Thinksmart Software Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08272528 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2022

FOR

THINKSMART SOFTWARE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G M Bentley

G H Bentley

REGISTERED OFFICE:

Office Suite 22

Cobalt Business Exchange

Cobalt Park Way

Wallsend

NE28 9NZ

REGISTERED NUMBER:

08272528 (England and Wales)

ACCOUNTANTS:

Compass Accountants Limited

Chartered Accountants

Venture House

The Tanneries

East Street

Titchfield

Hampshire

PO14 4AR

FIXED ASSETS

Intangible assets

4

90

5,430

Tangible assets

5

41,976

48,115

42,066

53,545

CURRENT ASSETS

Debtors

6

97,375

85,707

Cash at bank

73,810

101,181

171,185

186,888

CREDITORS

Amounts falling due within one year

7

178,590

182,042

NET CURRENT (LIABILITIES)/ASSETS

(7,405

)

4,846

TOTAL ASSETS LESS CURRENT LIABILITIES

34,661

58,391

CREDITORS

Amounts falling due after more than one year

8

33,134

38,156

NET ASSETS

1,527

20,235

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

1,426

20,134

1,527

20,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th February 2023 and were signed on its behalf by:

G M Bentley - Director

1.	STATUTORY INFORMATION

Thinksmart Software Ltd 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.

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

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.

Turnover

Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Basic 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 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, where 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st November 2021

and 31st October 2022

44,025

AMORTISATION

At 1st November 2021

38,595

Charge for year

5,340

At 31st October 2022

43,935

NET BOOK VALUE

At 31st October 2022

90

At 31st October 2021

5,430

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st November 2021

6,682

47,094

53,776

Additions

420

-

420

At 31st October 2022

7,102

47,094

54,196

DEPRECIATION

At 1st November 2021

3,699

1,962

5,661

Charge for year

610

5,949

6,559

At 31st October 2022

4,309

7,911

12,220

NET BOOK VALUE

At 31st October 2022

2,793

39,183

41,976

At 31st October 2021

2,983

45,132

48,115

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Other debtors

97,375

85,707

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans and overdrafts

17,325

39,212

Hire purchase contracts

5,131

5,131

Trade creditors

90,052

72,189

Taxation and social security

25,262

27,917

Other creditors

40,820

37,593

178,590

182,042

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Hire purchase contracts

33,134

38,156