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REGISTERED NUMBER: 14204902 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SMF SYSTEMS LTD

SMF SYSTEMS LTD (REGISTERED NUMBER: 14204902)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SMF SYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr S T Hassett
Mrs J M Hassett





SECRETARY:





REGISTERED OFFICE: Unit 7 Hedge End Business Centre Botley
Hedge End
Southampton
Hampshire
SO30 2AU





REGISTERED NUMBER: 14204902 (England and Wales)






SMF SYSTEMS LTD (REGISTERED NUMBER: 14204902)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,394 8,864
Tangible assets 5 29,663 35,023
Investments 6 53 53
35,110 43,940

CURRENT ASSETS
Stocks 4,350 4,350
Debtors 7 11,521 35,073
Cash at bank 7,435 11,080
23,306 50,503
CREDITORS
Amounts falling due within one year 8 35,524 17,407
NET CURRENT (LIABILITIES)/ASSETS (12,218 ) 33,096
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,892

77,036

PROVISIONS FOR LIABILITIES 5,636 8,338
NET ASSETS 17,256 68,698

CAPITAL AND RESERVES
Called up share capital 206 204
Share premium 149,978 99,980
Retained earnings (132,928 ) (31,486 )
17,256 68,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 20 March 2025 and were signed on its behalf by:



Mr S T Hassett - Director


SMF SYSTEMS LTD (REGISTERED NUMBER: 14204902)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Smf Systems 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 0, is being amortised evenly over its estimated useful life of nil 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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

SMF SYSTEMS LTD (REGISTERED NUMBER: 14204902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
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.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 July 2023 - 10,523 10,523
Additions (9,436 ) 9,439 3
At 30 June 2024 (9,436 ) 19,962 10,526
AMORTISATION
At 1 July 2023 - 1,659 1,659
Amortisation for year - 3,473 3,473
At 30 June 2024 - 5,132 5,132
NET BOOK VALUE
At 30 June 2024 (9,436 ) 14,830 5,394
At 30 June 2023 - 8,864 8,864

SMF SYSTEMS LTD (REGISTERED NUMBER: 14204902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023 27,290 10,396 37,686
Additions 1,142 3,788 4,930
Disposals - (120 ) (120 )
At 30 June 2024 28,432 14,064 42,496
DEPRECIATION
At 1 July 2023 1,714 949 2,663
Charge for year 6,998 3,175 10,173
Eliminated on disposal - (3 ) (3 )
At 30 June 2024 8,712 4,121 12,833
NET BOOK VALUE
At 30 June 2024 19,720 9,943 29,663
At 30 June 2023 25,576 9,447 35,023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 53
NET BOOK VALUE
At 30 June 2024 53
At 30 June 2023 53

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,824 30,173
Other debtors 6,697 4,900
11,521 35,073

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 588 -
Trade creditors (648 ) 561
Taxation and social security 19,787 8,636
Other creditors 15,797 8,210
35,524 17,407