REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
Smartzi Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
Smartzi Limited (Registered number: 09261921) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Smartzi Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 392 Ewell Road, Tolworth,Surrey, KT6 7BB |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Trade creditors |
Other creditors |
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: | £ | £ |
Ordinary | £0.01 | 1,174 | 1,174 |
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 | ( |
) | (251,777 | ) |
Profit for the year |
At 30 April 2024 | ( |
) | (127,671 | ) |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is C Balasundaram. |