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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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SmartUp.io Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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SmartUp.io Limited |
SmartUp.io Limited (Registered number: 08855163) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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SmartUp.io Limited (Registered number: 08855163) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
SmartUp.io Limited (Registered number: 08855163) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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SmartUp.io Limited is a
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Registered number: | 08855163 |
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Registered office: | Treviot House |
186-192 High Road |
Ilford |
Essex |
IG1 1LR |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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In respect of contracts for on-going services, turnover represents the value of work done in the period. |
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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. |
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Trademarks are being amortised evenly over their estimates useful life of 10 years. |
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Tangible fixed assets |
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Computer equipment | - |
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Research and development |
Expenditure on research and development is written off in the period in which it is incurred. |
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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. |
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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. |
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Fixed asset investment |
Fixed asset investments are stated at cost less provision for permanent diminution in value. |
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Going concern |
The balance sheet at the end of the period recorded net liabilities. However, the directors believe that despite the global pandemic there are sufficient financial resources available, in particular from investors, to enable the company to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis. |
SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Share based payments |
Where share options are awarded to employees, the fair value of the vested options at the date of grant is charged to the profit and loss. |
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Where equity instruments are granted to persons other than employees, the profit and loss is charged with the fair value of goods and services received. |
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Convertible loan notes |
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured. |
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Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Trademarks |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
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Amortisation for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2019 |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2019 |
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Disposals | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The loan is secured by 77,945 share warrants and over all properties, rights, assets and revenues of SmartUp.io Limited. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to the directors subsisted during the period ended 31 December 2019 and period ended 31 December 2018: |
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2019 | 2018 |
Director 1 | £ | £ |
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Amounts Advanced | 33,053 | 1,032 |
Amounts Repaid | (51,329 | ) | (1,000 | ) |
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The loans to the directors are repayable on demand. Interest is charged on loans at the official interest set by HMRC. |
SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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SmartUp.io Limited, issued options to certain employees which provides additional remuneration for those employees who are key to the operations of the company. The options are granted with a fixed exercise price determined at the grant of the option. The options are exercisable up until the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. |
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Reconciliations of the number of shares per option scheme are presented below. |
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Share option type | Date of Grant | Number of shares |
Enterprise Management Incentive | 12/10/2015 - 30/10/2017 | 3,750 |
Unapproved Share Options | 12/10/2015 - 21/01/2019 | 473,488 |
Total | 477,238 |
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Number of shares |
EMI Scheme |
Unapproved
Scheme |
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At 1 January 2019 | 46,000 | 554,816 |
Granted | - | - |
Exercised in the year | 25,313 | 11,177 |
Lapsed in the year | 16,937 | 70,151 |
Outstanding as at 31 December 2019 | 3,750 | 473,488 |
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The company is unable to directly measure the fair value of the options granted. instead the share options fair value is determined by the directors. |
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The company only recognises expenses relating to these options based on the employees, employed directly bu the company for the elapsed vesting period. |
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After the year end 199,885 share options were exercised at a price of £0.000001 per share. |
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13. | CONVERTIBLE LOAN NOTES |
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On 31 August 2018, the Company issued 152,637 6% fixed rate unsecured convertible loan notes of £1 each. In 2018, the company also issued other loan notes to the value of of £153,599 with no additional interest. |
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During this year the company issued further loan notes 85,800 of £1 each. |
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The loan notes are all convertible into fully paid shares. When issued, the new shares shall rank pari passu with the current issued share capital of the Company. |