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REGISTERED NUMBER: 10044014 (England and Wales)










STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GHSMART UK LIMITED

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


GHSMART UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: G H Smart
R H Street
K E Feinblum





Registered office: Suite 2 First Floor
10 Temple Back
Bristol
United Kingdom
BS1 6FL





Registered number: 10044014 (England and Wales)





Auditors: Ballards LLP,
Statutory Auditors, Chartered Accountants
Oakmoore Court 11c
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business and future developments
Business:
The Company and its employees provide professional services including senior executive assessments, senior executive coaching, and leadership succession planning for corporate clients. The Company engages with clients on a project-by-project basis and while the Company grew during 2023 there is no assurance that such growth will continue.

Key performance indicators

The key financial and other performance indicators during the period, for the company, were as follows:

2023 2022 Change
£'000 £'000 %
Turnover 16,361 15,775 4
Operating profit 3,390 3,783 (10)
Profit after tax 2,554 3,010 (15)
Profit and loss reserves 9,777 7,223 35
Current assets as % of current liabilities (quick ratio) 400% 388% 3

Average number of employees 33 29 14

Operating profit and profit after tax are used to track the underlying performance of the business.

Principal risks and uncertainties
Competitive Risks:
The Company's industry is competitive with other professional service providers competing to provide similar services to clients. There is always a risk that competitors win business from the Company's clients and similarly the Company seeks to win business from competitors' clients.

Financial Risks:
The Company provides high-end professional services at a premium price-point. Any reduction in average pricing could result in financial margin compression. A decline in volume of professional service assignments could similarly lead to a reduction in operating profit as a result of fixed cost leverage.

Operational Risks:
The Company receives support services from its US parent company and any reduction in such support services would require to make additional investments to replace such services.

Regulatory and Compliance Risks:
During the ordinary course of its operations the Company collects confidential and sensitive information from its clients. Such information may be subject to numerous privacy laws in the UK and the rest of the world. The Company works hard to comply with all relevant laws and regulations.

Corporate strategy for FY 2024.
For 2024 the Company intends to continue to focus on its core professional services offering and to grow the number of clients that it serves.

On behalf of the board:





K E Feinblum - Director


9 August 2024

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company in the year under review was that of management consultancy.

Dividends
No dividends will be distributed for the year ended 31 December 2023. (2022 : Nil)

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

G H Smart
R H Street

Other changes in directors holding office are as follows:

D E Lee - resigned 31 March 2023
K E Feinblum - appointed 1 November 2023

Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Ballards LLP,, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





K E Feinblum - Director


9 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GHSMART UK LIMITED

Opinion
We have audited the financial statements of ghSMART UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for signature.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Director's Report has been prepared in accordance with applicable legal requirements.

Matters which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of the director

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GHSMART UK LIMITED

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue recognition, related party transactions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Bribery Act as well as pensions legislation and tax legislation

Audit response to risks identified
As a result of performing the above, we identified the following audit matters: revenue recognition, related party transactions as audit matters related to the potential risk of fraud.

In addition to the above, our procedures to respond to risks identified included the following:
- agreeing revenue to contracts and agreements, reviewing whether recognition occurs in the correct period;
- reviewing related party transactions and balances and agreeing supporting documentation to assess accuracy of the risk identified;
- enquiring of management concerning related party transactions and balances and obtaining confirmations;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GHSMART UK LIMITED

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Benjamin Powell MSci ACA CTA (Senior Statutory Auditor)
for and on behalf of Ballards LLP,
Statutory Auditors, Chartered Accountants
Oakmoore Court 11c
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

15 August 2024

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 16,361,125 15,774,543

Administrative expenses (12,971,196 ) (11,990,424 )
OPERATING PROFIT 5 3,389,929 3,784,119


Interest payable and similar expenses 6 - (1,183 )
PROFIT BEFORE TAXATION 3,389,929 3,782,936

Tax on profit 7 (835,647 ) (772,535 )
PROFIT FOR THE FINANCIAL YEAR 2,554,282 3,010,401

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 2,554,282 3,010,401


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,554,282

3,010,401

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
CURRENT ASSETS
Debtors 8 10,521,060 6,879,514
Cash at bank 2,514,858 2,851,565
13,035,918 9,731,079
CREDITORS
Amounts falling due within one year 9 (3,258,424 ) (2,507,867 )
NET CURRENT ASSETS 9,777,494 7,223,212
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,777,494

7,223,212

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 9,777,394 7,223,112
SHAREHOLDERS' FUNDS 9,777,494 7,223,212

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





K E Feinblum - Director


GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 4,212,711 4,212,811

Changes in equity
Total comprehensive income - 3,010,401 3,010,401
Balance at 31 December 2022 100 7,223,112 7,223,212

Changes in equity
Total comprehensive income - 2,554,282 2,554,282
Balance at 31 December 2023 100 9,777,394 9,777,494

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

ghSMART UK 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 Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

The information is included in the consolidated financial statements of G.H. Smart & Company, LLC. as at 31 December 2023 and these financial statements may be obtained from 03 N LaSalle Streen, Number 2100, Chicago, IL 60601.

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

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgments (apart from those involving estimates) that have a significant effect on amounts recognised in the financial statements.

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 9,395,987 9,079,873
Social security costs 1,234,827 1,288,251
Other pension costs 164,610 135,500
10,795,424 10,503,624

The average number of employees during the year was as follows:
31/12/23 31/12/22

33 29

31/12/23 31/12/22
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Other operating leases 91,162 77,800
Auditors' remuneration 15,695 14,950
Foreign exchange differences 230,397 (397,960 )

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Interest - 1,183

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 827,334 729,980
Prior year tax adjustment - 46,014
Total current tax 827,334 775,994

Deferred tax 8,313 (3,459 )
Tax on profit 835,647 772,535

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/23 31/12/22
£    £   
Profit before tax 3,389,929 3,782,936
Profit multiplied by the standard rate of corporation tax in the UK of 23.520% (2022
- 19%)

797,311

718,758

Effects of:
Expenses not deductible for tax purposes 2,874 368
Capital allowances in excess of depreciation (259 ) (728 )
Adjustments to tax charge in respect of previous periods - 46,014
Loan relationship credit adjustments 35,211 10,188
Deferred tax adjustments - Closing timing difference 492 (2,065 )
Change in tax rate 18 -
Total tax charge 835,647 772,535

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021.

Deferred taxes on balance sheet date have been measured using this enacted tax rates and reflected in these financial statements.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 2,939,182 4,051,650
Amounts owed by group undertakings 7,428,554 2,551,684
Other debtors 31,144 118,172
Deferred tax asset 290 8,603
Prepayments and accrued income 121,890 149,405
10,521,060 6,879,514

GHSMART UK LIMITED (REGISTERED NUMBER: 10044014)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 112,910 44,305
Tax 513,785 263,361
Social security and other taxes - 32,999
VAT 143,590 267,526
Other creditors - 316
Deferred income 1,493,518 1,044,989
Accrued expenses 994,621 854,371
3,258,424 2,507,867

10. DEFERRED TAX
£   
Balance at 1 January 2023 (8,603 )
Provided during year 8,313
Balance at 31 December 2023 (290 )

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100 Ordinary 1 100 100

Each share has full and equal rights for voting, dividends and distributions.

12. RESERVES
Retained
earnings
£   

At 1 January 2023 7,223,112
Profit for the year 2,554,282
At 31 December 2023 9,777,394

13. PENSION COMMITMENTS

The Company operates a defined contribution 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 £164,610 (2022: £135,500). Contributions totalling £Nil (2022: £32,999) were payable to the fund at the balance sheet date and are included in creditors.

14. ULTIMATE CONTROLLING PARTY

The controlling party is ghSmart LLC.

G.H. Smart & Company, LLC. (incorporated in United States of America) is regarded by the directors as being the company's ultimate parent company.

The largest and smallest group in which the results of the company are consolidated is that by G.H. Smart & Company, LLC., a private company incorporated in the United States of America. The address of G.H. Smart & Company, LLC. is 203 N. LaSalle Street, Suite 2100, Chicago, IL 60601.