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REGISTERED NUMBER: 10614107 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

SMC Financial Services Ltd

SMC Financial Services Ltd (Registered number: 10614107)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SMC Financial Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S McDermott
Ms V Langdon





REGISTERED OFFICE: Studio 9
Liverpool Road Studios
113 Liverpool Road
Crosby
Merseyside
L23 5TD





REGISTERED NUMBER: 10614107 (England and Wales)





ACCOUNTANTS: Cobhams Limited
Ground Floor
73 Liverpool Road
Crosby
Merseyside
L23 5SE

SMC Financial Services Ltd (Registered number: 10614107)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 374,327 343,870
Tangible assets 5 9,725 13,488
384,052 357,358

CURRENT ASSETS
Debtors 6 29,910 28,851
Cash at bank 474,909 290,028
504,819 318,879
CREDITORS
Amounts falling due within one year 7 114,660 86,990
NET CURRENT ASSETS 390,159 231,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

774,211

589,247

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 774,201 589,237
SHAREHOLDERS' FUNDS 774,211 589,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 16 October 2024 and were signed on its behalf by:





S McDermott - Director


SMC Financial Services Ltd (Registered number: 10614107)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

SMC Financial Services Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of fifteen years.

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.

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 - 33% on cost and 15% on reducing balance

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.

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 6 (2023 - 9 ) .

SMC Financial Services Ltd (Registered number: 10614107)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 367,775
Additions 56,546
At 31 March 2024 424,321
AMORTISATION
At 1 April 2023 23,905
Charge for year 26,089
At 31 March 2024 49,994
NET BOOK VALUE
At 31 March 2024 374,327
At 31 March 2023 343,870

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 41,608
Additions 414
At 31 March 2024 42,022
DEPRECIATION
At 1 April 2023 28,120
Charge for year 4,177
At 31 March 2024 32,297
NET BOOK VALUE
At 31 March 2024 9,725
At 31 March 2023 13,488

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 16,764 27,651
Other debtors 13,146 1,200
29,910 28,851

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 25,870 36,055
Taxation and social security 88,682 29,669
Other creditors 108 21,266
114,660 86,990