Smart Systems Scotland Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC246662 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2019

for

SMART SYSTEMS SCOTLAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S Wallace

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC246662 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

4,868

-

CURRENT ASSETS

Stocks

258,616

-

Debtors

6

461,231

396,950

Cash at bank

717,232

669,556

1,437,079

1,066,506

CREDITORS

Amounts falling due within one year

7

523,414

512,397

NET CURRENT ASSETS

913,665

554,109

TOTAL ASSETS LESS CURRENT LIABILITIES

918,533

554,109

PROVISIONS FOR LIABILITIES

925

-

NET ASSETS

917,608

554,109

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

4,900

4,900

Retained earnings

912,608

549,109

SHAREHOLDERS' FUNDS

917,608

554,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 December 2019 and were signed on its behalf by:

S Wallace - Director

1.	STATUTORY INFORMATION

Smart Systems Scotland Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from project management consultancy supplied by the company.

Turnover is measured at the fair value of consultancy services supplied, net of discounts and excluding value added

tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and

accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not

possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the

cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below

this threshold is charged directly to the income statement in the period it is incurred.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

5,833

At 31 August 2019

5,833

DEPRECIATION

Charge for year

965

At 31 August 2019

965

NET BOOK VALUE

At 31 August 2019

4,868

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

3,379

40,861

Other debtors

457,852

356,089

461,231

396,950

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

261,375

238,783

Taxation and social security

160,315

109,489

Other creditors

101,724

164,125

523,414

512,397

8.	RELATED PARTY DISCLOSURES

The company has a loan account with each of the directors. The loans have no fixed repayment terms and no interest

is charged. The amounts due to each director at the balance sheet date are as follows:

2019

2018

£

£

W Mitchell

68

14,471

S Wallace

10,680

23,046

Smart Compliance Limited

A company in which W Mitchell and S Wallace are directors.

During the year the company sold goods and services of £22,945 (2018 - £9,719) to Smart Compliance Limited.

These transactions were conducted under normal commercial terms.

During the year the company advanced loans totalling £129,682 (2018 - £80,972) to Smart Compliance Limited.

There are no fixed repayment terms and no interest was charged on outstanding amounts.

The amount due from Smart Compliance Limited at the balance sheet date was £451,132 (2018 - £318,929).

9.	CONTINGENT ASSETS

The company has a contingent asset amounting to £606,000 (2018 - £498,000) at the year end, in respect of

management fees due from Smart Compliance Ltd. These fees will be payable if the development of the Smart

Compliance Ltd product is successful, and leads to sales in the market place.

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 Income Statement 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 Smart Systems Scotland Limited for the year ended 31 August 2019 which comprise the Income Statement,

Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Smart Systems Scotland 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 Smart Systems Scotland Limited and state those matters that we have agreed to state to the Board of Directors of Smart Systems Scotland Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Smart Systems Scotland 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 profit of Smart Systems Scotland Limited. You consider that Smart Systems Scotland 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 Smart Systems Scotland 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.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

3 December 2019