Smartzi Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09261921 (England and Wales)

Financial Statements for the Year Ended 30 April 2022

for

Smartzi Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Balasundaram

G P Brenan

J Indraprakash

C D M Tooley

K Vibushanan

REGISTERED OFFICE:

14 Elm Road

Chessington

Surrey

KT9 1AW

REGISTERED NUMBER:

09261921 (England and Wales)

AUDITORS:

Oppenheims Chartered Accountants

Statutory Auditors

P O Box 4991

Maidenhead

Berkshire

SL60 1NN

FIXED ASSETS

Intangible assets

4

1,056,327

983,769

Tangible assets

5

-

2,648

Investments

6

100

100

1,056,427

986,517

CURRENT ASSETS

Debtors

7

151,795

160,103

Prepayments and accrued income

35,830

19,940

Cash at bank

74,900

112,841

262,525

292,884

CREDITORS

Amounts falling due within one year

8

615,193

496,171

NET CURRENT LIABILITIES

(352,668

)

(203,287

)

TOTAL ASSETS LESS CURRENT LIABILITIES

703,759

783,230

CREDITORS

Amounts falling due after more than one year

9

523,761

411,667

NET ASSETS

179,998

371,563

CAPITAL AND RESERVES

Called up share capital

10

2,395

2,395

Share premium

1,331,190

1,331,190

Retained earnings

(1,153,587

)

(962,022

)

SHAREHOLDERS' FUNDS

179,998

371,563

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 and authorised for issue on 21 December 2022 and were signed on its behalf by:

C Balasundaram - Director

1.	STATUTORY INFORMATION

Smartzi 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.

The accounts are reported in Gbp rounded to no decimal places.

Turnover

Revenue is the invoiced value of services provided through the Company's booking platform and recognised when the ride is completed.

Intangible assets

Expenditure on research and development is capitalised at cost and amortised at 10% per annum on cost..

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 reducing balance

Tangible fixed assets are initially measured at cost and subsequently depreciated over their useful lives. An impairment review is conducted annually and any diminution in value written off to the Profit & Loss account.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 not recognised in respect of any timing differences that have originated but not reversed at the balance sheet date unless they are likely to reverse in the foreseeable future.

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 yearyear end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are not recognised. At 30th April 2022 the amount of deferred tax asset not provided on unrelieved losses was £250,192 (2021 - £170,907)

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.

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS102 in respect of financial instruments.

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual provisions 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.

The Company's policies for its major classes of financial assets and liabilities are as follows:

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price.Such assets are subsequently carried at amortised cost less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at discounted present value of future payments. Financing transactions are those in which payment is deferred beyond normal business terms.

Impairment of financial assets

Financial assets are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If found, an impairment loss is recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2021

1,210,235

Additions

215,091

At 30 April 2022

1,425,326

AMORTISATION

At 1 May 2021

226,466

Charge for year

142,533

At 30 April 2022

368,999

NET BOOK VALUE

At 30 April 2022

1,056,327

At 30 April 2021

983,769

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

and 30 April 2022

8,370

DEPRECIATION

At 1 May 2021

5,722

Charge for year

2,648

At 30 April 2022

8,370

NET BOOK VALUE

At 30 April 2022

-

At 30 April 2021

2,648

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2021

and 30 April 2022

100

NET BOOK VALUE

At 30 April 2022

100

At 30 April 2021

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Smartzi B2B Limited

Registered office: 14 Elm Road, Chessington, Surrey, KT9 1AW

Nature of business: Information technology service activities

%

Class of shares:

holding

Ordinary

100.00

31.10.22

31.10.21

£

£

Aggregate capital and reserves

100

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

137,670

115,811

Other debtors

14,125

44,292

151,795

160,103

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans and overdrafts

8,333

8,333

Trade creditors

302,424

275,363

Taxation and social security

237,192

132,421

Other creditors

67,244

80,054

615,193

496,171

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans

33,761

41,667

Other creditors

490,000

370,000

523,761

411,667

Included within creditors falling due after more than one year is an amount of £490,000 (2021 - £370,000)

in respect of an accrual for directors' remuneration. The directors have confirmed they will defer payment for a period of at least 12 months from the date these accounts are signed.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.22

30.4.21

value:

£

£

239,514

Ordinary

£0.01

2,395

2,395

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

N S OPPENHEIM (Senior Statutory Auditor)

for and on behalf of Oppenheims Chartered Accountants

12.	ULTIMATE CONTROLLING PARTY

The controlling party is WWW Holding Company Limited Reg No. 05049626.

Accounts of WWW Holding Company Limited can be obtained from the registered office at

3rd Floor Walbrook Building, 195 Marsh Wall, London E14 9SG.