Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 May 2022 false 1 January 2023 31 December 2023 31 December 2023 OC354467 Lolite Inc Maat Business Corp iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC354467 2022-12-31 OC354467 2023-12-31 OC354467 2023-01-01 2023-12-31 OC354467 frs-core:CurrentFinancialInstruments 2023-12-31 OC354467 frs-core:Non-currentFinancialInstruments 2023-12-31 OC354467 frs-bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC354467 frs-bus:LimitedLiabilityPartnershipsSORP 2023-01-01 2023-12-31 OC354467 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 OC354467 frs-bus:SmallEntities 2023-01-01 2023-12-31 OC354467 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC354467 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC354467 frs-countries:EnglandWales 2023-01-01 2023-12-31 OC354467 frs-bus:PartnerLLP1 2023-01-01 2023-12-31 OC354467 frs-bus:PartnerLLP2 2023-01-01 2023-12-31 OC354467 2022-04-30 OC354467 2022-12-31 OC354467 2022-05-01 2022-12-31 OC354467 frs-core:CurrentFinancialInstruments 2022-12-31 OC354467 frs-core:Non-currentFinancialInstruments 2022-12-31
Registered number: OC354467
Smartec Technologies LLP
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC354467
31 December 2023 31 December 2022
Notes $ $ $ $
CURRENT ASSETS
Debtors 4 1,206,173 1,206,173
Investments 5 70,000 70,000
Cash at bank and in hand 100,123 65,505
1,376,296 1,341,678
Creditors: Amounts Falling Due Within One Year 6 (1,398 ) (950 )
NET CURRENT ASSETS (LIABILITIES) 1,374,898 1,340,728
TOTAL ASSETS LESS CURRENT LIABILITIES 1,374,898 1,340,728
Creditors: Amounts Falling Due After More Than One Year 7 (226,881 ) (226,881 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,148,017 1,113,847
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability (628,396) (609,346)
(628,396) (609,346)
Equity
Members' other interests
Members' capital 308 308
Other reserves 1,776,105 1,722,885
1,776,413 1,723,193
1,148,017 1,113,847
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year (628,396) (609,346)
Members' other interests 1,776,413 1,723,193
1,148,017 1,113,847
Page 1
Page 2
For the year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
The financial statements were approved by the members on 26 September 2024 and were signed on their behalf by:
Maat Business Corp
Designated Member
26th September 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
Smartec Technologies LLP is a limited liability partnership, incorporated in England & Wales, registered number OC354467 . The Registered Office is 3rd Floor Norvin House , 45-55 Commercial Street , London, E1 6BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in US dollars which is the functional currency of the LLP.
2.2. Turnover
Turnover represents the amounts recoverable for the goods and services provided to clients.
2.3. Financial Instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
2.5. Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
2.6. Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2022: NIL)
- -
4. Debtors
31 December 2023 31 December 2022
$ $
Due within one year
Trade debtors 718,927 718,927
Other debtors 487,246 487,246
1,206,173 1,206,173
5. Current Asset Investments
31 December 2023 31 December 2022
$ $
Unlisted investments 70,000 70,000
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
$ $
Other creditors 1,398 950
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
$ $
Bank loans 160,000 160,000
Other creditors 66,881 66,881
226,881 226,881
Page 5