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REGISTERED NUMBER: 11423544 (England and Wales)















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: E S Lloyd
W T Lloyd
N Patel
J P Radley





REGISTERED OFFICE: 86-90 Paul Street
3rd Floor, London
London
EC2A 4NE





REGISTERED NUMBER: 11423544 (England and Wales)





ACCOUNTANTS: Factotum Group LLP
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 4 381,172 322,225
Tangible assets 5 11,953 2,039
393,125 324,264

CURRENT ASSETS
Debtors 6 31,325 26,514
Cash at bank 74,831 99,228
106,156 125,742
CREDITORS
Amounts falling due within one year 7 257,039 81,695
NET CURRENT (LIABILITIES)/ASSETS (150,883 ) 44,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

242,242

368,311

CAPITAL AND RESERVES
Called up share capital 8 105 103
Share premium 1,471,215 945,660
Retained earnings (1,229,078 ) (577,452 )
SHAREHOLDERS' FUNDS 242,242 368,311

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.

SMARTER CONTRACTS LTD (REGISTERED NUMBER: 11423544)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 13th September 2024 and were signed on its behalf by:





W T Lloyd - Director


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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Development costs are being amortised evenly over their estimated useful life of ten years.

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 5 (2022 - 4 ) .

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 3,060 375,038 378,098
Additions - 101,890 101,890
At 31st December 2023 3,060 476,928 479,988
Amortisation
At 1st January 2023 750 55,123 55,873
Amortisation for year 306 42,637 42,943
At 31st December 2023 1,056 97,760 98,816
Net book value
At 31st December 2023 2,004 379,168 381,172
At 31st December 2022 2,310 319,915 322,225

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
Cost
At 1st January 2023 4,559
Additions 12,847
At 31st December 2023 17,406
Depreciation
At 1st January 2023 2,520
Charge for year 2,933
At 31st December 2023 5,453
Net book value
At 31st December 2023 11,953
At 31st December 2022 2,039

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 31,325 26,514

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 31,225 45,821
Taxation and social security 43,478 12,137
Other creditors 182,336 23,737
257,039 81,695

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,017 A Ordinary Shares 0.01 100 98
535 B Ordinary Shares 0.01 5 5
105 103

171 A Ordinary Shares shares of 0.01 each were allotted as fully paid at a premium of 3073.42 per share during the year.

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