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REGISTERED NUMBER: 04097152 (England and Wales)
















Smart Systems UK Limited

Unaudited Financial Statements

for the Year Ended

31 December 2023






Smart Systems UK Limited (Registered number: 04097152)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Smart Systems UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: I D Hill
Miss C Westcott





SECRETARY: Miss C Westcott





REGISTERED OFFICE: 6 Oban Road
Coventry
CV6 6HH





REGISTERED NUMBER: 04097152 (England and Wales)





ACCOUNTANTS: Moffat Gilbert
5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL

Smart Systems UK Limited (Registered number: 04097152)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,574 4,085
Tangible assets 5 119,663 153,885
125,237 157,970

CURRENT ASSETS
Stocks 602,785 693,680
Debtors 6 367,871 533,666
Cash at bank 1,003,888 736,472
1,974,544 1,963,818
CREDITORS
Amounts falling due within one year 7 662,416 578,690
NET CURRENT ASSETS 1,312,128 1,385,128
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,437,365

1,543,098

PROVISIONS FOR LIABILITIES 31,309 39,183
NET ASSETS 1,406,056 1,503,915

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 10 24,902 24,902
Retained earnings 10 1,381,054 1,478,913
SHAREHOLDERS' FUNDS 1,406,056 1,503,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Smart Systems UK Limited (Registered number: 04097152)

Balance Sheet - continued
31 December 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Miss C Westcott - Director


Smart Systems UK Limited (Registered number: 04097152)

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

1. STATUTORY INFORMATION

Smart Systems UK 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and at variable rates on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Smart Systems UK Limited (Registered number: 04097152)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 33,696
Additions 3,005
At 31 December 2023 36,701
AMORTISATION
At 1 January 2023 29,611
Charge for year 1,516
At 31 December 2023 31,127
NET BOOK VALUE
At 31 December 2023 5,574
At 31 December 2022 4,085

Smart Systems UK Limited (Registered number: 04097152)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 34,430 202,304 108,592 60,900 406,226
Additions 514 234 - 4,430 5,178
Disposals - (7,220 ) - - (7,220 )
At 31 December 2023 34,944 195,318 108,592 65,330 404,184
DEPRECIATION
At 1 January 2023 29,181 146,185 24,305 52,670 252,341
Charge for year 1,099 5,970 22,240 2,931 32,240
Eliminated on disposal - (60 ) - - (60 )
At 31 December 2023 30,280 152,095 46,545 55,601 284,521
NET BOOK VALUE
At 31 December 2023 4,664 43,223 62,047 9,729 119,663
At 31 December 2022 5,249 56,119 84,287 8,230 153,885

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 328,468 503,923
Other debtors 10,995 1,200
Prepayments 28,408 28,543
367,871 533,666

Other debtors includes the sum of £6,070 (2022 £Nil) due after more than one year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 363,926 341,669
Tax 34,294 1,870
Social security and other taxes 30,529 27,808
VAT 40,732 30,053
Directors' current accounts 26,948 934
Accrued expenses 165,987 176,356
662,416 578,690

Smart Systems UK Limited (Registered number: 04097152)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 26,931 14,031
Between one and five years 53,668 24,724
In more than five years 293,598 299,779
374,197 338,534

The obligation of the lease ending in more than five years above relates to the property lease and expires in July 2076, the annual obligation of this lease is £6,181.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 1,478,913 24,902 1,503,815
Profit for the year 68,101 68,101
Dividends (165,960 ) (165,960 )
At 31 December 2023 1,381,054 24,902 1,405,956

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company rented a property from the directors at a normal commercial rent in the amount of £42,000 (2022 £42,000). No balance was owing in relation to the rent payable at the year end (2022 £Nil).

Of the dividends paid in the year £161,000 (2022 £162,200) was paid as to £80,500 (2022 £81,100) to each.

12. RELATED PARTY DISCLOSURES

Sales were made during the year net of rebates aggregating £143,272 (2022 £187,407) to Medlock Electrical Distributors Limited, a company wholly owned by one of the shareholders, Mr A L Moore. As at 31 December 2023, this company owed Smart Systems UK Limited the sum of £2,472 (2022 £40,445).

Mr Moore was paid dividends from the company aggregating £4,960 (2022 £5,896) during the year.

13. ULTIMATE CONTROLLING PARTY

The director, Mr I D Hill, is considered to be the ultimate controlling party of the company.