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REGISTERED NUMBER: 11423544 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

SMARTER CONTRACTS LTD

SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMARTER CONTRACTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTORS: E S Lloyd
W T Lloyd
N Patel
J P Radley





REGISTERED OFFICE: 86-90 Paul Street
3rd Floor, London
London
EC2A 4NE





REGISTERED NUMBER: 11423544 (England and Wales)





ACCOUNTANTS: Factotum Group LLP
85 Great Portland Street
London
W1W 7LT

SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 322,225 231,704
Tangible assets 5 2,039 1,535
324,264 233,239

CURRENT ASSETS
Debtors 6 173,364 68,083
Cash at bank 99,228 82,016
272,592 150,099
CREDITORS
Amounts falling due within one year 7 81,694 54,429
NET CURRENT ASSETS 190,898 95,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

515,162

328,909

CAPITAL AND RESERVES
Called up share capital 8 103 103
Share premium 696,196 696,196
Retained earnings (181,137 ) (367,390 )
SHAREHOLDERS' FUNDS 515,162 328,909

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

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

SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

BALANCE SHEET - continued
31ST 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th November 2023 and were signed on its behalf by:





W T Lloyd - Director


SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022

1. STATUTORY INFORMATION

SMARTER CONTRACTS LTD 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.

2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about SMARTER CONTRACTS LTD as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Development costs are being amortised evenly over their estimated useful life of ten years.

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 etc - 25% on reducing balance.

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.


SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

2. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1st January 2022 1,619 256,250 257,869
Additions 1,441 118,788 120,229
At 31st December 2022 3,060 375,038 378,098
AMORTISATION
At 1st January 2022 540 25,625 26,165
Amortisation for year 210 29,498 29,708
At 31st December 2022 750 55,123 55,873
NET BOOK VALUE
At 31st December 2022 2,310 319,915 322,225
At 31st December 2021 1,079 230,625 231,704

SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2022 2,925
Additions 1,634
At 31st December 2022 4,559
DEPRECIATION
At 1st January 2022 1,390
Charge for year 1,130
At 31st December 2022 2,520
NET BOOK VALUE
At 31st December 2022 2,039
At 31st December 2021 1,535

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 146,850 49,987
VAT 26,244 18,096
Prepayments 270 -
173,364 68,083

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 45,820 1,499
Social security and other taxes 12,137 26,595
Directors' current accounts 22,237 21,335
Accrued expenses 1,500 5,000
81,694 54,429

SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
9,766 A Ordinary Share 0.01 98 98
535 B Ordinary Shares 0.01 5 5
103 103

9. SUBSIDIARY COMPANY

The Company acquired during the Financial Year a wholly owned subsidiary company whose details are as follows:

Name of Company: Smarter Contracts Ltd BVI

Country of Incorporation: British Virgin Islands

Proportion of Share Capital owned: 100%

The Company did not make any Profit/Loss during the period and there are no reserves at the Balance Sheet date.

The Company has availed itself of the provision not to consolidate the results of the subsidiary under CA 2006 s.399(2A) on the grounds that it qualifies as a small group.


RELATED PARTY DISCLOSURES


As of the year-end date of 31 December 2022 balance due to "Mr Wayne T Lloyd" who is the director of the company is £22,237 (2021: £21,335) which is repayable on demand. This balance appears in "other creditors" accounts in the financial statement.

During the year the Company advanced to a wholly owned subsidiary, Smarter Contracts Ltd BVI, acquired during the year, the sum of £194,723.10. The balance between the parties at the Balance Sheet date amounted to £194,723.10.