Acorah Software Products - Accounts Production 14.5.601 false true true 31 December 2021 1 January 2021 false 1 January 2022 31 December 2022 31 December 2022 08704199 Mr Antonio Mugica Mrs Kim Wolters true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08704199 2021-12-31 08704199 2022-12-31 08704199 2022-01-01 2022-12-31 08704199 frs-core:CurrentFinancialInstruments 2022-12-31 08704199 frs-core:ShareCapital 2022-12-31 08704199 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 08704199 frs-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08704199 frs-bus:FilletedAccounts 2022-01-01 2022-12-31 08704199 frs-bus:SmallEntities 2022-01-01 2022-12-31 08704199 frs-bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 08704199 frs-bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08704199 1 2022-01-01 2022-12-31 08704199 frs-bus:Director1 2022-01-01 2022-12-31 08704199 frs-bus:Director2 2022-01-01 2022-12-31 08704199 frs-countries:EnglandWales 2022-01-01 2022-12-31 08704199 2020-12-31 08704199 2021-12-31 08704199 2021-01-01 2021-12-31 08704199 frs-core:CurrentFinancialInstruments 2021-12-31 08704199 frs-core:ShareCapital 2021-12-31 08704199 frs-core:RetainedEarningsAccumulatedLosses 2021-12-31
Registered number: 08704199
Smartmatic Elections UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2022
DSNA Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 08704199
2022 2021
Notes $ $ $ $
CURRENT ASSETS
Debtors 4 3,466 13,926
Cash at bank and in hand 40,333 2,356,802
43,799 2,370,728
Creditors: Amounts Falling Due Within One Year 5 (411,833 ) (2,706,081 )
NET CURRENT ASSETS (LIABILITIES) (368,034 ) (335,353 )
TOTAL ASSETS LESS CURRENT LIABILITIES (368,034 ) (335,353 )
NET LIABILITIES (368,034 ) (335,353 )
CAPITAL AND RESERVES
Called up share capital 6 2 2
Profit and Loss Account (368,036 ) (335,355 )
SHAREHOLDERS' FUNDS (368,034) (335,353)
For the year ending 31 December 2022 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Antonio Mugica
Director
11/04/2024
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Smartmatic Elections UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08704199 . The registered office is 88 Baker Street, London, W1U 6TQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemption has been taken. 
Inaccordance with the FRS 102 Section 30, the financial statements have been presented in $USD.
The Company’s ultimate parent undertaking, SGO Corporation Limited. includes the Company in its consolidated financial statements. The smallest group into which the accounts of the company are consolidated is Smartmatic International Holding B.V.. Copies of the consolidated accounts may obtain from its registered office at 88 Baker Street, London, United Kingdom W1U 6TQ.
In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:
• A cash flow statement and related notes;
• Disclosures in respect of transactions with wholly owned subsidiaries;
• Disclosures in respect of capital management;
• Disclosures of transactions with a management entity that provides key management personnel services to the company.
2.2. Going Concern Disclosure
The financial statements have been prepared on the going concern basis, showing a loss for the year of US$32,681 (2021: US$105,502, net current liabilities of US$368,034 (2021:Net current liabilities US$335,353), which the directors believe to be appropriate for the following reasons:
The Company is reliant on financial support from the Company’s ultimate parent undertaking. SGO Corporation Ltd. has indicated that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that this support will continue for 12 months more from the date of approval of these financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.4. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Impairments
The carrying amounts of the Company non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exist then the asset’s recoverable amount is estimated. 
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows of the identified cash-generating units are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset
A cash-generating unit is the smallest identifiable asset group that generates cash flows that are largely independent from other assets and groups. Impairment losses are recognised in the profit and loss account.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis.
Impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2021: 3)
2 3
4. Debtors
2022 2021
$ $
Due within one year
Other debtors 3,316 13,757
Amounts owed by group undertakings 150 169
3,466 13,926
Amounts owed by fellow group undertakings are non-interest bearing, unsecured and repayable on demand.
US$150 intercompany debtors are due from Smartmatic Folio Technologies (2021: US$169).
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5. Creditors: Amounts Falling Due Within One Year
2022 2021
$ $
Accruals and deferred income 6,480 10,939
Amounts owed to group undertakings 405,353 2,695,142
411,833 2,706,081
Amounts owed by fellow group undertakings are non-interest bearing, unsecured and repayable on demand.
US$S380,360 of the intercompany balance is payable to Smartmatic International Holding B.V. (2021:US$1,498,445)
US$21,627 of the intercompany balance is payable to SGO Corporation Limited (2021: $207,387)/
US$3,366 minor balance of intercompany are due to other entities within the Group (2021: US$3,366).
6. Share Capital
2022 2021
$ $
Allotted, Called up and fully paid 2 2
7. Related Party Transactions
As a wholly owned subsidiary within the group controlled by SGO Corporation Limited. the Company is exempt from the requirements of FRS 101 from disclosing the transactions with other members of the group headed by SGO Corporation Limited. There were no transactions with any other related parties requiring disclosure in the year.
8. Ultimate Controlling Party
The company is a wholly owned subsidiary of Smartmatic International Holding B.V., a company incorporated in The Netherlands. 
The smallest group into which the accounts of the company are consolidated is Smartmatic International Holding B.V. Copies of these consolidated accounts may obtain from its registered office at Gebouw Europa, Hoogoorddreef 11, Amsterdam, Netherlands. 
The Company’s ultimate parent is SGO Corporation Limited. The registered address is 88 Baker Street, London, United Kingdom, W1U 6TQ.
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