Registered number
SC490785
SmarterTax Limited
Filleted Accounts
30 November 2023
SmarterTax Limited
Registered number: SC490785
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 78,615 80,073
Current assets
Cash at bank and in hand 68,125 37,815
Creditors: amounts falling due within one year 5 (40,325) (31,761)
Net current assets 27,800 6,054
Total assets less current liabilities 106,415 86,127
Creditors: amounts falling due after more than one year 6 (61,817) (72,506)
Provisions for liabilities - (964)
Net assets 44,598 12,657
Capital and reserves
Called up share capital 12 12
Profit and loss account 44,586 12,645
Shareholders' funds 44,598 12,657
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
CM Christie
Director
Approved by the board on 3 August 2024
SmarterTax Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 rendering of services and is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% by Reducing Balance
Fixtures, fittings, tools and equipment 15% by Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 47,922
At 30 November 2023 47,922
Amortisation
At 1 December 2022 47,922
At 30 November 2023 47,922
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 75,000 10,773 85,773
At 30 November 2023 75,000 10,773 85,773
Depreciation
At 1 December 2022 - 5,700 5,700
Charge for the year - 1,458 1,458
At 30 November 2023 - 7,158 7,158
Net book value
At 30 November 2023 75,000 3,615 78,615
At 30 November 2022 75,000 5,073 80,073
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 40,310 31,743
Other creditors 15 18
40,325 31,761
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 61,817 72,506
7 Other information
SmarterTax Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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