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REGISTERED NUMBER: 07142010 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SMART INFORMATION TECHNOLOGIES LIMITED

SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMART INFORMATION TECHNOLOGIES LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: Mr J Bullen
Mr R I Templeton
Mr B H Bullen





REGISTERED OFFICE: 17 St. Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 07142010 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 154,879 -
Tangible assets 5 18,930 22,256
173,809 22,256

CURRENT ASSETS
Stocks 6 236,548 99,931
Debtors 7 1,629,824 745,136
Cash at bank and in hand 201,297 644,881
2,067,669 1,489,948
CREDITORS
Amounts falling due within one year 8 (1,071,146 ) (532,709 )
NET CURRENT ASSETS 996,523 957,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,170,332

979,495

CREDITORS
Amounts falling due after more than one
year

9

(14,806

)

(24,946

)

PROVISIONS FOR LIABILITIES (4,733 ) (5,564 )
NET ASSETS 1,150,793 948,985

CAPITAL AND RESERVES
Called up share capital 28 28
Capital redemption reserve 76 76
Retained earnings 1,150,689 948,881
SHAREHOLDERS' FUNDS 1,150,793 948,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)

BALANCE SHEET - continued
29 February 2024


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 24 October 2024 and were signed on its behalf by:





Mr B H Bullen - Director


SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Smart Information Technologies Limited 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.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 50% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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.


SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The directors are satisfied at the time of approving the financial statements that the company has
adequate resources to continue to operate for the foreseeable future and as such, continues to adopt
the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 207,672
At 29 February 2024 207,672
AMORTISATION
Amortisation for year 52,793
At 29 February 2024 52,793
NET BOOK VALUE
At 29 February 2024 154,879

SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 15,302 75,627 90,929
Additions - 8,942 8,942
At 29 February 2024 15,302 84,569 99,871
DEPRECIATION
At 1 March 2023 12,960 55,713 68,673
Charge for year 1,845 10,423 12,268
At 29 February 2024 14,805 66,136 80,941
NET BOOK VALUE
At 29 February 2024 497 18,433 18,930
At 28 February 2023 2,342 19,914 22,256

6. STOCKS
2024 2023
£    £   
Work-in-progress 236,548 99,931

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 937,031 532,149
Amounts owed by group undertakings 556,553 -
Other debtors 43,240 102,692
Prepayments and accrued income 93,000 110,295
1,629,824 745,136

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,140 9,890
Trade creditors 113,554 40,025
Amounts owed to group undertakings 157,447 1,531
Tax 120,114 50,077
Social security and other taxes 206,253 185,895
Accruals and deferred income 463,638 245,291
1,071,146 532,709

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 14,806 24,946

SMART INFORMATION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07142010)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

10. OTHER FINANCIAL COMMITMENTS

At 29 February 2024 the company had commitments under non-cancellable operating leases of £33,506 (2023 - £nil).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Smart Information Technologies Group Ltd, 44d Progress Business Park, Kirkham, PR4 2TZ.