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COMPANY REGISTRATION NUMBER: 09391907
SMICO Enterprises Limited
Filleted Unaudited Financial Statements
31 January 2024
SMICO Enterprises Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
24,930,037
16,292,629
Current assets
Debtors
6
909,144
1,563,982
Cash at bank and in hand
1,180,908
4,497,319
------------
------------
2,090,052
6,061,301
Creditors: amounts falling due within one year
7
397,209
568,691
------------
------------
Net current assets
1,692,843
5,492,610
-------------
-------------
Total assets less current liabilities
26,622,880
21,785,239
-------------
-------------
Net assets
26,622,880
21,785,239
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
26,622,780
21,785,139
-------------
-------------
Shareholders funds
26,622,880
21,785,239
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SMICO Enterprises Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Mr S Miron
Director
Company registration number: 09391907
SMICO Enterprises Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Investments
Other investments other than loans
£
Cost
At 1 February 2023
16,292,629
Additions
13,201,506
Disposals
( 6,479,454)
Revaluations
1,915,356
-------------
At 31 January 2024
24,930,037
-------------
Impairment
At 1 February 2023 and 31 January 2024
-------------
Carrying amount
At 31 January 2024
24,930,037
-------------
At 31 January 2023
16,292,629
-------------
6. Debtors
2024
2023
£
£
Other debtors
909,144
1,563,982
---------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
390,279
562,091
Other creditors
6,930
6,600
---------
---------
397,209
568,691
---------
---------
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
24,930,037
1,629,269
-------------
------------
9. Directors' advances, credits and guarantees
At the year end, the director owed the company £18,099 (2023: £672,937). The loan was on interest free terms and repayable on demand.
10. Related party transactions
At the year end the company was due £891,045 (2023: £891,045) from SM Enterprises (UK) Limited, a company under the control of Mr S Miron .