Company No:
Contents
| Note | 31.10.2024 | 31.10.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 600,000 | 600,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 196,100 | 350,100 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (403,900) | (249,900) | ||
| Total assets less current liabilities | 196,100 | 350,100 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of SML Holdings Group Limited (registered number:
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Mr N S Walters
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
SML Holdings Group 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 the Company's registered office is Edison Gate, Unit 10a Hopkinson Way, Andover, SP10 3ZE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The company was incorporated on 10 February 2023 and the prior period accounts were produced for the 10 month period to 31 October 2023. These are the first full year financial statements for the company which run to 31 October 2024. Prior period amounts are therefore not entirely comparable.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| Year ended 31.10.2024 |
Period from 10.02.2023 to 31.10.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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The company had no employees during the period.
Investments in subsidiaries
| 31.10.2024 | |
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| Cost | |
| At 01 November 2023 |
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| At 31 October 2024 |
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| Carrying value at 31 October 2024 |
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| Carrying value at 31 October 2023 |
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| 31.10.2024 | 31.10.2023 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| Amounts owed by directors |
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| 31.10.2024 | 31.10.2023 | ||
| £ | £ | ||
| Amounts owed to Group undertakings |
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| 31.10.2024 | 31.10.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 100.03 | 100.03 |
Transactions with the entity's directors
At the year end the directors owed £131,017 (2023: £350,017) to the company. This amount is interest free and repayable on demand.