Smart Systems Scotland Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC246662 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2016

for

SMART SYSTEMS SCOTLAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

W Mitchell

S Wallace

J M Fillingham

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC246662 (Scotland)

ACCOUNTANTS:

Sharles, Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

CURRENT ASSETS

Debtors

5

311,036

627,611

Cash at bank

145,758

36,714

456,794

664,325

CREDITORS

Amounts falling due within one year

6

358,400

531,862

NET CURRENT ASSETS

98,394

132,463

TOTAL ASSETS LESS CURRENT LIABILITIES

98,394

132,463

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

4,900

4,900

Retained earnings

93,394

127,463

SHAREHOLDERS' FUNDS

98,394

132,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 16 May 2017 and were signed on its behalf by:

W Mitchell - 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.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2015 - 3 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

154,365

543,899

Other debtors

156,671

83,712

311,036

627,611

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

250,322

396,148

Taxation and social security

41,976

59,590

Other creditors

66,102

76,124

358,400

531,862

7.	RELATED PARTY DISCLOSURES

Smart Compliance Limited

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

During the year the company purchased goods and services of £12,584 (2015 - £NIL) from Smart Compliance

Limited, and sold goods and services of £16,563 (2015 - £7,000) to Smart Compliance Limited. These

transactions were conducted under normal commercial terms.

During the year the company advanced loans totalling £43,500 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 £133,965 (2015 - £82,086).

8.	CONTINGENT ASSETS

The company has a contingent asset amounting to £246,000 (2015 - £174,000) 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 and members 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 2016 which comprise the Income

Statement, 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/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 the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/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, Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

16 May 2017