REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SMARTER CONTRACTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SMARTER CONTRACTS LTD |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SMARTER CONTRACTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
85 Great Portland Street |
London |
W1W 7LT |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
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 |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Smarter Contracts Ltd 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. |
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. |
Preparation of consolidated financial statements |
The financial statements contain information about Smarter Contracts Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt underSection 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment - 33% on Straight line method. |
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. |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Restated year end 2022 comparative |
During the financial year 2023, the company identified an irrecoverable debtor relating to the prior year financial statements. As a result, debtors and sales have been adjusted by £146,850 in accordance with FRS 102. |
Going concern |
The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
At 31st December 2023 |
Amortisation |
At 1st January 2023 |
Amortisation for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
Cost |
At 1st January 2023 |
Additions |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary Shares | 0.01 | 100 | 98 |
B Ordinary Shares | 0.01 | 5 | 5 |
105 | 103 |
171 A Ordinary Shares shares of 0.01 each were allotted as fully paid |
9. | RELATED PARTY DISCLOSURES |
As of the year-end date of 31 December 2023 balance due to Mr Wayne T Lloyd who is the director of the company is £6,162 (2022: £22,237) which is repayable on demand. This balance appears in other creditors accounts in the financial statement. |
SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
10. | SUBSIDIARY COMPANY |
The Company acquired during the Financial Year a wholly owned subsidiary company whose details are as follows: |
Name of Company: Smarter Contracts Ltd BVI |
Country of Incorporation: British Virgin Islands |
Proportion of Share Capital owned: 100% |
The Company did not make any Profit/Loss during the period and there are no reserves at the Balance Sheet date. |
The Company has availed itself of the provision not to consolidate the results of the subsidiary under CA 2006 s.399(2A) on the grounds that it qualifies as a small group |