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Registration number: 10860622

Smarttek Global Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Smarttek Global Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Smarttek Global Limited

Company Information

Directors

Mr R Bessell

Mr T R Payne

Mr B M Costa

Registered office

Unit SB204-206 Southbank House
Black Prince Road
London
SE1 7SJ

Registered number

10860622

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Smarttek Global Limited

(Registration number: 10860622)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,465

6,923

Current assets

 

Debtors

5

1,945,321

1,403,290

Cash at bank and in hand

 

21,417

32,214

 

1,966,738

1,435,504

Creditors: Amounts falling due within one year

6

(1,956,721)

(1,623,651)

Net current assets/(liabilities)

 

10,017

(188,147)

Net assets/(liabilities)

 

14,482

(181,224)

Capital and reserves

 

Called up share capital

7

133

133

Retained earnings

14,349

(181,357)

Shareholders' funds/(deficit)

 

14,482

(181,224)

 

Smarttek Global Limited

(Registration number: 10860622)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 3 July 2024 and signed on its behalf by:
 

.........................................
Mr T R Payne
Director

.........................................
Mr B M Costa
Director

 

Smarttek Global Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Unit SB204-206 Southbank House
Black Prince Road
London
SE1 7SJ

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.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The accounts have been prepared on a going concern basis on the understanding that the related companies will continue to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the services provided and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Smarttek Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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.

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.

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

4 years on straight line basis

Office equipment

4 years on straight line basis

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.

 

Smarttek Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

 

Smarttek Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

6,891

2,938

9,829

At 31 December 2023

6,891

2,938

9,829

Depreciation

At 1 January 2023

2,001

905

2,906

Charge for the year

1,723

735

2,458

At 31 December 2023

3,724

1,640

5,364

Carrying amount

At 31 December 2023

3,167

1,298

4,465

At 31 December 2022

4,890

2,033

6,923

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

680,986

394,489

Amounts owed by related parties

8

895,095

731,298

Other debtors

 

369,240

277,503

   

1,945,321

1,403,290

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Trade creditors

 

82,958

52,044

Taxation and social security

 

15,708

13,128

Other creditors

 

728,846

490,790

Amount due to related parties

8

1,129,209

1,067,689

 

1,956,721

1,623,651

 

Smarttek Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Included in other creditors is a factoring liability of £444,509 (2022 : £281,756), secured against trade debtors.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.01 each

13,267

132.67

13,267

132.67

         
 

Smarttek Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Boss Professional Services Limited
Associate company

At the balance sheet date, Boss Professional Services Limited owed £610,560, (2022 : £557,505), to the company.

Boss ERP Consulting Limited
Company with common directors

At the balance sheet date, the company owed £823,709, (2022 : £751,209), to Boss ERP Consulting Limited.

Boss Energy Consulting Limited
Company with common directors

At the balance sheet date, Boss Energy Consulting Limited owed £278,439, (2022 : £170,762), to the company.

Boss Medical Science Limited
Company with common directors

At the balance sheet date, the company owed £ -, (2022 : £5,980), to the Boss Medical Science Limited.

Boss Consulting Services Limited
Company with common directors

At the balance sheet date, the company owed £305,500, (2022 : £310,500), to Boss Consulting Services Limited.

Smarttek Recruitment Services (Dublin)
Company with common directors

At the balance sheet date, Smarttek Recruitment Services (Dublin) owed £6,096(2022 : £3,031), to the company.

Transactions with directors
At the balance sheet date, Barry Costa, a director of the company, owed £38,436, (2022: £20,036), to the company.