REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
SMARTLY.IO SOLUTIONS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
SMARTLY.IO SOLUTIONS LTD |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SMARTLY.IO SOLUTIONS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
BALANCE SHEET |
31 DECEMBER 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Capital contribution reserve | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Smartly.io Solutions Ltd is a |
The company's trading address is: 11 Hill's Place, 1st Floor, West End House, London, W1F 7SE. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has obtained a letter of support from its parent company, Smartly.io Solutions Oy. The Directors of Smartly.io Solutions Oy have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period of at least 12 months and 1 day from the date of the Smartly.io Solutions Ltd audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents amounts charged to the company's parent company under an advertising and marketing agreement, excluding value added tax. Turnover is recognised when rechargeable costs are incurred. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are recognised at initial cost, less depreciation as calculated in line with the above. |
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. |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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 year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Financial instruments |
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
Share based payments |
Equity-settled share-based compensation benefits are provided to employees. |
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for services. |
The cost of equity-settled transactions is measured at fair value on grant date. For options over shares, fair value is independently determined using the Black Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. For the sole award of shares, the fair value is deemed to be the fair value of the underlying share at the grant date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS |
31.12.24 | 31.12.23 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors & prepayments |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors and accruals |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
9. | RESERVES |
Capital |
Retained | contribution |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2024 | ( |
) | 1,207,750 |
Deficit for the year | ( |
) | ( |
) |
Share option expense | - | 1,588,250 | 1,588,250 |
At 31 December 2024 | ( |
) | 1,874,699 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
SMARTLY.IO SOLUTIONS LTD (REGISTERED NUMBER: 11141052) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
11. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
The immediate parent company is Smartly.io Solutions Oy, which is incorporated in Finland. |
The ultimate parent company is Smartly.io Holding Oy, which is incorporated in Finland. Smartly.io Holding Oy prepares consolidated financial statements. These are available upon request from Elielinaukio 2 G, 00100, Helsinki, Finland which is their registered office. |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
The Company has issued equity settled share options to its employees. The equity offered is that of Smartly.io Holding Oy (incorporated in Finland). These options all vest over a period of 4 years and expire after 10 years from the vesting commencement date. |
The following table summarises the equity settled share options with employees in the period: |
Item | Number | Weighted average exercise price (EUR | ) |
Outstanding at the beginning of the period | 432,773 | 32.74 |
Granted during the year | 17,250 | 26.16 |
Forfeited/cancelled during the period | (114,244 | ) | 18.28 |
Transferred from fellow group undertaking | 409,241 | 24.11 |
Exercised during the period | (416 | ) | 20.16 |
Expired during the period | - | - |
Outstanding at the end of the period | 744,604 | 23.49 |
Exercisable at the end of the period | 525,486 | 25.90 |
The share based payment expense is recognised on a reasonable allocation of the group expense. The charge recognised in the year was £1,588,250 (2023: £1,123,141). |
Further details over how the fair value of the goods or services received are measured are given in note 2 to the financial statements. |