Smart Connect Research Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Smart Connect Research Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10160658 . The registered office is 30 Churchill Place 1st - 10th Floor, London, E14 5RE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting

Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the

Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure

requirements of section 1A of FRS 102 have been applied other than where additional disclosure is

required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company.

Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the

revaluation of freehold properties and to include investment properties and certain financial instruments at

fair value. The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

The financial statements have been prepared on the going concern basis as the Directors believe that the Company will continue to have access to sufficient resources to meet the working capital requirements of the Company for a period of at least twelve months from the date of signing of these financial statements.

2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% reducing balance
Computer Equipment	33.33% reducing balance

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

...CONTINUED

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Smart Connect Research Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

2.5. Financial Instruments - continued

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as

payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. 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: 7 (2025: 9)

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Smart Connect Research Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 June 2025	895	60,344	61,239
Additions	-	7,004	7,004

As at 31 May 2026	895	67,348	68,243

Depreciation
As at 1 June 2025	754	42,397	43,151
Provided during the period	35	7,269	7,304

As at 31 May 2026	789	49,666	50,455

Net Book Value
As at 31 May 2026	106	17,682	17,788

As at 1 June 2025	141	17,947	18,088

5. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	482,113	265,517
Prepayments and accrued income	59,159	71,515
Other debtors	2,838	10,966
Rent deposit	800	525
Deferred tax current asset	-	161,332

	544,910	509,855
Due after more than one year
Deferred tax current asset	54,834	-

	599,744	509,855

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	509,989	393,781
Other taxes and social security	61,367	10,818
Net wages	339	-
Other creditors	277,944	460,795
Accruals and deferred income	-	58,438

	849,639	923,832

Included in creditors due within one year is £4,292 (2025: £71,082) that is owed to the director of the company.

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Smart Connect Research Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

7. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Other creditors	111,788	269,000

8. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 June 2025	(161,332 )	(161,332)
Deferred taxation	106,498	106,498

Balance at 31 May 2026	(54,834 )	(54,834)

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		17,788		18,088

			17,788		18,088
CURRENT ASSETS
Debtors	5	599,744		509,855
Cash at bank and in hand		225,610		231,853

		825,354		741,708
Creditors: Amounts Falling Due Within One Year	6	(849,639 )		(923,832 )

NET CURRENT ASSETS (LIABILITIES)			(24,285 )		(182,124 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(6,497 )		(164,036 )

Creditors: Amounts Falling Due After More Than One Year	7		(111,788 )		(269,000 )

NET LIABILITIES			(118,285 )		(433,036 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(118,385 )		(433,136 )

SHAREHOLDERS' FUNDS			(118,285)		(433,036)