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Registered number: 13244358














SMM GLOBAL UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
SMM GLOBAL UK LTD
 

CONTENTS



Page
Statement of Financial Position
 
 
1
Notes to the Financial Statements
 
 
2 - 5


 
SMM GLOBAL UK LTD
REGISTERED NUMBER:13244358

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,601
-

Current assets
  

Debtors: amounts falling due after more than one year
 5 
11,316
-

Debtors: amounts falling due within one year
 5 
6,618
-

Cash at bank and in hand
  
80,190
47,783

  
98,124
47,783

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(506,682)
(364,746)

Net current liabilities
  
 
 
(408,558)
 
 
(316,963)

  

Net liabilities
  
(403,957)
(316,963)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(404,057)
(317,063)

  
(403,957)
(316,963)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2024.




Y Wang
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SMM GLOBAL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

SMM Global UK Ltd is a private limited liability company incorporated in England and Wales, with its registered office address at 99 Bishopsgate, London, England, EC2M 3XD.
The principal activity of tjhe Company is the provision of consultancy services.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

SMM Global UK Ltd meets its day to day working capital requirements through the financial support of its parent company. Based on the expectation of this continued support, the director considers it appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Revenue

Turnover comprises revenue recognised by the Company in respect of consulting, sponsorship, subscription and management services supplied during the year, exclusive of Value Added Tax. 
Revenue is recognised in the period to which it relates.

 
2.4

Pensions

Defined contribution pension plan
The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
SMM GLOBAL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

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

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade creditors and other third parties.


3.


Employees

2023
2022
£
£

Wages and salaries
177,182
150,000

Social security costs
20,689
19,523

Cost of defined contribution scheme
10,920
9,750

208,791
179,273


The average monthly number of employees, including the director, during the year was 2 (2022 - 1).

Page 3

 
SMM GLOBAL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost


Additions
6,134



At 31 December 2023

6,134



Depreciation


Charge for the year on owned assets
1,533



At 31 December 2023

1,533



Net book value



At 31 December 2023
4,601



At 31 December 2022
-


5.


Debtors

2023
2022
£
£

Due after more than one year

Rent deposit
11,316
-


2023
2022
£
£

Due within one year

Other debtors
1,905
-

Prepayments and accrued income
4,713
-

6,618
-


Page 4

 
SMM GLOBAL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
483,158
349,899

Other taxation and social security
7,800
6,212

Other creditors
15,724
8,635

506,682
364,746



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



8.


Related party transactions

The company has taken advantage of the exemption under FRS 102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


9.


Controlling party

The immediate parent company is SMM SG PTE. LTD, a company incorporated in Singapore with its registered address at 152 Beach Road Gateway, #14-03 East Tower, Singapore 189721. The director regards SMM Information & Technology Limited, a company registered in China, as the ultimate parent undertaking. 
The director regard X Fan, a director of the parent company, as the ultimate controlling party. 


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
The comparative has not been audited.

The audit report was signed on 28 June 2024 by Stephen Iseman (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 5