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

REGISTERED NUMBER: SC246662 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Smart Systems Scotland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

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

1,951

3,410

CURRENT ASSETS

Stocks

144,121

15,276

Debtors

6

507,278

533,916

Cash at bank

268,091

262,319

919,490

811,511

CREDITORS

Amounts falling due within one year

7

216,598

188,655

NET CURRENT ASSETS

702,892

622,856

TOTAL ASSETS LESS CURRENT LIABILITIES

704,843

626,266

CREDITORS

Amounts falling due after more than one year

8

(41,666

)

-

PROVISIONS FOR LIABILITIES

(371

)

(648

)

NET ASSETS

662,806

625,618

CAPITAL AND RESERVES

Called up share capital

50

50

Share premium

4,900

4,900

Capital redemption reserve

50

50

Retained earnings

657,806

620,618

SHAREHOLDERS' FUNDS

662,806

625,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 31 January 2022 and were signed 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.

Government grants

Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

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 2 (2020 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

and 31 August 2021

5,833

DEPRECIATION

At 1 September 2020

2,423

Charge for year

1,459

At 31 August 2021

3,882

NET BOOK VALUE

At 31 August 2021

1,951

At 31 August 2020

3,410

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,274

35,814

Other debtors

506,004

498,102

507,278

533,916

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

158,247

55,955

Taxation and social security

41,489

119,016

Other creditors

8,529

13,684

216,598

188,655

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

41,666

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,500

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

49,999

-

The bank loan is supported by a 100% guarantee from the UK Government.

10.	RELATED PARTY DISCLOSURES

The company has a loan account with the director S Wallace. The loans have no fixed repayment terms and no interest is charged. The amounts due to S Wallace at the balance sheet date was £548 (2020 - £5,773)

Smart Compliance Limited

A company in which S Wallace is a directors.

During the year the company advanced loans totalling £9,606 (2020 - £13,873) 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 £503,317 (2020 - £493,711.

11.	CONTINGENT ASSETS

The company has a contingent asset amounting to £822,000 (2020 - £714,000) 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 director 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 Director 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 2021 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 director of Smart Systems Scotland Limited 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 director of Smart Systems Scotland Limited 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 director 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

31 January 2022