Company registration number 05881987 (England and Wales)
SMART SOLUTIONS TEAM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
SMART SOLUTIONS TEAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SMART SOLUTIONS TEAM LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,509
8,197
Current assets
Debtors
4
52,460
36,499
Cash at bank and in hand
7,540
23,980
60,000
60,479
Creditors: amounts falling due within one year
5
(39,573)
(49,571)
Net current assets
20,427
10,908
Total assets less current liabilities
25,936
19,105
Creditors: amounts falling due after more than one year
6
(4,667)
(8,667)
Provisions for liabilities
(1,047)
(1,557)
Net assets
20,222
8,881
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
10,222
(1,119)
Total equity
20,222
8,881
SMART SOLUTIONS TEAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 26 February 2025
D Pagella
Director
Company registration number 05881987 (England and Wales)
SMART SOLUTIONS TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Smart Solutions Team Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beacon House, 15 Christchurch Road, Bournemouth, Dorset, BH1 3LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which has been chosen as the presentational currency of the entity. The functional currency of the entity is euro. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
SMART SOLUTIONS TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date to the extent that the director believes such an amount to be material. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2024
19,265
Additions
2,263
Disposals
(1,987)
At 31 December 2024
19,541
Depreciation and impairment
At 1 January 2024
11,068
Depreciation charged in the year
4,951
Eliminated in respect of disposals
(1,987)
At 31 December 2024
14,032
Carrying amount
At 31 December 2024
5,509
At 31 December 2023
8,197
SMART SOLUTIONS TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,834
34,455
Other debtors
1,626
2,044
52,460
36,499
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,000
4,000
Trade creditors
16,098
20,256
Corporation tax
5,100
4,281
Other taxation and social security
1,485
879
Accruals and deferred income
12,890
20,155
39,573
49,571
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,667
8,667
The bank loan is a government backed bounceback loan and is therefore unsecured on the assets of the company.
7
Directors' transactions
Dividends totalling £3,300 (2023 - £13,300) were paid in the year in respect of shares held by the company's director.
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Key management personnel
8,267
13,163