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REGISTERED NUMBER: 02779892 (England and Wales)










SMARTSPEC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






SMARTSPEC LIMITED (REGISTERED NUMBER: 02779892)

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










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 3


SMARTSPEC LIMITED (REGISTERED NUMBER: 02779892)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 230,000 230,000

CURRENT ASSETS
Debtors 5 40 -
Cash at bank 21,610 28,199
21,650 28,199
CREDITORS
Amounts falling due within one year 6 6,185 14,879
NET CURRENT ASSETS 15,465 13,320
TOTAL ASSETS LESS CURRENT LIABILITIES 245,465 243,320

CAPITAL AND RESERVES
Called up share capital 7 20,000 20,000
Non-distributable reserves 29,232 29,232
Retained earnings 196,233 194,088
SHAREHOLDERS' FUNDS 245,465 243,320

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 2nd May 2024 and were signed on its behalf by:




M T Dyer - Director



M G Large - Director


SMARTSPEC LIMITED (REGISTERED NUMBER: 02779892)

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


1. STATUTORY INFORMATION

Smartspec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02779892

Registered office: 3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

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 are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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

Turnover represents net invoiced sales of services, excluding value added tax.

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.

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.

Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

SMARTSPEC LIMITED (REGISTERED NUMBER: 02779892)

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


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
COST
At 1st January 2023
and 31st December 2023 230,000
NET BOOK VALUE
At 31st December 2023 230,000
At 31st December 2022 230,000

The directors consider the value of investment properties included in the accounts to fairly represent the open market value at the balance sheet date.

The historic cost equivalent of investment properties included at fair value is £200,768 (2022: £200,768).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 40 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 5,195 6,729
Other creditors 990 8,150
6,185 14,879

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 20,000 20,000

8. CONTINGENT LIABILITIES

During 2017 a grant of £42,207 was received. A clawback period of 10 years is in place, in which the company has to repay a portion of the grant should any grant conditions be breached. Any amount to be repaid would vary depending on how many years of the clawback period remained.

Legal charge is registered against the property for the clawback period.