Smart-Iso Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 06006680 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2015

FOR

SMART-ISO LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

J R Moffat

M Sookhoo

REGISTERED OFFICE:

Yarrels

Hamble Lane

Bursledon

Southampton

Hampshire

SO31 8EL

REGISTERED NUMBER:

06006680 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

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-Iso Limited for the year ended 31st March 2015 which comprise the Profit and Loss

Account, the Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Smart-Iso 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-Iso Limited and state those matters that we have agreed to state to the Board of Directors of Smart-Iso Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. 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-Iso 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 loss of Smart-Iso Limited. You consider that Smart-Iso 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-Iso 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.

Rothman Pantall LLP

Chartered Accountants

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

Date: .............................................

FIXED ASSETS

Intangible assets

2

3

20,043

Tangible assets

3

153

195

156

20,238

CURRENT ASSETS

Debtors

16,566

8,551

Cash at bank

517

938

17,083

9,489

CREDITORS

Amounts falling due within one year

4

77,143

73,447

NET CURRENT LIABILITIES

(60,060

)

(63,958

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(59,904

)

(43,720

)

CREDITORS

Amounts falling due after more than one year

4

15,094

17,033

NET LIABILITIES

(74,998

)

(60,753

)

CAPITAL AND RESERVES

Called up share capital

5

152

150

Share premium

254,948

249,950

Profit and loss account

(330,098

)

(310,853

)

SHAREHOLDERS' FUNDS

(74,998

)

(60,753

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23rd December 2015 and were signed on its behalf by:

J R Moffat - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents the total value, excluding value added tax, of services provided during the year falling within

the company's ordinary activities.

Revenue for licences invoiced in advance is recognised in the period to which the service relates.

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

-

25% on cost

Computer equipment

-

25% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Research and development

Expenditure on research is written off in the year in which it is incurred. Development expenditure is written off in

the same year unless the directors are satisfied as to the technical, commercial and financial viability of

individual projects. In this situation, the expenditure is deferred and amortised over the period from which the

company is expected to benefit, currently over 3 years.

Foreign currencies

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 of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The directors consider that, with their continued support and that of the bank until the company is profitable, it is

appropriate to draw the accounts up on a going concern basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2014

and 31st March 2015

353,329

AMORTISATION

At 1st April 2014

333,286

Amortisation for year

20,040

At 31st March 2015

353,326

NET BOOK VALUE

At 31st March 2015

3

At 31st March 2014

20,043

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2014

2,440

Additions

180

At 31st March 2015

2,620

DEPRECIATION

At 1st April 2014

2,245

Charge for year

222

At 31st March 2015

2,467

NET BOOK VALUE

At 31st March 2015

153

At 31st March 2014

195

4.

CREDITORS

Creditors include an amount of £ 23,752 (2014 - £ 26,194 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

137

Ordinary A

£1

137

135

15

Ordinary B

£1

15

15

152

150

2 Ordinary A shares of £1 each were allotted as fully paid at a premium of 2499 per share during the year.

The holders of the A and B Shares rank equally in respect of entitlement to receive dividends.

The holders of the A shares shall be entitled to attend and vote at any general meeting of the company on the

basis of one vote per share. The holders of B shares are not entitled to attend or vote at any general meeting of

the company.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2015 and

31st March 2014:

2015

2014

£

£

J R Moffat

Balance outstanding at start of year

(5,024

)

(7,428

)

Amounts advanced

16,188

2,404

Amounts repaid

(24,201

)

-

Balance outstanding at end of year

(13,037

)

(5,024

)

7.	GOING CONCERN

The accounts have been drawn up on a going concern basis as the director has confirmed that he will continue

to support the company until profitability has been achieved, and for at least 12 months from the date of approval

of these accounts.