REGISTERED NUMBER: 09477939 (England and Wales)

SMART WORKS SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,936

1,919

Investments

5

59,041

59,041

60,977

60,960

CURRENT ASSETS

Debtors

6

1,346,810

959,715

Cash at bank

684,858

668,647

2,031,668

1,628,362

CREDITORS

Amounts falling due within one year

7

416,955

240,666

NET CURRENT ASSETS

1,614,713

1,387,696

TOTAL ASSETS LESS CURRENT LIABILITIES

1,675,690

1,448,656

PROVISIONS FOR LIABILITIES

483

365

NET ASSETS

1,675,207

1,448,291

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,674,207

1,447,291

SHAREHOLDERS' FUNDS

1,675,207

1,448,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

Mr J M Hunt - Director

Mr R Marsden - Director

1.	STATUTORY INFORMATION

Smart Works Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09477939

Registered office:

7-8 Portmill Lane

Hitchin

Hertfordshire

SG5 1DJ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Smart Works Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover

Turnover is derived from sales of commercial software development, IT products and provision of IT support services and is recognised when delivered to the customer. Turnover is recorded at the fair value of the consideration received or receivable, and excludes value added tax and rebates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

2,000

26,402

28,402

Additions

-

2,155

2,155

At 31 December 2024

2,000

28,557

30,557

DEPRECIATION

At 1 January 2024

1,998

24,485

26,483

Charge for year

-

2,138

2,138

At 31 December 2024

1,998

26,623

28,621

NET BOOK VALUE

At 31 December 2024

2

1,934

1,936

At 31 December 2023

2

1,917

1,919

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

and 31 December 2024

59,041

NET BOOK VALUE

At 31 December 2024

59,041

At 31 December 2023

59,041

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

498,593

708,689

Other debtors

848,217

251,026

1,346,810

959,715

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade creditors

136,537

135,759

Taxation and social security

135,864

97,803

Other creditors

144,554

7,104

416,955

240,666

8.	RELATED PARTY DISCLOSURES

Jon Hunt Associates Ltd

A joint shareholder of the company.

During the year, dividends of £90,000 (2023 - £120,000) were paid to the associate company.

During the year, the company entered into the following transactions:

Consulting charges

£30,000

(2023 - £60,000

)

Amounts owed to the related party at balance sheet date: £537 (2023 - £537).

No interest is payable on the loan and there are no agreed repayment terms.

Mr R Marsden

A director of the company.

During the year the company entered into the following transactions with Mr R Marsden:

Managing services

£Nil

(2023 - £60,000

)

Marsden Enterprises Ltd

A joint shareholder of the company.

During the year, dividends of £110,000 (2023 - £100,000) were paid to the associate company.

Civil and Industrial Products Ltd

A company of which Mr R Marsden is a director and shareholder.

During the year the company entered into the following transactions:

Recharged expenses

£33,695

(2023 - £19,260

)

CoreReach Ltd

A company in which Marsden Enterprises Limited and Jon Hunt Associates Limited are shareholders.

Amounts due from the related party at the balance sheet date: £700,025 (2023 - £Nil).