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Company No: 11025400 (England and Wales)

SAMMART LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

SAMMART LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

SAMMART LIMITED

BALANCE SHEET

As at 31 October 2023
SAMMART LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Current assets
Stocks 3 517,346 348,133
Debtors 4 140,141 47,549
Cash at bank and in hand 21,716 29,261
679,203 424,943
Creditors: amounts falling due within one year 5 ( 1,633,988) ( 883,149)
Net current liabilities (954,785) (458,206)
Total assets less current liabilities (954,785) (458,206)
Creditors: amounts falling due after more than one year 6 ( 77,065) 0
Net liabilities ( 1,031,850) ( 458,206)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 1,031,851 ) ( 458,207 )
Total shareholder's deficit ( 1,031,850) ( 458,206)

For the financial year ending 31 October 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 financial statements of Sammart Limited (registered number: 11025400) were approved and authorised for issue by the Director on 15 October 2024. They were signed on its behalf by:

S T Tsui
Director
SAMMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
SAMMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sammart Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of its registered office and principal place of business is:
Intershore Suites
Dowgate Hill House
14-16 Dowgate Hill
London
EC4R 2SU

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.

Basis of preparation:
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' 'FRS 102 1A', and with the Companies Act 2006.
These 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.

Going concern

After reviewing the company's forecasts and projections, and taking into account funding provided by the director and companies under his control, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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 at the point goods are delivered and invoiced to customers.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 for resale comprises the price charged by suppliers together with the cost incurred in bringing the stocks 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 and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification:
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement:
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Ordinary 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Stocks

2023 2022
£ £
Stocks 517,346 348,133

4. Debtors

2023 2022
£ £
Trade debtors 134,062 41,893
Other debtors 6,079 5,656
140,141 47,549

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 120,162
Trade creditors 1,029,954 504,312
Other creditors 604,034 258,675
1,633,988 883,149

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 77,065 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Other financial commitments

2023 2022
£ £
Other Commitments 0 15,453

8. Related party transactions

Other creditors includes £573,957 (2022: £225,456 ) due to the director, and £27,080 (2022: £27,080) due to Sammart LLC, a US company controlled by the director.

Trade creditors includes £1,029,954 (2021: £504,312) due to Sam Mei Enterprises, a Hong Kong company controlled by the director.

All amounts above are interest free and repayable on demand.