Company registration number 13935857 (England and Wales)
SMARTABILITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SMARTABILITY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
SMARTABILITY LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
1
Cash at bank and in hand
1,378
1,379
Creditors: amounts falling due within one year
4
(8,961)
Net current liabilities
(7,582)
Capital and reserves
Called up share capital
3
Profit and loss reserves
(7,585)
Total equity
(7,582)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
Dr A Farahmand-Razavi
Director
Company registration number 13935857 (England and Wales)
SMARTABILITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Smartability Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.
1.1
Reporting period
These financial statements are for a period longer than a year. The period covered by this set of financial statements is from the date of incorporation, 23 February 2022, up to the current year end, 31 March 2023. Thereafter, accounts will be prepared annually.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SMARTABILITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
3
3
Debtors
2023
Amounts falling due within one year:
£
Other debtors
1
4
Creditors: amounts falling due within one year
2023
£
Other creditors
8,961