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Registration number: 06642980

AdoptSMT UK Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

AdoptSMT UK Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4

Notes to the Unaudited Abridged Financial Statements

5 to 9

 

AdoptSMT UK Ltd

Company Information

Director

Mr David Laimer

Registered office

89 High Street
Thame
Oxfordshire
OX9 3EH

Accountants

TSH Professional Services Ltd
Accountants
89 High Street
Thame
Oxfordshire
OX9 3EH

 

AdoptSMT UK Ltd

Director's Report for the Year Ended 31 December 2023

The director presents his report and the abridged financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr David Laimer

Principal activity

The principal activity of the company is Importation and distribution of surface-mounted technology equipment

Going concern

The company is dependent on continuing support from AdoptSMT Europe GmbH, registered in Austria with company number FN43995z which the director regards as the ultimate parent company. AdoptSMT Europe GmbH is a major creditor of the company and has agreed to subordinate its debt to the claims of other creditors.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The company is entitled to the audit exemption conferred by s477 of the Companies Act 2006 as the group of which it is a part qualified as a small group and the group was not at any time an ineligible group.

Approved and authorised by the director on 22 August 2024
 

.........................................
Mr David Laimer
Director

 

Accountants' Report to the Director
on the Preparation of the Unaudited Statutory Accounts of
AdoptSMT UK Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AdoptSMT UK Ltd for the year ended 31 December 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of AdoptSMT UK Ltd, as a body, in accordance with the terms of our engagement letter dated 5 December 2019. Our work has been undertaken solely to prepare for your approval the accounts of AdoptSMT UK Ltd and state those matters that we have agreed to state to the Board of Directors of AdoptSMT UK Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AdoptSMT UK Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AdoptSMT UK Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AdoptSMT UK Ltd. You consider that AdoptSMT UK Ltd 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 accounts of AdoptSMT UK Ltd. 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 accounts.

......................................

TSH Professional Services Ltd
Accountants
89 High Street
Thame
Oxfordshire
OX9 3EH

22 August 2024

 

AdoptSMT UK Ltd

(Registration number: 06642980)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

33,576

10,796

Cash at bank and in hand

 

23,276

10,036

 

56,852

20,832

Prepayments and accrued income

 

3,180

3,090

Creditors: Amounts falling due within one year

(2,388,741)

(2,414,413)

Total assets less current liabilities

 

(2,328,709)

(2,390,491)

Accruals and deferred income

 

(3,872)

(3,235)

Net liabilities

 

(2,332,581)

(2,393,726)

Capital and reserves

 

Called up share capital

6

10,000

10,000

Retained earnings

(2,342,581)

(2,403,726)

Shareholders' deficit

 

(2,332,581)

(2,393,726)

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 August 2024
 

.........................................
Mr David Laimer
Director

 

AdoptSMT UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
89 High Street
Thame
Oxfordshire
OX9 3EH
England

These financial statements were authorised for issue by the director on 22 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are expressed in pounds sterling, rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis. The company is dependent on continuing support from AdoptSMT Europe GmbH, registered in Austria with company number FN43995z which the director regards as the ultimate parent company. AdoptSMT Europe GmbH is a major creditor of the company and has agreed to subordinate its debt to the claims of other creditors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Current tax is recognised as a current liability for tax payable on taxable profit for current and past periods. A current tax asset is recognised for the benefit of a tax loss that can be carried back to recover tax paid in a previous period.

 

AdoptSMT UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Deferred taxation is recognised on arises on all timing differences at the reporting date other than on unrelieved tax losses where the future recoverability of those losses against future taxable profits is not considered to be probable.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Computer equipment

33.3% Reducing balance

Motor vehicles

20% Reducing balance

Fixtures and fittings

20% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

An Intangible Asset is recognised if it is probable that expected future economic benefits attributable to the asset will flow to the Company and provided the cost or value of the asset can be measured reliably.

Intangible Assets are amortised over their estimated useful economic lives on a straight line basis. Intangible assets are assessed for impairment at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line basis over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

AdoptSMT UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

AdoptSMT UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

348,774

At 31 December 2023

348,774

Amortisation

At 1 January 2023

348,774

At 31 December 2023

348,774

Carrying amount

At 31 December 2023

-

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       

7

Related party transactions

Loans from related parties

2023

Parent
£

At start of period

2,414,711

Advanced / (repaid)

190,971

Repaid

(299,012)

Interest transactions

121,690

Exchange difference

(49,502)

At end of period

2,378,858

 

AdoptSMT UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

2022

Parent
£

At start of period

2,365,764

Advanced

182,725

Repaid

(283,016)

Interest transactions

47,675

Exchange difference

101,563

At end of period

2,414,711

Terms of loans from related parties

The amount owed to the parent is denominated in Euro, is unsecured and bears interest at the rate of 3 months EURIBOR + 2% pa calculated on a quarterly basis. The loan is due for repayment 12 months after the balance sheet date.
 

8

Parent and ultimate parent undertaking

The company's parent is AdoptSMT Europe GmbH, incorporated in Austria.

 The ultimate parent is Safe Rock Holding GmbH, incorporated in Austria.