false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-01-01
Sage Accounts Production Advanced 2018 - FRS
41,530
2,029
43,559
34,976
2,146
37,122
6,437
6,554
xbrli:pure
xbrli:shares
iso4217:GBP
05271679
2018-01-01
2018-12-31
05271679
2018-12-31
05271679
2017-12-31
05271679
2017-01-01
2017-12-31
05271679
2017-12-31
05271679
bus:LeadAgentIfApplicable
2018-01-01
2018-12-31
05271679
bus:Director1
2018-01-01
2018-12-31
05271679
core:WithinOneYear
2018-12-31
05271679
core:WithinOneYear
2017-12-31
05271679
core:ShareCapital
2018-12-31
05271679
core:ShareCapital
2017-12-31
05271679
core:RetainedEarningsAccumulatedLosses
2018-12-31
05271679
core:RetainedEarningsAccumulatedLosses
2017-12-31
05271679
bus:SmallEntities
2018-01-01
2018-12-31
05271679
bus:AuditExemptWithAccountantsReport
2018-01-01
2018-12-31
05271679
bus:FullAccounts
2018-01-01
2018-12-31
05271679
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
05271679
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
05271679
core:OfficeEquipment
2018-01-01
2018-12-31
05271679
core:OfficeEquipment
2017-12-31
05271679
core:OfficeEquipment
2018-12-31
COMPANY REGISTRATION NUMBER:
05271679
Filleted Unaudited Financial Statements
|
|
Year Ended 31 December 2018
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
|
1
|
|
|
Statement of Financial Position
|
2
|
|
|
Notes to the Financial Statements
|
4
|
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Smart Lab Limited
|
|
Year Ended 31 December 2018
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 Lab Limited for the year ended 31 December 2018, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Smart Lab Limited in accordance with the terms of our engagement letter dated 25 October 2004. Our work has been undertaken solely to prepare for your approval the financial statements of Smart Lab Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smart Lab Limited and its director for our work or for this report.
It is your duty to ensure that Smart Lab 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 Lab Limited. You consider that Smart Lab 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 Lab 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.
WYATT & CO
Chartered Accountants
125 Main Street
Garforth
Leeds
LS25 1AF
11 February 2019
Statement of Financial Position
|
|
31 December 2018
Fixed Assets
Tangible assets
|
5
|
|
6,437
|
6,554
|
|
|
|
|
|
Current Assets
Cash at bank and in hand
|
109,203
|
|
87,246
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
11,407
|
|
11,130
|
|
-----------
|
|
---------
|
Net Current Assets
|
|
97,796
|
76,116
|
|
|
-----------
|
---------
|
Total Assets Less Current Liabilities
|
|
104,233
|
82,670
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
655
|
784
|
|
|
-----------
|
---------
|
Net Assets
|
|
103,578
|
81,886
|
|
|
-----------
|
---------
|
|
|
|
|
Capital and Reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
103,478
|
81,786
|
|
|
-----------
|
---------
|
Shareholders Funds
|
|
103,578
|
81,886
|
|
|
-----------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 December 2018
These financial statements were approved by the
board of directors
and authorised for issue on
11 February 2019
, and are signed on behalf of the board by:
Dr M Ferus-Comelo
|
|
Director
|
|
|
|
Company registration number:
05271679
Notes to the Financial Statements
|
|
Year Ended 31 December 2018
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 125 Main Street, Garforth, Leeds, LS25 1AF.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover comprises the value of goods and services supplied by the company during the period, net of Value Added Tax, trade discounts, and is credited based on the amount which is proportionate to the relevant period under the terms of UITF40.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
1
(2017:
1
).
5.
Tangible Assets
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 January 2018
|
41,530
|
41,530
|
Additions
|
2,029
|
2,029
|
|
---------
|
---------
|
At 31 December 2018
|
43,559
|
43,559
|
|
---------
|
---------
|
Depreciation
|
|
|
At 1 January 2018
|
34,976
|
34,976
|
Charge for the year
|
2,146
|
2,146
|
|
---------
|
---------
|
At 31 December 2018
|
37,122
|
37,122
|
|
---------
|
---------
|
Carrying amount
|
|
|
At 31 December 2018
|
6,437
|
6,437
|
|
---------
|
---------
|
At 31 December 2017
|
6,554
|
6,554
|
|
---------
|
---------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Corporation tax
|
9,182
|
8,732
|
Social security and other taxes
|
1,060
|
1,661
|
Other creditors
|
1,165
|
737
|
|
---------
|
---------
|
|
11,407
|
11,130
|
|
---------
|
---------
|
|
|
|
7.
Director's Advances, Credits and Guarantees
During the year, one director provided a loan to the company, the opening and highest balance was £Nil and the closing balance £360. The loan was interest free and repayable on demand.
8.
Related Party Transactions
There were no related party transactions during the year.