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Registered number: 10033169














ESMART SYSTEMS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2022

 
ESMART SYSTEMS UK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6

 
ESMART SYSTEMS UK LIMITED
REGISTERED NUMBER:10033169

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,226
1,015

Current assets
  

Debtors: amounts falling due within one year
 5 
406,181
155,130

Cash at bank and in hand
  
53,358
31,961

  
459,539
187,091

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(714,894)
(48,787)

Net current (liabilities)/assets
  
 
 
(255,355)
 
 
138,304

Total assets less current liabilities
  
(254,129)
139,319

Creditors: amounts falling due after more than one year
 7 
-
(485,801)

Net liabilities
  
(254,129)
(346,482)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(254,229)
(346,582)

  
(254,129)
(346,482)


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2023.




O J Melleby
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
ESMART SYSTEMS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

eSmart Systems UK Limited is a private limited liability company incorporated in England and Wales, with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 
The principal activity of the company is to provide IT products and services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In the opinion of the Director, the Company will continue to meet its day to day working capital requirements through the utilisation of group loan facilities which he considers will be sufficient to meet the company's cash flow requirements for the foreseeable future and for at least twelve months from the date of his approval of the financial statements. On the basis of the information given above, the Director considers it appropriate to prepare the financial statements on the going concern basis. 

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue is recognised when the services are provided to the customer.

 
2.4

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties. 

 
2.6

Creditors

Short term creditors are measured at the transaction price. 

Page 2

 
ESMART SYSTEMS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
 

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3

 
ESMART SYSTEMS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2022
1,083


Additions
567



At 31 December 2022

1,650



Depreciation


At 1 January 2022
68


Charge for the year on owned assets
356



At 31 December 2022

424



Net book value



At 31 December 2022
1,226



At 31 December 2021
1,015


5.


Debtors

2022
2021
£
£


Other debtors
1,042
4,493

Called up share capital not paid
100
100

Prepayments and accrued income
405,039
150,537

406,181
155,130


Page 4

 
ESMART SYSTEMS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
5,040
1,566

Amounts owed to group undertakings
664,167
-

Other taxation and social security
22,599
27,403

Other creditors
8,271
15,611

Accruals and deferred income
14,817
4,207

714,894
48,787



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
-
485,801



8.


Share capital

2022
2021
£
£
Allotted, called up and partly paid



100 (2021 - 100) Ordinary shares of £1 each
100
100



9.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,271 (2021 - £8,709). Contributions totalling £20,264 (2021 - £7,317) were payable to the fund at the reporting date and are included in creditors.


10.


Controlling party

The ultimate parent company is eSmart Systems AS, a company registered in Norway, with its principal place of business at Hakon Melbergs vei 16, 1783 Halden, Norway. eSmart Systems AS is the parent company of the largest and smallest group of which eSmart Systems UK Limited is a member and for which the group financial statements are drawn up. Copies of the group financial statements are available from the Brønnøysundregistrene.

Page 5

 
ESMART SYSTEMS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
In forming our opinion, we have considered the adequacy of the disclosures made in Note 2.2 in the financial statements concerning the uncertainty as to the dependence of the company on the continued financial support of the company's loan creditors. In view of the significance of this uncertainty we consider that it should be drawn to your attention but our opinion is not qualified in this respect.

The audit report was signed on 22 December 2023 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 6