Smart Alternative Reality Area Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11395081 (England and Wales)

SMART ALTERNATIVE REALITY AREA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R M B Parnall

REGISTERED OFFICE:

15-19 Westgate Street

Launceston

Cornwall

PL15 7AB

REGISTERED NUMBER:

11395081 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

232,388

-

CURRENT ASSETS

Debtors

35

-

Cash at bank

586

1

621

1

CREDITORS

Amounts falling due within one year

360,182

-

NET CURRENT (LIABILITIES)/ASSETS

(359,561

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

(127,173

)

1

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(127,174

)

-

(127,173

)

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 December 2020 and were signed by:

R M B Parnall - Director

1.	STATUTORY INFORMATION

Smart Alternative Reality Area Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Intangible assets

Intangible assets are initially measured at cost and then subsequently revalued at the end of each financial year at fair value. If there is not an active market relevant to the Intangible Asset, then the carrying amount of the asset will be its revalued amount at the date of the last revaluation, less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.

Development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

- The technical feasibility of completing the asset so that it will be available for use or sale.

- The intention to complete the asset and use or sell it.

- The ability to use the asset or to sell it.

- How the asset will generate probable future economic benefits.

- The availability of adequate technical, financial and other resources to complete the development and to use or sell the asset.

- The ability to measure reliably the expenditure attributable to the asset during its development.

If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in Income Statement in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in the Income Statement in the periods expected to be benefitted.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

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 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.

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.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 1 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

232,388

At 31 December 2019

232,388

NET BOOK VALUE

At 31 December 2019

232,388

6.	ULTIMATE CONTROLLING PARTY

These financial statements contain information regarding Smart Alternative Reality Area Limited as an individual company. It is included by full consolidation in the consolidated financial statements of its parent, Parnall Group Limited, whose registered office is 15-19 Westgate Street, Launceston, Cornwall, PL15 7AB.