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REGISTERED NUMBER: 09261921 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Smartzi Limited

Smartzi Limited (Registered number: 09261921)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Smartzi Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: C Balasundaram
G P Brenan





REGISTERED OFFICE: 392 Ewell Road
Tolworth
Surrey
KT6 7BB





REGISTERED NUMBER: 09261921 (England and Wales)





AUDITORS: OPPENHEIMS Chartered Accountants
Statutory Auditors
Springfield
Cox Green Lane
Maidenhead
Berkshire
SL6 3EY

Smartzi Limited (Registered number: 09261921)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,338,250 1,114,268
Tangible assets 5 27,065 36,086
Investments 6 100 100
1,365,415 1,150,454

CURRENT ASSETS
Debtors 7 310,962 222,397
Cash at bank 846 191,057
311,808 413,454
CREDITORS
Amounts falling due within one year 8 656,432 427,614
NET CURRENT LIABILITIES (344,624 ) (14,160 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,020,791

1,136,294

CREDITORS
Amounts falling due after more than one
year

9

792,288

1,031,897
NET ASSETS 228,503 104,397

CAPITAL AND RESERVES
Called up share capital 10 356,174 356,174
Share premium 11 627,412 627,412
Retained earnings 11 (755,083 ) (879,189 )
SHAREHOLDERS' FUNDS 228,503 104,397

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 31 January 2025 and were signed on its behalf by:





C Balasundaram - Director


Smartzi Limited (Registered number: 09261921)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Smartzi 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.

The accounts are reported in Gbp rounded to no decimal places.

Turnover
Revenue is the invoiced value of services provided through the Company's booking platform and recognised when the ride is completed.

Intangible assets
Expenditure on research and development is capitalised at cost and amortised at 10% per annum on cost..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently depreciated over their useful lives. An impairment review is conducted annually and any diminution in value written off to the Profit & Loss account.

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

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 not recognised in respect of any timing differences that have originated but not reversed at the balance sheet date unless they are likely to reverse in the foreseeable future.

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 yearyear end and that are expected to apply to the reversal of the timing difference.

At 30th April 2024 the amount of deferred tax liability not provided on timing differences, net of unrelieved losses, was £70,737 (2023 - £47,611)

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.

Smartzi Limited (Registered number: 09261921)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply Sections 11 and 12 of FRS102 in respect of financial instruments.

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.

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

The Company's policies for its major classes of financial assets and liabilities are as follows:
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price.Such assets are subsequently carried at amortised cost less any impairment.

Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at discounted present value of future payments. Financing transactions are those in which payment is deferred beyond normal business terms.

Impairment of financial assets
Financial assets are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If found, an impairment loss is recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023 1,648,073
Additions 431,988
At 30 April 2024 2,080,061
AMORTISATION
At 1 May 2023 533,805
Charge for year 208,006
At 30 April 2024 741,811
NET BOOK VALUE
At 30 April 2024 1,338,250
At 30 April 2023 1,114,268

Smartzi Limited (Registered number: 09261921)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 56,484
DEPRECIATION
At 1 May 2023 20,398
Charge for year 9,021
At 30 April 2024 29,419
NET BOOK VALUE
At 30 April 2024 27,065
At 30 April 2023 36,086

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 30 April 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Smartzi B2B Limited
Registered office: 392 Ewell Road, Tolworth,Surrey, KT6 7BB
Nature of business: Information technology service activities
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 655 250
Profit for the year 405 150

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 255,010 207,182
Other debtors 55,952 15,215
310,962 222,397

Smartzi Limited (Registered number: 09261921)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 14,150 14,150
Trade creditors 275,769 101,449
Taxation and social security 137,768 252,224
Other creditors 218,097 49,143
656,432 427,614

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 11,790 21,739
Hire purchase contracts 19,007 29,918
Trade creditors 71,491 140,240
Other creditors 690,000 840,000
792,288 1,031,897

Included within creditors falling due after more than one year are the following:
- an amount of £490,000 (2023 - £490,000) in respect of an accrual for directors' remuneration. The directors have confirmed they will defer payment for a period of at least 12 months from the date these accounts are signed.
- an amount of £350,000 (2023 £350,000) unsecured loan repayable by instalments due after more than one year.
- an amount of £140,240 (2023 - £140,240) due to Iykons India Pvt Limited

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
117,362 Ordinary £0.01 1,174 1,174
355,000 Non-participating redeemable
preference shares 1.00 355,000 355,000
356,174 356,174

During the year ended 30th April, 2023, the Company redeemed 122,152 Ordinary £0.01 shares and extinguished the associated £703,778 share premium in exchange for £355,000 non-participating redeemable preference shares and £350,000 loan.The loan was repayable in two instalments - £150,000 due 23rd June 2024 and £200,000 due 23rd June 2025.
The payment due 24th June 2024 has not been made and is currently the subject of negotiation with the lender to agree a revised payment schedule. The Directors' expect to agree deferred payment terms and the total amount of the debt has been included within creditors falling due after more than one year.
The preference shares and loans are unsecured and interest free.

Smartzi Limited (Registered number: 09261921)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 (879,189 ) 627,412 (251,777 )
Profit for the year 124,106 124,106
At 30 April 2024 (755,083 ) 627,412 (127,671 )

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

N S OPPENHEIM (Senior Statutory Auditor)
for and on behalf of OPPENHEIMS Chartered Accountants

13. ULTIMATE CONTROLLING PARTY

The controlling party is C Balasundaram.