Company Registration No. 06550863 (England and Wales)
SMART IT SUPPORT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
SMART IT SUPPORT LTD
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SMART IT SUPPORT LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
86,275
416,388
Investment property
5
300,000
-
0
386,275
416,388
Current assets
Stocks
30,000
22,800
Debtors
6
446,271
413,848
Cash at bank and in hand
376,732
968,555
853,003
1,405,203
Creditors: amounts falling due within one year
7
(427,708)
(309,139)
Net current assets
425,295
1,096,064
Total assets less current liabilities
811,570
1,512,452
Provisions for liabilities
(9,867)
(14,313)
Net assets
801,703
1,498,139
Capital and reserves
Called up share capital
8
11
11
Profit and loss reserves
801,692
1,498,128
Total equity
801,703
1,498,139

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SMART IT SUPPORT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
Mr T D Wilson
Director
Company registration number 06550863 (England and Wales)
SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Smart IT Support Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit D Marquis Court, Team Valley, Gateshead, Tyne & Wear, NE11 0RU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No Depreciation
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
42
43
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
8,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
8,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
313,198
68,418
25,972
29,278
131,298
568,164
Additions
-
0
-
0
1,824
3,199
6,899
11,922
Disposals
-
0
-
0
-
0
-
0
(7,299)
(7,299)
Transfer to investment property
(313,198)
-
0
-
0
-
0
-
0
(313,198)
At 31 March 2024
-
0
68,418
27,796
32,477
130,898
259,589
Depreciation and impairment
At 1 April 2023
-
0
58,926
15,148
18,843
58,859
151,776
Depreciation charged in the year
-
0
1,899
2,538
3,416
19,454
27,307
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(5,769)
(5,769)
At 31 March 2024
-
0
60,825
17,686
22,259
72,544
173,314
Carrying amount
At 31 March 2024
-
0
7,593
10,110
10,218
58,354
86,275
At 31 March 2023
313,198
9,492
10,824
10,435
72,439
416,388
5
Investment property
2024
£
Fair value
At 1 April 2023
-
0
Transfers
313,198
Revaluations
(13,198)
At 31 March 2024
300,000

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The original cost of the properties totals £313,198.

SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
132,112
120,014
Amounts owed by undertakings in which the company has a participating interest
313,214
293,115
Other debtors
1
1
Prepayments and accrued income
944
718
446,271
413,848
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
120,457
31,526
Amounts owed to undertakings in which the company has a participating interest
36,083
-
0
Corporation tax
66,379
83,091
Other taxation and social security
153,970
142,609
Other creditors
46,431
44,293
Accruals and deferred income
4,388
7,620
427,708
309,139
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.1p each
10,000
10,000
10
10
Ordinary B Shares of 0.1p each
1,112
1,112
1
1
11,112
11,112
11
11
SMART IT SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Smartstack Limited
36,083
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Smartstack Limited
-
1,000
Smart Office Technology Limited
48,423
21,554
Whickham Property Limited
264,791
270,561

Whickham Property Limited, Smart Office Technology Limited and Smartstack Limited are under the ultimate control of the same company or person or persons as Smart IT Support Limited.

 

 

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