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REGISTERED NUMBER: 04548568 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Smartchemistry Group Limited

Previously known as
Openiolabs Limited

Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Smartchemistry Group Limited
previously known as Openiolabs Limited

Company Information
for the year ended 31 December 2023







DIRECTOR: Dr M R Warne





REGISTERED OFFICE: West Hill House
Allerton Hill
Chapel Allerton
Leeds
LS7 3QB





REGISTERED NUMBER: 04548568 (England and Wales)





ACCOUNTANTS: Atraxa Consulting Limited
Brooke's Mill
Armitage Bridge
Huddersfield
West Yorkshire
HD4 7NR

Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,482 9,566

CURRENT ASSETS
Debtors 5 547 281
Cash at bank 9,904 9,904
10,451 10,185
CREDITORS
Amounts falling due within one year 6 229,274 227,866
NET CURRENT LIABILITIES (218,823 ) (217,681 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(212,341

)

(208,115

)

CAPITAL AND RESERVES
Called up share capital 13,263 13,263
Share premium 3,795,516 3,795,516
Retained earnings (4,021,120 ) (4,016,894 )
SHAREHOLDERS' FUNDS (212,341 ) (208,115 )

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 director acknowledges his 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 director and authorised for issue on 4 September 2024 and were signed by:




Dr M R Warne - Director


Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited

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

1. STATUTORY INFORMATION

Smartchemistry Group 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.

The financial statements were previously prepared in accordance with FRS 101. Following the delisting from the AIM market of the London Stock Exchange of the parent company, ChemAI Limited (formerly DeepMatter Group Limited), the Company now prepares its financial statements in accordance with FRS 102. There are no transitional adjustments and no impact on the result for the year or on the Company's net liabilities.

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.

Changes in accounting policies
New Standards and interpretations

(a) New and amended Standards and Interpretations adopted by the Company

Amendments have been made to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in relation to the definition of material. The amendments clarify the definition of what is material to the financial statements and how to apply the definition, but are not expected to have a material impact on the entity in the current or future reporting periods.

(b) New and amended Standards and Interpretations issued but not effective for the financial year beginning 1 January 2023.

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the company. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

Going concern
The Company had a cash balance of £9,904 at 31 December 2023. Based on its current expenditure, the Directors have a reasonable expectation that the Group has adequate resources to be a going concern and therefore will have the ability to provide funding to continue to support the Company. The Directors of the Company have received confirmation of ongoing support from the Parent Company.

As a result, the Directors consider the going concern assumption to be appropriate in the preparation of these financial statements.

Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited

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

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially recognised at cost or deemed cost less provisions for accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.

Patent costs and licensing rights are amortised over their estimated useful economic life of 20 years. Amortisation is included within administrative expenses.

Financial instruments
Financial assets and financial liabilities are recognised in the statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire or when the contractual rights to those assets are transferred. Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired.

(i) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits.

(ii) Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs.

(iii) Trade creditors
Trade creditors are initially measured at their fair value and are subsequently measured at their amortised cost using the effective interest rate method; this method allocates interest expense over the relevant period by applying the "effective interest rate" to the carrying amount of the liability. The effective interest rate is the rate that exactly discounts the estimated future cash flows through the expected life of the financial liability.

(iv) Classification of financial instruments
Following the adoption of IAS 32, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:

a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and

b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.

Where a financial instrument that contains both equity and financial liability components exists these components are separated and accounted for individually under the above policy.


Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited

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

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 124,454
AMORTISATION
At 1 January 2023 114,888
Charge for year 3,084
At 31 December 2023 117,972
NET BOOK VALUE
At 31 December 2023 6,482
At 31 December 2022 9,566

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 547 281

Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,401 2,723
Amounts owed to group undertakings 226,284 223,345
Other creditors 1,589 1,798
229,274 227,866

Trade creditors are non-interest bearing and are normally settled on 30 day terms. Other creditors and accruals are non-interest bearing.

7. FINANCIAL INSTRUMENTS

Non-derivative financial assets
At the reporting date, the company held the following non-derivative financial assets:

2023 2022
£    £   
Due within 3 months
Cash and cash equivalents 9,904 9,904
Trade and other receivables 547 281
10,451 10,185

Non-derivative financial liabilities
At the reporting date, the company held the following financial liabilities, all of which were classified as other non-derivative financial liabilities.


2023 2022
£    £   
Due within 3 months
Trade payables 1,401 2,723
Amounts due to group undertakings 226,284 223,345
Accruals 1,526 1,735
Other payables 63 63
229,274 227,866

8. RELATED PARTY DISCLOSURES

During the year the company entered into transactions, in the ordinary course of business, with other related parties. The company has taken advantage of the exemption in FRS 102 not to disclose transactions with other group companies (being the parent undertaking, ChemAI Ltd (formerly DeepMatter Group Limited) and fellow subsidiary, DeepMatter Ltd).

Terms and conditions of transactions with related parties:
Purchases between related parties are made on an arm's length basis. Outstanding balances with entities other than subsidiaries are unsecured, interest free and cash settlement is expected within 60 days of invoice. Terms and conditions with other group companies are the same, with the exception that balances are placed on intercompany accounts with no specified credit period.

Smartchemistry Group Limited (Registered number: 04548568)
previously known as Openiolabs Limited

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

9. POST BALANCE SHEET EVENTS

The Directors are unaware of any events after the reporting period.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company and ultimate controlling party is ChemAI Limited (formerly DeepMatter Group Limited) which is registered in England and Wales. ChemAI Limited's registered office is West Hill House, Allerton Hill, Chapel Allerton, Leeds, LS7 3QB.