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REGISTERED NUMBER: 09896696 (England and Wales)















Smart Insider Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Smart Insider Limited (Registered number: 09896696)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Smart Insider Limited

Company Information
for the year ended 31 December 2023







Directors: W F Lattimer
M J Tindale





Registered office: Bourneside
Bourne Lane
Much Hadham
Hertfordshire
SG10 6ER





Registered number: 09896696 (England and Wales)






Smart Insider Limited (Registered number: 09896696)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 6,915 3,071
Investments 5 567,154 567,154
574,069 570,225

Current assets
Debtors 6 133,160 307,629
Cash at bank 92,176 52,479
225,336 360,108
Creditors
Amounts falling due within one year 7 577,377 647,433
Net current liabilities (352,041 ) (287,325 )
Total assets less current liabilities 222,028 282,900

Creditors
Amounts falling due after more than one
year

8

304,048

393,493
Net liabilities (82,020 ) (110,593 )

Capital and reserves
Called up share capital 10 100 100
Retained earnings 11 (82,120 ) (110,693 )
Shareholders' funds (82,020 ) (110,593 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:



M J Tindale - Director


Smart Insider Limited (Registered number: 09896696)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Smart Insider Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

Preparation of consolidated financial statements
The financial statements contain information about Smart Insider Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.

Smart Insider Limited (Registered number: 09896696)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued
Key sources of estimation uncertainty :

Fixed asset investments
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates recoverable amount of the asset. if the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

Determining residual values and useful economic lives of property, plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at that date the transaction took place. Where this is not possible to determine, income and expense items are translated using an average exchange rate for the period.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates of exchange prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities are reported in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Smart Insider Limited (Registered number: 09896696)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The Company operates 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.

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds both basic financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

(i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

(iii) Equity investments
Equity investments comprise ordinary shares, not publicly traded in active markets for which a reliable fair value cannot be measured reliably. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss.

(iv) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

Equity
Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments issued by the Company are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

3. Employees and directors

The average number of employees during the year was 11 (2022 - 9 ) .

Smart Insider Limited (Registered number: 09896696)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Tangible fixed assets
Computer
equipment
£
Cost
At 1 January 2023 32,783
Additions 8,892
At 31 December 2023 41,675
Depreciation
At 1 January 2023 29,712
Charge for year 5,048
At 31 December 2023 34,760
Net book value
At 31 December 2023 6,915
At 31 December 2022 3,071

5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 January 2023
and 31 December 2023 567,154
Net book value
At 31 December 2023 567,154
At 31 December 2022 567,154

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 70,556 101,111
Amounts owed by group undertakings 16,562 -
Other debtors 46,042 206,518
133,160 307,629

7. Creditors: amounts falling due within one year
2023 2022
£ £
Preference shares (see note 9) 8,888 13,861
Trade creditors 5,340 95,510
Social security and other taxes 36,827 8,925
VAT 13,954 21,157
Other creditors 13,036 12,307
Accruals and deferred income 499,332 495,673
577,377 647,433

Smart Insider Limited (Registered number: 09896696)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. Creditors: amounts falling due after more than one year

The 'A' Ordinary Shares and 'B' Ordinary Shares constitute different classes of Shares but confer upon the holders the same rights and rank pari passu in all aspects.

20232022
No of sharesNo of shares
'A' Preferred Shares with a par value of $100 and a premium of
$39,900 per share.

-

3
'B' Preferred Shares with a par value of £100 and a premium of
£19,650 per share.

3

3
'C' preferred Shares with a par value of £1237,000237,000


During the year, 3 'A' Preferred Shares were redeemed at a par value of $100 and a premium of $39,900 per share.

9. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Preference shares 8,888 13,861

Amounts falling due between two and five years:
Preference shares 304,048 393,493

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
80 A Ordinary £1 80 80
20 B Ordinary £1 20 20
100 100

11. Reserves
Retained
earnings
£

At 1 January 2023 (110,693 )
Profit for the year 28,573
At 31 December 2023 (82,120 )

Smart Insider Limited (Registered number: 09896696)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. Share-based payment transactions

Enterprise Management Incentive Scheme share options issued to UK employees
Smart Insider Limited employees have been granted options under an Enterprise Management Incentive Scheme at exercise price of £1, which entitles the holders to options on ordinary shares, at a future date. The option prices granted were agreed in advance with HMRC Shares & Asset Valuation Division and represented current actual and unrestricted market value at the time of granting the options.

The options granted to employees vested immediately at the start of the scheme, 1st January 2017.

The directors have reviewed the fair value of the options and they concluded that they had a negligible value at grant date.

The following table shows the movements during the year:

20232022

Outstanding at 1 January88
Granted during the year --
Cancelled during the year --
Exercised during the year --
Outstanding at 31 December 88