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Registered number: 01328668










SMARTERPAY SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
SMARTERPAY SERVICES LIMITED
REGISTERED NUMBER:01328668

BALANCE SHEET
AS AT 30 JUNE 2024

30
June
2024
30 September 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
8,420

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
50,000

Debtors: amounts falling due within one year
 5 
194,307
247,909

Bank and cash balances
  
-
48,841

  
194,307
346,750

Creditors: amounts falling due within one year
 6 
-
(106,264)

Net current assets
  
 
 
194,307
 
 
240,486

Total assets less current liabilities
  
194,307
248,906

  

Net assets
  
194,307
248,906


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
194,207
248,806

  
194,307
248,906


Page 1

 
SMARTERPAY SERVICES LIMITED
REGISTERED NUMBER:01328668
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr E R Friend
Director

Date: 28 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SMARTERPAY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

SmarterPay Services Limited ("the Company") is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information. 
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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. Revenue 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SMARTERPAY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
10%
straight line basis
Short-term leasehold property
-
10%
straight line basis
Fixtures and fittings
-
20%
straight line basis
Office equipment
-
20%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
SMARTERPAY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
SMARTERPAY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 11).


4.


Tangible fixed assets







Freehold property
Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 October 2023
5,484
55,085
8,090
21,123
89,782


Disposals
(5,484)
(55,085)
(8,090)
(21,123)
(89,782)



At 30 June 2024

-
-
-
-
-





At 1 October 2023
5,484
55,085
4,401
16,392
81,362


Charge for the period on owned assets
-
-
1,489
2,211
3,700


Disposals
(5,484)
(55,085)
(5,890)
(18,603)
(85,062)



At 30 June 2024

-
-
-
-
-



Net book value



At 30 June 2024
-
-
-
-
-



At 30 September 2023
-
-
3,689
4,731
8,420

Page 6

 
SMARTERPAY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Debtors

30
June
2024
30 September 2023
£
£

Due after more than one year

Other debtors
-
50,000


30
June
2024
30 September 2023
£
£

Due within one year

Amounts owed by group undertakings
194,307
247,909


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


6.


Creditors: Amounts falling due within one year

30
June
2024
30 September 2023
£
£

Payments received on account
-
219

Corporation tax
-
67,919

Other taxation and social security
-
3,152

Other creditors
-
32,974

Accruals and deferred income
-
2,000

-
106,264



7.


Controlling party

The Company's ultimate parent undertaking is Pajef Limited, a company incorporated in England and Wales and controls the Company through its ownership of Smarterpay Limited which holds all of the issued shares in the Company. The registered office of Pajef Limited is 1 The Forum, Minerva Business Park, Lynch Wood, Peterborough, PE2 6FT.
The ultimate controlling party are the Trustees of Phillip A Friend and Janice E Friend Deceased Will Trusts.

 
Page 7