Company Registration No. 09981623 (England and Wales)
SmarterQueue Ltd
Unaudited accounts
for the year ended 28 February 2023
SmarterQueue Ltd
Company Information
for the year ended 28 February 2023
Company Number
09981623 (England and Wales)
Registered Office
27 Old Gloucester Street
London
WC1N 3AX
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of SmarterQueue Ltd for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
SmarterQueue Ltd for the year ended
28 February 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of SmarterQueue Ltd, as a body, in accordance with the terms of our engagement letter dated 3 September 2019. Our work has been undertaken solely to prepare for your approval the accounts of SmarterQueue Ltd and state those matters that we have agreed to state to the Board of Directors of SmarterQueue Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SmarterQueue Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that SmarterQueue Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SmarterQueue Ltd. You consider that SmarterQueue Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SmarterQueue Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
23 November 2023
SmarterQueue Ltd
Statement of financial position
as at 28 February 2023
Tangible assets
60,481
1,260
Cash at bank and in hand
888,551
863,630
Creditors: amounts falling due within one year
(72,347)
(125,765)
Net current assets
846,553
783,235
Total assets less current liabilities
982,871
880,637
Provisions for liabilities
Net assets
972,438
880,637
Called up share capital
1
1
Profit and loss account
972,437
880,636
Shareholders' funds
972,438
880,637
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 November 2023 and were signed on its behalf by
Claude Schneider
Director
Company Registration No. 09981623
SmarterQueue Ltd
Notes to the Accounts
for the year ended 28 February 2023
SmarterQueue Ltd is a private company, limited by shares, registered in England and Wales, registration number 09981623. The registered office is 27 Old Gloucester Street, London, WC1N 3AX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Investments in listed equities are shown at fair value.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight line method - 20%
Motor vehicles
Straight line method - 10%
Computer equipment
Straight line method - 25%
SmarterQueue Ltd
Notes to the Accounts
for the year ended 28 February 2023
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
The director considers the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
-
-
3,072
3,072
Additions
5,914
60,450
-
66,364
At 28 February 2023
5,914
60,450
3,072
69,436
At 1 March 2022
-
-
1,812
1,812
Charge for the year
887
5,541
715
7,143
At 28 February 2023
887
5,541
2,527
8,955
At 28 February 2023
5,027
54,909
545
60,481
At 28 February 2022
-
-
1,260
1,260
5
Investments
Other investments
Valuation at 1 March 2022
96,142
Fair value adjustments
(20,305)
Valuation at 28 February 2023
75,837
Amounts falling due within one year
Amounts due from group undertakings etc.
13,502
13,502
Other debtors
16,082
31,868
SmarterQueue Ltd
Notes to the Accounts
for the year ended 28 February 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
32,735
52,805
Taxes and social security
10,237
-
Loans from directors
8,348
32,508
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
At year end, an amount of £8,348 (2022: £32,508) was owed to the director of the company.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).