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REGISTERED NUMBER: 08892868 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SMARTKYC LIMITED

SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


SMARTKYC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr A Tonchia
Mr S R Harris
Mr H G D Chamberlain
Mr D Corrigan
Mr R Emmerich





SECRETARY: Mr H G D Chamberlain





REGISTERED OFFICE: International House
36-38 Cornhill
London
London
EC3V 3NG





REGISTERED NUMBER: 08892868 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SMARTKYC LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SmartKYC Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SmartKYC Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SmartKYC Limited and state those matters that we have agreed to state to the Board of Directors of SmartKYC Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SmartKYC Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SmartKYC Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SmartKYC Limited. You consider that SmartKYC Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SmartKYC Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


21 January 2025

SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,793 8,451

CURRENT ASSETS
Debtors 5 950,999 1,132,608
Cash at bank and in hand 108,871 47,642
1,059,870 1,180,250
CREDITORS
Amounts falling due within one year 6 4,876,688 3,602,927
NET CURRENT LIABILITIES (3,816,818 ) (2,422,677 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,807,025

)

(2,414,226

)

PROVISIONS FOR LIABILITIES 7 1,861 1,606
NET LIABILITIES (3,808,886 ) (2,415,832 )

CAPITAL AND RESERVES
Called up share capital 968 968
Share premium 89,750 89,750
Retained earnings (3,899,604 ) (2,506,550 )
SHAREHOLDERS' FUNDS (3,808,886 ) (2,415,832 )

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.

SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:




Mr H G D Chamberlain - Director



Mr D Corrigan - Director


SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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


1. STATUTORY INFORMATION

SmartKYC 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.

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.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measuredreliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Subscription products
The turnover from subscription products and support services is usually assessed based on whether the customer has responsibility for payment and takes on the risks and rewards of the product from SmartKYC.

Software as a Service (SaaS) income is recognised in the month the service is provided.

Software licence
Turnover from software licence is recognised in full where it is fully functional on delivery of the licence along issue of authorisation codes to activate the software.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% straight line method
Office equipment - 25% reducing balance method


SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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


2. ACCOUNTING POLICIES - continued
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.

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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefit and hence all expenditure on research shall be recognised as an expense when it is incurred.

In the development phase of an internal project, the company has also chosen to expense the entire expenditure within the Statement of Comprehensive Income as incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Interest receivable and Interest payable
Interest receivable and interest payable are recognised in Statement of Comprehensive Income as they accrue, using the effective interest method.

SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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


2. ACCOUNTING POLICIES - continued

Pensions
Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Going concern
The financial statements have been prepared on the going concern basis, not withstanding net liabilities of £3,804,705 (2023: £2,415,832). The shareholders have provided the company with an undertaking that they will continue to support the company for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 3,216 42,822 46,038
Additions - 9,916 9,916
At 31 March 2024 3,216 52,738 55,954
DEPRECIATION
At 1 April 2023 852 36,735 37,587
Charge for year 591 7,983 8,574
At 31 March 2024 1,443 44,718 46,161
NET BOOK VALUE
At 31 March 2024 1,773 8,020 9,793
At 31 March 2023 2,364 6,087 8,451

SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 905,651 676,362
Other debtors 4,632 5,130
Tax - 420,784
VAT 40,716 30,332
950,999 1,132,608

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Other loans 4,625,098 3,323,371
Trade creditors 195,653 208,637
Social security and other taxes 20,369 25,173
Other creditors 32,199 1,746
Directors' current accounts 3,369 2,000
Accrued expenses - 42,000
4,876,688 3,602,927

7. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 1,861 1,606

Deferred
tax
£   
Balance at 1 April 2023 1,606
Movement 255
Balance at 31 March 2024 1,861

8. RELATED PARTY DISCLOSURES

Included in creditors amounts falling due within one year are loan balances of £1,961 (2023: £1,961) for Mr H Chamberlain, £151,939 (2023: £151,939) for Mr A Tonchia and £1,075 (2023: £1,075) for Mr S Harris, who are directors of the company.

Included in creditors amounts falling due within one year are loan balance of £1,302,291 (2023: 457,350 from) due to SmartKYC SARL, a company in which Mr H Chamberlain has beneficial interest.

SMARTKYC LIMITED (REGISTERED NUMBER: 08892868)

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


9. ULTIMATE PARENT COMPANY

The controlling party is Beck ET AL Services Luxembourg, SA as, It owns most of the issued share capital. Beck ET AL Services Luxembourg, SA is registered in Luxembourg.