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REGISTERED NUMBER: 07227868 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SMART SOLUTIONS GRP LIMITED

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMART SOLUTIONS GRP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L R Bennellick
J Barnett





REGISTERED OFFICE: Solution House
Unit 7 The Office Village
Forder Way, Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX





REGISTERED NUMBER: 07227868 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 467,482 278,066
Investments 6 20,600 20,600
488,082 298,666

CURRENT ASSETS
Debtors 7 647,680 442,353
Cash at bank and in hand 407,966 643,120
1,055,646 1,085,473
CREDITORS
Amounts falling due within one year 8 (430,497 ) (435,415 )
NET CURRENT ASSETS 625,149 650,058
TOTAL ASSETS LESS CURRENT LIABILITIES 1,113,231 948,724

CREDITORS
Amounts falling due after more than one
year

9

(298,818

)

(240,096

)

PROVISIONS FOR LIABILITIES 12 (94,224 ) (41,097 )
NET ASSETS 720,189 667,531

CAPITAL AND RESERVES
Called up share capital 13 70 70
Capital redemption reserve 30 30
Retained earnings 720,089 667,431
SHAREHOLDERS' FUNDS 720,189 667,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

BALANCE SHEET - continued
31 MARCH 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





L R Bennellick - Director


SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Smart Solutions GRP 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Smart Solutions GRP Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Useful economic lives of tangible fixed assets:
Tangible fixed assets are depreciated over their expected useful lives taking into consideration residual values, where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilisation and physical condition of the assets.

Doubtful debts:
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience regarding payment history.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable in respect of the provision of end to end business information technology solutions and IT support services net of valued added tax and trade related discount when the right to consideration has been earnt or where relating to goods on dispatch. Where revenue is received in advance it is deferred into the balance sheet and released on fulfilment of the services to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities or equity instruments.

Basic financial assets:
Basic financial assets which include assets and such as debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of future receipts are discounted at a market rate of interest. Assets receivable within one year are not discounted.

Basic financial liabilities:
Basic financial liabilities. including creditors, bank loans, are initially measured at transaction price net of transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 18 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 121,274 42,639 305,994 469,907
Additions 20,802 - 380,000 400,802
Disposals - - (197,708 ) (197,708 )
At 31 March 2024 142,076 42,639 488,286 673,001
DEPRECIATION
At 1 April 2023 68,515 28,321 95,005 191,841
Charge for year 17,220 6,631 67,892 91,743
Eliminated on disposal - - (78,065 ) (78,065 )
At 31 March 2024 85,735 34,952 84,832 205,519
NET BOOK VALUE
At 31 March 2024 56,341 7,687 403,454 467,482
At 31 March 2023 52,759 14,318 210,989 278,066

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 261,208
Additions 350,000
Disposals (197,708 )
At 31 March 2024 413,500
DEPRECIATION
At 1 April 2023 75,931
Charge for year 61,059
Eliminated on disposal (78,065 )
At 31 March 2024 58,925
NET BOOK VALUE
At 31 March 2024 354,575
At 31 March 2023 185,277

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 20,600
NET BOOK VALUE
At 31 March 2024 20,600
At 31 March 2023 20,600

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 518,786 408,712
Other debtors 128,894 33,641
647,680 442,353

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 30,000 30,000
Hire purchase contracts 51,944 26,902
Trade creditors 149,441 134,697
Amounts owed to group undertakings 37,576 49,796
Taxation and social security 90,620 168,969
Other creditors 70,916 25,051
430,497 435,415

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 10) 37,500 67,500
Hire purchase contracts 261,318 172,596
298,818 240,096

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 30,000 30,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 37,500 67,500

Included in bank loans and overdrafts is a CBILS loan with an initial draw down of £150,000 and at the balance sheet date an outstanding balance of £67,500 (2023:£97,500).

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 67,500 97,500
Hire purchase contracts 313,262 199,498
380,762 296,998

The hire purchase liabilities are secured on the assets to which they relate.

On the 18th August 2017 Lloyds Bank PLC registered a charge by way of a debenture over the assets of the business.

SMART SOLUTIONS GRP LIMITED (REGISTERED NUMBER: 07227868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 94,224 41,097

Deferred
tax
£   
Balance at 1 April 2023 41,097
Provided during year 53,127
Balance at 31 March 2024 94,224

Deferred tax is recognised in respect of the excess of capital allowances over depreciation.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70 Ordinary 1 70 70

14. OTHER FINANCIAL COMMITMENTS

The Company has an annual financial commitment in respect of its commercial premises of £37,620.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
L R Bennellick and J Barnett
Balance outstanding at start of year - -
Amounts advanced 80,536 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 80,536 -

16. RELATED PARTY DISCLOSURES

Included in other debtors is a balance of £79,311(2023: nil) advanced to a director. This includes £875 (2023: nil) charged to the director for the use of a company vehicle. The outstanding balance due on the directors loan account is repayable on demand with interest having been charged of £968 using the beneficial loan interest rate of 2.25%.

Included in amounts owed to group undertakings within creditors is a balance of £37,576 (2023: £49,796). This balance is interest free and repayable on demand.