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Registration number: 10857886

Smart Finance Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Smart Finance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Smart Finance Limited

Company Information

Director

Mr Maksim Burdilov

Company secretary

Mr Maksim Burdilov

Registered office

216a Randolph Avenue
London
W9 1PF

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Smart Finance Limited

(Registration number: 10857886)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

39

Investment property

5

802,000

871,000

 

802,000

871,039

Current assets

 

Debtors

6

649

2,037

Cash at bank and in hand

 

1,065

1,781

 

1,714

3,818

Creditors: Amounts falling due within one year

7

(248,813)

(246,496)

Net current liabilities

 

(247,099)

(242,678)

Total assets less current liabilities

 

554,901

628,361

Creditors: Amounts falling due after more than one year

7

(574,954)

(574,954)

Provisions for liabilities

(1,615)

(14,725)

Net (liabilities)/assets

 

(21,668)

38,682

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

6,883

62,773

Retained earnings

(28,651)

(24,191)

Shareholders' (deficit)/funds

 

(21,668)

38,682

 

Smart Finance Limited

(Registration number: 10857886)
Balance Sheet as at 31 July 2023 (continued)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 April 2024
 

.........................................
Mr Maksim Burdilov
Company secretary and director

 

Smart Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
216a Randolph Avenue
London
W9 1PF
United Kingdom

These financial statements were authorised for issue by the director on 2 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the letting of the company's investment properties.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

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.

 

Smart Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Smart Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Smart Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

6,995

6,995

At 31 July 2023

6,995

6,995

Depreciation

At 1 August 2022

6,956

6,956

Charge for the year

39

39

At 31 July 2023

6,995

6,995

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

39

39

5

Investment properties

2023
£

At 1 August

871,000

Fair value adjustments

(69,000)

At 31 July

802,000

There has been no valuation of investment property by an independent valuer.

 

Smart Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,265

Other debtors

649

772

 

649

2,037

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,500

1,260

Other creditors

247,313

245,236

248,813

246,496

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

574,954

574,954

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         
 

Smart Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(55,890)

(55,890)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

50,220

50,220

10

Related party transactions

Included in other debtors is:

(a) £549 due from Hipcrate Ltd where Maksim Burdilov is director/shareholder.


Included in other creditors are:

(a) £12,995 due to Cubetag Ltd where Maksim Burdilov is director/shareholder. £10,795 (2022)

(b) £231,918 due to Maksim Burdilov who is both Director and Shareholder. £231,918 (2022)

The loans are interest free and repayable on demand.