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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 July 2018 to 31 December 2018 |
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for |
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SmartUp.io Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 July 2018 to 31 December 2018 |
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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 Period 1 July 2018 to 31 December 2018 |
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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 2018 |
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2018 | 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 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. |
SmartUp.io Limited (Registered number: 08855163) |
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Balance Sheet - continued |
31 December 2018 |
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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 Board of Directors on
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SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements |
for the Period 1 July 2018 to 31 December 2018 |
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1. | STATUTORY INFORMATION |
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SmartUp.io Limited is a
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registered number and registered office address are as below: |
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Registered number: | 08855163 |
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Registered office: | Northcliffe House |
2 Derry Street |
Kensington |
London |
W8 5TT |
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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 sufficient |
financial resources are available to the company to enable it 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 Period 1 July 2018 to 31 December 2018 |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2018 |
and 31 December 2018 |
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AMORTISATION |
At 1 July 2018 |
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Charge for period |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 30 June 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 July 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for period |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 30 June 2018 |
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SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2018 to 31 December 2018 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 July 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 30 June 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 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 |
2018 | 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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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2018 |
£ | £ |
Bank loans |
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11. | OTHER FINANCIAL COMMITMENTS |
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At the year end the total financial commitments was £40,425 (2018: £65,297) |
SmartUp.io Limited (Registered number: 08855163) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2018 to 31 December 2018 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the period ended 31 December 2018 and |
period ended 30 June 2018 |
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2018 | 2018 |
£ | £ |
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Amounts Advanced | 1,032 | 1,374 |
Amounts Repaid | (1,000 | ) | (585 | ) |
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The loan to the director is repayable on demand. Interest is charged on loans at the official interest set by |
HMRC. |
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13. | SHARE CAPITAL |
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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 vest between 23 November 2015 to 1 June 2016 they are |
exercisable within 10 years from the date of grant. Employees are not entitled to dividends until the shares are |
exercised. Vesting of options is subject to continued employment with the company. |
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The following options have been granted as at 31 December 2018. |
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Date of Grant |
Number of
Ordinary Shares Under Option |
Exercise Price |
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Unapproved Share Option Scheme | 16/10/2015 | 50,000 | £0.001 |
Unapproved Share Option Scheme | 21/02/2017 | 25,000 | £0.001 |
Unapproved Share Option Scheme | 24/02/2017 | 50,000 | £0.001 |
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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 by |
the company for the elapsed vesting period. |