Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 07164570 Mr Paul Hellewell Mr Nicholas McHale Mrs Charlotte Hellewell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07164570 2023-02-28 07164570 2024-02-28 07164570 2023-03-01 2024-02-28 07164570 frs-core:CurrentFinancialInstruments 2024-02-28 07164570 frs-core:Non-currentFinancialInstruments 2024-02-28 07164570 frs-core:ComputerEquipment 2024-02-28 07164570 frs-core:ComputerEquipment 2023-03-01 2024-02-28 07164570 frs-core:ComputerEquipment 2023-02-28 07164570 frs-core:FurnitureFittings 2024-02-28 07164570 frs-core:FurnitureFittings 2023-03-01 2024-02-28 07164570 frs-core:FurnitureFittings 2023-02-28 07164570 frs-core:MotorVehicles 2024-02-28 07164570 frs-core:MotorVehicles 2023-03-01 2024-02-28 07164570 frs-core:MotorVehicles 2023-02-28 07164570 frs-core:ShareCapital 2024-02-28 07164570 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 07164570 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 07164570 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 07164570 frs-bus:SmallEntities 2023-03-01 2024-02-28 07164570 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 07164570 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 07164570 frs-bus:Director1 2023-03-01 2024-02-28 07164570 frs-bus:Director2 2023-03-01 2024-02-28 07164570 frs-bus:Director3 2023-03-01 2024-02-28 07164570 frs-core:CurrentFinancialInstruments 4 2024-02-28 07164570 frs-countries:EnglandWales 2023-03-01 2024-02-28 07164570 2022-02-28 07164570 2023-02-28 07164570 2022-03-01 2023-02-28 07164570 frs-core:CurrentFinancialInstruments 2023-02-28 07164570 frs-core:Non-currentFinancialInstruments 2023-02-28 07164570 frs-core:ShareCapital 2023-02-28 07164570 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 07164570 frs-core:CurrentFinancialInstruments 4 2023-02-28
Registered number: 07164570
Smart FT Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
TaxAssist Accountants
24-28 Brockenhurst Road
Ascot
Berkshire
SL5 9DL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07164570
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 61,703 7,231
61,703 7,231
CURRENT ASSETS
Debtors 5 110,759 181,410
Cash at bank and in hand 373,433 520,090
484,192 701,500
Creditors: Amounts Falling Due Within One Year 6 (12,195 ) (111,489 )
NET CURRENT ASSETS (LIABILITIES) 471,997 590,011
TOTAL ASSETS LESS CURRENT LIABILITIES 533,700 597,242
Creditors: Amounts Falling Due After More Than One Year 7 (22,233 ) (31,433 )
NET ASSETS 511,467 565,809
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 511,367 565,709
SHAREHOLDERS' FUNDS 511,467 565,809
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Page 2
For the year ending 28 February 2024 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 Nicholas McHale
Director
20/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Smart FT Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07164570 . The registered office is Venture House Arlington Square, Downshire Way, Bracknell, Berkshire, RG12 1WA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 33% straight line
2.4. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 4
3 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 27,150 1,081 12,542 40,773
Additions 68,999 2,761 10,371 82,131
Disposals (27,150 ) - - (27,150 )
As at 28 February 2024 68,999 3,842 22,913 95,754
Depreciation
As at 1 March 2023 21,760 1,081 10,701 33,542
Provided during the period 17,250 690 4,329 22,269
Disposals (21,760 ) - - (21,760 )
As at 28 February 2024 17,250 1,771 15,030 34,051
Net Book Value
As at 28 February 2024 51,749 2,071 7,883 61,703
As at 1 March 2023 5,390 - 1,841 7,231
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 70,045 10,183
Prepayments and accrued income 1,976 1,082
Other debtors 33,146 168,246
VAT 5,592 1,899
110,759 181,410
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,599 778
Corporation tax 193 110,254
Other taxes and social security 710 457
CIS Withheld 693 -
12,195 111,489
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 22,233 31,433
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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