Registered number
04597890
Smartology Limited
Filleted Accounts
31 December 2024
Smartology Limited
Registered number: 04597890
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,493,884 6,234,038
Investments 4 8 8
6,493,892 6,234,046
Current assets
Debtors 5 1,647,568 1,157,394
Cash at bank and in hand 40,303 76,616
1,687,871 1,234,010
Creditors: amounts falling due within one year 6 (1,677,593) (1,343,808)
Net current assets/(liabilities) 10,278 (109,798)
Total assets less current liabilities 6,504,170 6,124,248
Creditors: amounts falling due after more than one year 7 (1,510,096) (975,125)
Net assets 4,994,074 5,149,123
Capital and reserves
Called up share capital 11 10
Share premium 11,242,992 10,666,327
Profit and loss account (6,248,929) (5,517,214)
Shareholders' funds 4,994,074 5,149,123
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Paul Wilkinson
Director
Approved by the board on 16 April 2025
Smartology Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 18
3 Tangible fixed assets
Capitalised Software Development
£
Cost
At 1 January 2024 9,643,060
Additions 1,068,157
At 31 December 2024 10,711,217
Depreciation
At 1 January 2024 3,409,022
Charge for the year 808,311
At 31 December 2024 4,217,333
Net book value
At 31 December 2024 6,493,884
At 31 December 2023 6,234,038
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2024 8
At 31 December 2024 8
5 Debtors 2024 2023
£ £
Trade debtors 1,001,822 788,530
Corporation tax debtor 617,111 329,029
Other debtors 28,635 39,835
1,647,568 1,157,394
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 339,858 370,835
Trade creditors 587,021 696,281
Deferred income 77,536 -
Taxation and social security costs 590,484 224,647
Other creditors 82,694 52,045
1,677,593 1,343,808
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,096 15,125
Debenture loans 1,500,000 960,000
1,510,096 975,125
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 334,303 182,515
Optimum SME Finance Limited hold a debenture over book debts.
9 Research and development
Continued development of the product and software platform is crucial to the long-term success of the Company. Accordingly, after a review by management, it has been decided that, to present the Financial Statements in a true and fair view, development costs should be capitalised going forward, rather than expensed to the P&L as incurred. Therefore, amounts totalling £1,068,157 (2023: £1,265,255) were capitalised during the year.

The company takes advantage of Research and Development tax reliefs and surrenders losses for corporation tax credits.
10 Going concern
These financial statements have been prepared on a going concern basis. There are convertible loans of £1,500,000: the board expects these to be converted to shares in due course. The company has the support of its major shareholders.
11 Related party transactions
Paid Fees and interest Accruals Amounts outstanding
£ £ £
Entities with a common director 178,664 - -
Directors 12,500 - -
Amounts owed to related parties - - -
Entities with a common director - 30,488 1,530,488
31/12/24 191,164 30,488 1,530,488
Entities with a common director 132,081 - -
Directors 25,000 - -
Amounts owed to related parties
Entities with a common director - 9,939 974,017
31/12/23 157,081 9,939 974,017
12 Controlling party
The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company
13 Other information
Smartology Limited is a private company limited by shares and incorporated in England. Its registered office is:
Associates House
118A East Barnet Road
Barnet
Herts
EN4 8RE
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