Acorah Software Products - Accounts Production 16.4.675 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 07236594 Mr Chandler Molina Mr Victor Ramirez iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07236594 2023-12-31 07236594 2024-12-31 07236594 2024-01-01 2024-12-31 07236594 frs-core:CurrentFinancialInstruments 2024-12-31 07236594 frs-core:RevaluationReserve 2024-01-01 2024-12-31 07236594 frs-core:RevaluationReserve 2023-12-31 07236594 frs-core:RevaluationReserve 2024-12-31 07236594 frs-core:SharePremium 2024-12-31 07236594 frs-core:ShareCapital 2024-12-31 07236594 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 07236594 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07236594 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 07236594 frs-bus:SmallEntities 2024-01-01 2024-12-31 07236594 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 07236594 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07236594 frs-bus:Director1 2024-01-01 2024-12-31 07236594 frs-bus:Director2 2024-01-01 2024-12-31 07236594 frs-countries:EnglandWales 2024-01-01 2024-12-31 07236594 2022-12-31 07236594 2023-12-31 07236594 2023-01-01 2023-12-31 07236594 frs-core:CurrentFinancialInstruments 2023-12-31 07236594 frs-core:RevaluationReserve 2023-12-31 07236594 frs-core:SharePremium 2023-12-31 07236594 frs-core:ShareCapital 2023-12-31 07236594 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 07236594
Smartmatic UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Smartmatic UK Limited
Contents
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Smartmatic UK Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 07236594
2024 2023
Notes $ $ $ $
CURRENT ASSETS
Debtors 4 3,241,068 3,140,798
Cash at bank and in hand 14,475 16,876
3,255,543 3,157,674
Creditors: Amounts Falling Due Within One Year 5 (629,430 ) (477,105 )
NET CURRENT ASSETS (LIABILITIES) 2,626,113 2,680,569
TOTAL ASSETS LESS CURRENT LIABILITIES 2,626,113 2,680,569
NET ASSETS 2,626,113 2,680,569
CAPITAL AND RESERVES
Called up share capital 6 3 3
Share premium account 15,064 15,064
Revaluation reserve 7 2,962 227
Profit and Loss Account 2,608,084 2,665,275
SHAREHOLDERS' FUNDS 2,626,113 2,680,569
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Victor Ramirez
Director
30/12/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Smartmatic UK Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Smartmatic UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07236594 . The registered office is 88 Baker Street, London, W1U 6TQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Smartmatic UK Limited (the ‘Company’) is a company incorporated, registered and domiciled in England in the UK. The Company has a branch registered in Spain which is also included in these financial statements. These financial statements are presented in United States Dollars.
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS101”). 
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”) but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemption has been taken. 
The Company’s ultimate parent undertaking, SGO Corporation S.A. includes the Company in its consolidated financial statements. The smallest group into which the accounts of the company are consolidated is SGO Corporation Limited. Copies of these consolidated accounts may be obtained from its registered office at 88 Baker Street, London, W1U 6TQ.
In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:
• A cash flow statement and related notes;
• Disclosures in respect of transactions with wholly owned subsidiaries;
• Disclosures in respect of capital management; and
• Disclosures of transactions with a management entity that provides key management personnel services to the company.
2.2. Going Concern Disclosure
The Company is reliant on financial support from SGO Corporation Limited, the Company’s ultimate parent undertaking. SGO Corporation Limited has indicated that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that this support will continue for 12 months more from the date of approval of these financial statements.
2.3. Foreign Currencies
Transactions in foreign currencies are translated to the Company’s functional currency (US Dollars) at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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Smartmatic UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4. Debtors
2024 2023
$ $
Due within one year
Other debtors 4,462 6,357
Amounts owed by group undertakings 3,236,606 3,134,441
3,241,068 3,140,798
Amounts owed by group undertaking are unsecured, interest free and repayable on demand.
US$2,803,628 of intercompany balances are due to Folio Technologies Limited (2023 US$371,052) and US$330,813 are due to Smartmatic International Holding B.V. (2023 US$90,347).
5. Creditors: Amounts Falling Due Within One Year
2024 2023
$ $
Trade creditors 418 1,384
Corporation tax 3,151 -
Other taxes and social security - 8,954
Other creditors 8,538 5,368
Amounts owed to group undertakings 617,323 461,399
629,430 477,105
Amounts owed to group undertaking are unsecured, interest free and repayable on demand.
US$526.977 of intercompany balances are due to SGO Corporation Limited (2023 US$371,052) and US$90,347 are due to Smartmatic International Holding B.V. (2023 US$90,347).
6. Share Capital
2024 2023
$ $
Allotted, Called up and fully paid 3 3
7. Reserves
Revaluation Reserve
$
As at 1 January 2024 227
Surplus on revaluation 2,735
As at 31 December 2024 2,962
8. Ultimate parent undertaking
The company is a wholly owned subsidiary of SGO Corporation Ltd., a company incorporated in England, in the UK.
The smallest group into which the accounts of the company are consolidated is SGO Corporation Limited. Copies of these consolidated accounts may obtain from its registered office at 88 Baker Street, London, W1U 6TQ. 
The Company’s ultimate parent is SGO Corporation Ltd. The registered address is 88 Baker Street, London, W1U 6TQ.
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