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Smart Office Solution Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Smart Office Solution Holdings Limited

(Registration number: 11566744)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

83,622

200,688

Investments

5

80

90

 

83,702

200,778

Current assets

 

Debtors

6

1,248,116

80

Creditors: Amounts falling due within one year

7

(328,516)

(329,590)

Net current assets/(liabilities)

 

919,600

(329,510)

Net assets/(liabilities)

 

1,003,302

(128,732)

Capital and reserves

 

Called up share capital

80

80

Retained earnings

1,003,222

(128,812)

Shareholders' funds/(deficit)

 

1,003,302

(128,732)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................

Mr GS Smart

Director

 

Smart Office Solution Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2 & 3 Nepicar Park
London Road
Wrotham
Kent
TN15 7AF
England

These financial statements were authorised for issue by the Board on 4 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Smart Office Solution Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Smart Office Solution Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

334,436

334,436

Disposals

(167,218)

(167,218)

At 30 September 2023

167,218

167,218

Amortisation

At 1 October 2022

133,748

133,748

Amortisation charge

16,722

16,722

Amortisation eliminated on disposals

(66,874)

(66,874)

At 30 September 2023

83,596

83,596

Carrying amount

At 30 September 2023

83,622

83,622

At 30 September 2022

200,688

200,688

 

Smart Office Solution Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

80

90

Subsidiaries

£

Cost or valuation

At 1 October 2022

90

Disposals

(10)

At 30 September 2023

80

Provision

Carrying amount

At 30 September 2023

80

At 30 September 2022

90

6

Debtors

2023
£

2022
£

Other debtors

1,248,116

80

1,248,116

80

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

1,064

Amounts owed to group undertakings and undertakings in which the company has a participating interest

328,436

328,436

Other creditors

 

80

90

 

328,516

329,590