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Registered number: NI617826
SMG Financial Services Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Elaine McLaughlin Ltd
Chartered Certified Accountant
68 Curragh Road
Dungiven
Co Derry
BT47 4QJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: NI617826
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,094 2,075
3,094 2,075
CURRENT ASSETS
Debtors 5 19,752 28,945
Cash at bank and in hand 154 9
19,906 28,954
Creditors: Amounts Falling Due Within One Year 6 (22,145 ) (30,833 )
NET CURRENT ASSETS (LIABILITIES) (2,239 ) (1,879 )
TOTAL ASSETS LESS CURRENT LIABILITIES 855 196
NET ASSETS 855 196
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 755 96
SHAREHOLDERS' FUNDS 855 196
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Shona McGuinness
Director
11th January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SMG Financial Services Ltd Registered number NI617826 is a limited by shares company incorporated in Northern Ireland. The Registered Office is 32 Summer Meadows Manor, Londonderry, Co Londonderry, BT47 6SE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 5 2
5 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 May 2023 5,697
Additions 1,798
As at 30 April 2024 7,495
Depreciation
As at 1 May 2023 3,622
Provided during the period 779
As at 30 April 2024 4,401
...CONTINUED
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Page 4
Net Book Value
As at 30 April 2024 3,094
As at 1 May 2023 2,075
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 471 3,417
Other debtors 2,950 2,950
Corporation tax recoverable assets 906 906
Director's loan account 15,425 21,672
19,752 28,945
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 12,500 17,500
Corporation tax 6,718 6,841
Other taxes and social security 820 1,085
Other creditors 254 254
Other creditors - Commission Owed 953 4,253
Accruals and deferred income 900 900
22,145 30,833
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mrs Shona McGuinness 21,672 - - - -
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 22,000 30,000
10. Controlling Party
The company's controlling party is Shona McGuiness by virtue of her ownership of 60% of the issued share capital in the company.
Page 4