REGISTERED NUMBER: 08892868 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SMARTKYC LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr A Tonchia

Mr S R Harris

Mr H G D Chamberlain

Mr D Corrigan

Mr R Emmerich

SECRETARY:

Mr H G D Chamberlain

REGISTERED OFFICE:

83 Victoria Street

London

London

SW1H 0HW

REGISTERED NUMBER:

08892868 (England and Wales)

ACCOUNTANTS:

Sterling Accounts Limited

t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SmartKYC Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SmartKYC Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SmartKYC Limited and state those matters that we have agreed to state to the Board of Directors of SmartKYC Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SmartKYC Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SmartKYC Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SmartKYC Limited. You consider that SmartKYC Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SmartKYC Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling Accounts Limited

t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

30 December 2025

FIXED ASSETS

Tangible assets

4

5,812

9,793

CURRENT ASSETS

Debtors

5

295,482

950,999

Cash at bank and in hand

995,515

108,871

1,290,997

1,059,870

CREDITORS

Amounts falling due within one year

6

6,244,430

4,876,688

NET CURRENT LIABILITIES

(4,953,433

)

(3,816,818

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,947,621

)

(3,807,025

)

PROVISIONS FOR LIABILITIES

7

1,104

1,861

NET LIABILITIES

(4,948,725

)

(3,808,886

)

CAPITAL AND RESERVES

Called up share capital

968

968

Share premium

89,750

89,750

Retained earnings

(5,039,443

)

(3,899,604

)

SHAREHOLDERS' FUNDS

(4,948,725

)

(3,808,886

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 30 December 2025 and were signed on its behalf by:

Mr H G D Chamberlain - Director

Mr D Corrigan - Director

1.	STATUTORY INFORMATION

SmartKYC Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 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. Turnover 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:

Rendering of services

Turnover 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 measuredreliably; and

-

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

Subscription products

The turnover from subscription products and support services is usually assessed based on whether the customer has responsibility for payment and takes on the risks and rewards of the product from SmartKYC.

Software as a Service (SaaS) income is recognised in the month the service is provided.

Software licence

Turnover from software licence is recognised in full where it is fully functional on delivery of the licence along issue of authorisation codes to activate the software.

Tangible fixed assets

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

Computer equipment - 33% straight line method

Office equipment - 25% reducing balance method

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.

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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefit and hence all expenditure on research shall be recognised as an expense when it is incurred.

In the development phase of an internal project, the company has also chosen to expense the entire expenditure within the Statement of Comprehensive Income as incurred.

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.

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.

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Interest receivable and Interest payable

Interest receivable and interest payable are recognised in Statement of Comprehensive Income as they accrue, using the effective interest method.

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Going concern

The financial statements have been prepared on the going concern basis, not withstanding net liabilities of £4,948,725 (2024: £3,808,886). The shareholders have provided the company with an undertaking that they will continue to support the company for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

3,216

52,738

55,954

Additions

-

1,103

1,103

At 31 March 2025

3,216

53,841

57,057

DEPRECIATION

At 1 April 2024

1,443

44,718

46,161

Charge for year

443

4,641

5,084

At 31 March 2025

1,886

49,359

51,245

NET BOOK VALUE

At 31 March 2025

1,330

4,482

5,812

At 31 March 2024

1,773

8,020

9,793

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

145,589

905,651

Other debtors

-

4,632

VAT

-

40,716

Accrued income

147,238

-

Prepayments

2,655

-

295,482

950,999

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

5,820,002

4,625,098

Trade creditors

148,249

195,653

Social security and other taxes

-

20,369

VAT

141,594

-

Other creditors

20,517

32,199

Directors' current accounts

7,812

3,369

Accrued expenses

106,256

-

6,244,430

4,876,688

7.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

1,104

1,861

Deferred

tax

£

Balance at 1 April 2024

1,861

Movement

(757

)

Balance at 31 March 2025

1,104

8.	RELATED PARTY DISCLOSURES

Included in creditors amounts falling due within one year are loan balances of £1,961 (2024: £1,961) for Mr H Chamberlain, £278,605 (2024: £151,939) for Mr A Tonchia and £1,075 (2024: £1,075) for Mr S Harris, who are directors of the company.

Included in creditors amounts falling due within one year are loan balance of £2,313,439 (2024: 2,204,762 from) due to SmartKYC SARL, a company in which Mr H Chamberlain has beneficial interest.