SCM Microsystems Limited Accounts Cover |
Company No. 02693479 | |||||||||
SCM Microsystems Limited Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Director's Report | 3 | ||||||||
Auditor's Report | 4 to 7 | ||||||||
Profit and Loss Account | 8 | ||||||||
Balance Sheet | 9 | ||||||||
Notes to the Accounts | 10 to 13 | ||||||||
Detailed Profit and Loss Account | 14 to 15 | ||||||||
SCM Microsystems Limited Company Information |
Director | |||||||||
Registered Office | |||||||||
Auditor | |||||||||
Granite Morgan Smith Limited | |||||||||
122 Feering Hill | |||||||||
Feering | |||||||||
Colchester | |||||||||
Essex | |||||||||
CO5 9PY |
SCM Microsystems Limited Directors Report |
The Director presents his report and the accounts for the year ended 31 December 2023. | |||||||||
Principal activities | |||||||||
Director | |||||||||
The Director who served at any time during the year was as follows: | |||||||||
Statement of director's responsibilities | |||||||||
The Director is responsible for preparing the Director's report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the director to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgments and estimates that are reasonable and prudent; | ||||||||
* | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||||
The director is responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||||
Statement of disclosure of information to auditor | |||||||||
Signed on behalf of the board | |||||||||
M. Muller | |||||||||
Director | |||||||||
23 September 2024 |
SCM Microsystems Limited Audit Report Unqualified |
Independent Auditor's Report to the members of SCM Microsystems Limited | |||||||||
Opinion | |||||||||
We have audited the accounts of SCM Microsystems Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | |||||||||
In our opinion the accounts: | |||||||||
for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. | |||||||||
Basis for opinion | |||||||||
We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 1 to the accounts, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | |||||||||
Conclusions relating to going concern | |||||||||
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. | |||||||||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report. | |||||||||
Other information | |||||||||
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements , we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | |||||||||
We have nothing to report in this regard. | |||||||||
Opinion on other matters prescribed by the Companies Act 2006 | |||||||||
In our opinion, based upon the work undertaken in the course of the audit: | |||||||||
• the information given in the directors' report for the financial year for which the accounts are prepared is consistent with the accounts; and | |||||||||
• the directors' report has been prepared in accordance with applicable legal requirements. | |||||||||
Matters on which we are required to report by exception | |||||||||
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. | |||||||||
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |||||||||
• the accounts are not in agreement with the accounting records and returns; or | |||||||||
• certain disclosures of directors’ remuneration specified by law are not made; or | |||||||||
• we have not received all the information and explanations we require for our audit; or | |||||||||
• the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. | |||||||||
Responsibilities of directors | |||||||||
In preparing the accounts, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | |||||||||
Auditor's responsibilities for the audit of the accounts | |||||||||
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. | |||||||||
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. | |||||||||
The Extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and legislation, and distributable profits legislation. - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). | |||||||||
A further description of our responsibilities for the audit of the accounts is located on the FRC's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | |||||||||
Use of this report | |||||||||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of Granite Morgan Smith Limited | |||||||||
Chartered Certified Accountants and Statutory Auditors | |||||||||
112 Feering Hill | |||||||||
Feering | |||||||||
Colchester | |||||||||
Essex | |||||||||
CO5 9PY | |||||||||
SCM Microsystems Limited Profit and Loss Account |
for the year ended 31 December 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Gross profit | ||||||||||
Distribution costs and selling expenses | ( | ( | ||||||||
Administrative expenses | ( | ( | ||||||||
Operating profit/(loss) | ( | |||||||||
Profit/(Loss) on ordinary activities before taxation | ( | |||||||||
Taxation | ||||||||||
Profit/(Loss) for the financial year after taxation | ( | |||||||||
SCM Microsystems Limited Balance Sheet |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Investments | 4 | |||||||||
Current assets | ||||||||||
Debtors | ||||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | ( | ( | ||||||||
Net current liabilities | ( | ( | ||||||||
Total assets less current liabilities | ( | ( | ||||||||
Net liabilities | ( | ( | ||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 6 | ( | ( | |||||||
Total equity | ( | ( | ||||||||
Approved by the board on 23 September 2024 and signed on its behalf by: | ||||||||||
M. Muller | ||||||||||
Director | ||||||||||
23 September 2024 |
SCM Microsystems Limited Notes to the Accounts |
for the year ended 31 December 2023 | ||||||||||||||||
1 | General information | |||||||||||||||
SCM Microsystems Limited is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 02693479 | ||||||||||||||||
Its registered office is: | Its trading address is: | |||||||||||||||
Identiv GmbH | ||||||||||||||||
Oskar-Messter-Str. 12 | ||||||||||||||||
Ismaning | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Turnover | ||||||||||||||||
Taxation | ||||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. | ||||||||||||||||
Investments | ||||||||||||||||
Work in progress | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Leased assets | ||||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||||
3 | Employees | |||||||||||||||
2023 | 2022 | |||||||||||||||
Number | Number | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||||
4 | Investments | |||||||||||||||
Total | ||||||||||||||||
£ | ||||||||||||||||
Cost or valuation | ||||||||||||||||
At 1 January 2023 | ||||||||||||||||
At 31 December 2023 | ||||||||||||||||
Provisions/Impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 December 2023 | ||||||||||||||||
At 31 December 2022 | ||||||||||||||||
5 | Share Capital | |||||||||||||||
6 | Reserves | |||||||||||||||
7 | Post balance sheet events | |||||||||||||||
On 2nd April 2024 the company disposed of an investment in a subsidiary for greater than carrying value. An estimate of the financial effect of this non-adjusting event cannot be made. | ||||||||||||||||
8 | Ultimate controlling party | |||||||||||||||
Parent Company | ||||||||||||||||
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member: | ||||||||||||||||
Identiv, Inc. | ||||||||||||||||
The parent's registered office address is: | ||||||||||||||||
2201 Walnut Ave. | ||||||||||||||||
Suite 100 | ||||||||||||||||
Fremont | ||||||||||||||||
CA 94538 | ||||||||||||||||
USA | ||||||||||||||||