REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SMI (UK & IRELAND) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SMI (UK & IRELAND) LIMITED |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SMI (UK & IRELAND) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
The Squires |
5 Walsall Street |
Wednesbury |
West Midlands |
WS10 9BZ |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
BALANCE SHEET |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
SMI (UK & Ireland) Limited is a |
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 on the going concern basis and under the historical cost convention. |
Going Concern |
The directors believe that preparing the financial statements on the going concern basis is appropriate due to strong financial performance which is expected to continue and healthy levels of reserves held by the company. |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover encompasses the sale and servicing of packaging machines and related machinery. Machine sales include deposit payments and factory acceptance tests. Sales are concluded and recognized as income upon final installation and commissioning of the machines. Parts and servicing is invoiced and recognised as income on completion of the transaction. |
Bank interest received is recognised as income, upon receipt. |
Rounding and currency |
For the purposes of presenting these financial statements, all figures are rounded to the nearest pound and stated in GBP. |
Trade debtors and amounts owed by group undertakings |
Trade debtors and amounts owed by group undertakings are recognised initially at transaction price. They are subsequently measured at the amortised cost using the effective interest method, less provision for impairment. A provision for 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. |
Trade creditors and amounts owed to group undertakings |
Trade creditors and amounts owed to group undertakings are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as amounts due after more than one year. |
Judgements and estimates |
Judgements, estimates and assumptions in compliance with FRS 102 requires the directors to make such decisions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Estimates and judgements are continually evaluated and are based on historical experience and factors, including expectations of future events that are believed to be reasonable under the circumstances. No material judgements in applying accounting policies were used and there were no key sources of estimation uncertainty during the preparation of these financial statements |
Reserves policy |
Reserves are maintained to provide financial stability and protect against unforeseen circumstances or any future downturns. These ensure that there are sufficient funds to meet on going operational commitments. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Dividends |
Equity dividends are recognized when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Financial Instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
All financial assets and liabilities are initially measured at transactions price and subsequently measured at amortised cost. |
The group considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognized in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Advance payments |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 41,847 | - |
Other creditors |
Advance receipts | 100,863 | 784,589 |
Directors' current accounts | 90,300 | 52,152 |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | 1 | 35,000 | 35,000 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SMI (UK & IRELAND) LIMITED (REGISTERED NUMBER: 09717210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
8. | RELATED PARTY DISCLOSURES |
In the year the company declared a dividend payable to a director of £90,300 (2022 - £52,152). with £270,900 declared payable to its parent company (2022 - £156,456). |
SMIGROUP S.p.A, a company incorporated in Italy, owns 75% of the issued share capital of the company. |
During the year the company sold goods and services to its fellow subsidiaries amounting to £1,228 (2022 - £7,495). |
Included in trade debtors is the trading debt due from its fellow subsidiaries amounting to £606 (2022 - £12,789). |
During the year the company purchased goods and services from its fellow subsidiaries amounting to £1,298,811 (2022 – £3,804,449). |
Included in trade creditors is the trading debt due to its fellow subsidiaries amounting to £601,716 (2022 - £2,467,698). |
9. | ULTIMATE CONTROLLING PARTY |
The company is 75% owned by SMI Group S.P.A a company incorporated in Italy, registered office Via Monte, Grappa 7, Bergamo (BG) CAP 24121. The accounts of SMI Group S.P.A. are available from the registered office address above. |
SMI Group S.P.A. is ultimately owned by the three directors of SMI Group S.P.A. |