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SMSA UK LTD

Registered Number
11455449
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2025

SMSA UK LTD
Company Information
for the year from 1 April 2024 to 31 March 2025

Directors

HUGHES, Ashley Leon
STEPHENS, Sian Marie

Company Secretary

HUGHES, Ashley Leon

Registered Address

25 Hither Farm Road
Blackheath
London
SE3 9QT

Registered Number

11455449 (England and Wales)
SMSA UK LTD
Statement of Financial Position
31 March 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets41,6002,404
1,6002,404
Current assets
Stocks511,19015,402
Debtors9,9901,413
Cash at bank and on hand1,971468
23,15117,283
Creditors amounts falling due within one year6(31,954)(19,166)
Net current assets (liabilities)(8,803)(1,883)
Total assets less current liabilities(7,203)521
Accruals and deferred income-(624)
Net assets(7,203)(103)
Capital and reserves
Called up share capital5555
Profit and loss account(7,258)(158)
Shareholders' funds(7,203)(103)
The financial statements were approved and authorised for issue by the Board of Directors on 12 April 2025, and are signed on its behalf by:
HUGHES, Ashley Leon
Director
Registered Company No. 11455449
SMSA UK LTD
Notes to the Financial Statements
for the year ended 31 March 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have 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 of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings25-
Office Equipment-4
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. The company holds bullion (gold and silver) as inventory for resale. These are recognised at historic cost. No upward revaluation is made for unrealised market gains. A prior year adjustment relating to overstatement of inventory value has been reversed in the current year to ensure compliance with FRS 102 1A.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included in other creditors is an amount of £5,290.91 (2023: £nil) owing to Mr A L Hughes, a director of the company. Mr A L Hughes undertakes not to draw down on this loan to the detriment of the company and, as such, considers it appropriate to prepare the accounts on the going concern basis
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees
Directors without contract of service are excluded

20252024
Average number of employees during the year11
3.Prior period adjustment
During the year, the company reversed a prior-year upward inventory adjustment related to bullion held for resale. The adjustment was originally made to reflect market value increases but has since been corrected to reflect the requirement under FRS 102 1A to carry inventory at the lower of cost and net realisable value. This correction resulted in a charge to cost of sales of £4,211.40, which is reflected in the profit and loss account for the year.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 243,759
At 31 March 253,759
Depreciation and impairment
At 01 April 241,355
Charge for year804
At 31 March 252,160
Net book value
At 31 March 251,600
At 31 March 242,404
5.Stocks
Inventories Inventory consists of physical gold and silver bullion held for resale. At the balance sheet date, the inventories are stated at historic cost, which is considered to be lower than or equal to net realisable value. No revaluation to reflect current market prices has been made. The directors are satisfied that the carrying value of inventory is appropriate and complies with the valuation principles of FRS 102 1A.

2025

2024

££
Other stocks11,19015,402
Total11,19015,402
6.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables-25
Taxation and social security1,444153
Other creditors30,51018,988
Total31,95419,166
This includes amounts due to directors of £16,813.02 (2024: £5,290.91).
7.Share capital
The company has two classes of ordinary shares in issue: 50 Ordinary A shares of £1 each, held by Sian Stephens. No change from the previous year. 5 Ordinary B shares of £0.10 each, held by Ashley Hughes. No change from the previous year. Both share classes carry full rights to vote, dividends, and return of capital unless varied by agreement. No shares were issued or cancelled during the year.
8.Related party transactions
During the year, the directors advanced funds to the company via Directors’ Loan Accounts. At the year end, the balances outstanding were: Ashley Hughes: £12,216.02 (creditor) Sian Stephens: £4,597.00 (creditor) No interest was charged, and no repayment terms were formally agreed.