163)

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

1. STATUTORY INFORMATION

SmartUp.io Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08855163

Registered office: Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR

2. ACCOUNTING POLICIES

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

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.


Trademarks are being amortised evenly over their estimates useful life of 10 years.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Fixed asset investment
Fixed asset investments are stated at cost less provision for permanent diminution in value.

Going concern
The company ceased trading on 31st December 2022, therefore the financial statements have been prepared on a cessation basis.

Share based payments
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

SmartUp.io Limited (Registered number: 08855163)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 2,707
AMORTISATION
At 1 January 2022 1,972
Charge for year 271
At 31 December 2022 2,243
NET BOOK VALUE
At 31 December 2022 464
At 31 December 2021 735

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2022
and 31 December 2022 1
NET BOOK VALUE
At 31 December 2022 1
At 31 December 2021 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 9,077 41,682

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 289,997 280,000
Amounts owed to related parties 600,243 665,546
Taxation and social security - 713
Other creditors 9,733 8,383
899,973 954,642

SmartUp.io Limited (Registered number: 08855163)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 289,987 280,000

The loan is secured by 77,945 share warrants and over all properties, rights, assets and revenues of SmartUp.io Limited.

9. SHARE-BASED PAYMENT TRANSACTIONS

SmartUp.io Limited, issued options to certain employees which provides additional remuneration for those employees who are key to the operations of the company. The options are granted with a fixed exercise price determined at the grant of the option. The options are exercisable up until the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised.

Reconciliations of the number of shares per option scheme are presented below.


Share option type Date of Grant Number of shares
Unapproved Share Options 12/10/2015 - 21/01/2019 140,360
Unapproved Share Options 15/11/2021 400,000
Total 540,360



Number of shares

EMI Scheme
Unapproved
Scheme

At 1 January 2022 - 540,360
Granted - -
Exercised in the year - -
Lapsed in the year - -
Outstanding as at 31 December 2022 - 540,360

The company is unable to directly measure the fair value of the options granted. instead the share options fair value is determined by the directors.

The company only recognises expenses relating to these options based on the employees, employed directly bu the company for the elapsed vesting period.