Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2No description of principal activity2023-04-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13414854 2023-04-01 2024-03-31 13414854 2022-04-01 2023-03-31 13414854 2024-03-31 13414854 2023-03-31 13414854 c:Director1 2023-04-01 2024-03-31 13414854 d:CurrentFinancialInstruments 2024-03-31 13414854 d:CurrentFinancialInstruments 2023-03-31 13414854 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13414854 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13414854 d:ShareCapital 2024-03-31 13414854 d:ShareCapital 2023-03-31 13414854 d:RetainedEarningsAccumulatedLosses 2024-03-31 13414854 d:RetainedEarningsAccumulatedLosses 2023-03-31 13414854 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 13414854 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 13414854 c:FRS102 2023-04-01 2024-03-31 13414854 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13414854 c:FullAccounts 2023-04-01 2024-03-31 13414854 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13414854 2 2023-04-01 2024-03-31 13414854 6 2023-04-01 2024-03-31 13414854 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 13414854









SMART SPACE INNOVATIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SMART SPACE INNOVATIONS LTD
REGISTERED NUMBER: 13414854

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1,625
1,625

  
1,625
1,625

Current assets
  

Debtors: amounts falling due within one year
 5 
76,434
6,968

Cash at bank and in hand
 6 
524,382
550,129

  
600,816
557,097

Creditors: amounts falling due within one year
 7 
(24,729)
(34,078)

Net current assets
  
 
 
576,087
 
 
523,019

Total assets less current liabilities
  
577,712
524,644

  

Net assets
  
577,712
524,644


Capital and reserves
  

Called up share capital 
  
1,350
1,350

Profit and loss account
  
576,362
523,294

  
577,712
524,644


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2024.



Page 1

 
SMART SPACE INNOVATIONS LTD
REGISTERED NUMBER: 13414854
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


................................................
Martin Quille
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SMART SPACE INNOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The legal form of the entity is a private company limited by shares registered in England and Wales and the registered address is situated at Unit 3 Bradburys Court, Lyon Road, Harrow, Middlesex, HA1 2BY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
SMART SPACE INNOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 4

 
SMART SPACE INNOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 5

 
SMART SPACE INNOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)


 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,625



At 31 March 2024
1,625





5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
76,434
6,968

76,434
6,968


Page 6

 
SMART SPACE INNOVATIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
524,382
550,129

524,382
550,129



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
1,771
-

Other creditors
21,498
32,733

Accruals and deferred income
1,460
1,345

24,729
34,078



8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
524,383
550,129




9.


Related party transactions

Included in debtors amounts falling due within one year is an amount of £76,434 (2023 – £6,968) owed by a company that is in the same group. The principal term of the advance is that the amounts are repayable on demand and free of interest.

 
Page 7