Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08652873 Mr Robert Sewell Mr Patryk Krupa Mr James Rutherford Mr Piers Vines Mr David Jervis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08652873 2023-03-31 08652873 2024-03-31 08652873 2023-04-01 2024-03-31 08652873 frs-core:CurrentFinancialInstruments 2024-03-31 08652873 frs-core:ComputerEquipment 2024-03-31 08652873 frs-core:ComputerEquipment 2023-04-01 2024-03-31 08652873 frs-core:ComputerEquipment 2023-03-31 08652873 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 08652873 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 08652873 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 08652873 frs-core:SharePremium 2024-03-31 08652873 frs-core:ShareCapital 2024-03-31 08652873 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08652873 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08652873 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08652873 frs-bus:SmallEntities 2023-04-01 2024-03-31 08652873 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08652873 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08652873 frs-core:UnlistedNon-exchangeTraded 2024-03-31 08652873 frs-core:UnlistedNon-exchangeTraded 2023-03-31 08652873 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-03-31 08652873 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 08652873 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-03-31 08652873 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 08652873 frs-bus:Director1 2023-04-01 2024-03-31 08652873 frs-bus:Director2 2023-04-01 2024-03-31 08652873 frs-bus:Director2 2023-03-31 08652873 frs-bus:Director2 2024-03-31 08652873 frs-bus:Director3 2023-04-01 2024-03-31 08652873 frs-bus:Director4 2023-04-01 2024-03-31 08652873 frs-bus:Director5 2023-04-01 2024-03-31 08652873 frs-core:CurrentFinancialInstruments 1 2024-03-31 08652873 frs-core:CurrentFinancialInstruments 2 2024-03-31 08652873 frs-core:CurrentFinancialInstruments 5 2024-03-31 08652873 frs-countries:EnglandWales 2023-04-01 2024-03-31 08652873 2022-03-31 08652873 2023-03-31 08652873 2022-04-01 2023-03-31 08652873 frs-core:CurrentFinancialInstruments 2023-03-31 08652873 frs-core:SharePremium 2023-03-31 08652873 frs-core:ShareCapital 2023-03-31 08652873 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 08652873 frs-core:CurrentFinancialInstruments 1 2023-03-31 08652873 frs-core:CurrentFinancialInstruments 2 2023-03-31 08652873 frs-core:CurrentFinancialInstruments 5 2023-03-31
Registered number: 08652873
SmartFrame Technologies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
GPC Financial Management Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08652873
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,476,899 1,162,719
Tangible Assets 5 12,931 35,421
Investments 6 22,024 22,024
1,511,854 1,220,164
CURRENT ASSETS
Debtors 7 199,736 218,295
Cash at bank and in hand 133,767 246,004
333,503 464,299
Creditors: Amounts Falling Due Within One Year 8 (1,251,131 ) (587,027 )
NET CURRENT ASSETS (LIABILITIES) (917,628 ) (122,728 )
TOTAL ASSETS LESS CURRENT LIABILITIES 594,226 1,097,436
NET ASSETS 594,226 1,097,436
CAPITAL AND RESERVES
Called up share capital 9 7 6
Share premium account 16,842,780 13,278,572
Profit and Loss Account (16,248,561 ) (12,181,142 )
SHAREHOLDERS' FUNDS 594,226 1,097,436
Page 1
Page 2
For the year ending 31 March 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 Piers Vines
Director
03/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SmartFrame Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08652873 . The registered office is 423 Linen Hall, 162 - 168 Regent Street, London, W1B 5TE.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. Research and Development
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. During the period of development the asset is tested for impairment annually.
2.4. 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:
Computer Equipment 33% on cost
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
3. Average Number of Employees
Average number of employees, including directors, during the year was 21 (2023: 21)
21 21
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Page 4
4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 3,826,343
Additions 1,093,194
As at 31 March 2024 4,919,537
Amortisation
As at 1 April 2023 2,663,624
Provided during the period 779,014
As at 31 March 2024 3,442,638
Net Book Value
As at 31 March 2024 1,476,899
As at 1 April 2023 1,162,719
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 110,512
Additions 1,373
As at 31 March 2024 111,885
Depreciation
As at 1 April 2023 75,091
Provided during the period 23,863
As at 31 March 2024 98,954
Net Book Value
As at 31 March 2024 12,931
As at 1 April 2023 35,421
6. Investments
Unlisted
£
Cost
As at 1 April 2023 22,024
As at 31 March 2024 22,024
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 22,024
As at 1 April 2023 22,024
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 116,639 17,807
Prepayments and accrued income 32,240 133,556
Other debtors 24,348 66,932
Stripe Account - SmartFrame 894 -
VAT 22,115 -
Directors' loan accounts 3,500 -
199,736 218,295
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 559,235 288,939
PAYE Payable 114,661 -
Other creditors 440,393 245,515
Credit card 38,598 -
Inter-company - SmartFrame GmbH 1,317 -
Accruals and deferred income 96,927 52,573
1,251,131 587,027
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 7 6
10. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £3,689 (PY £3,412) were due to the fund. They are included in Other Creditors.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Robert Sewell - 5,000 1,500 - 3,500
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
Subsidiary undertaking - SmartFrame Technologies Europe GmbH
Included in Other creditors are the following:
Amount owed by company to SmartFrame Technologies Europe GmbH at the start of year: £23,654. Amount repaid by SmartFrame Technologies Europe GmbH to company in the year: £2,095. Amount owed by company to SmartFrame Technologies Europe GmbH at the end of the year: £21,559.
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