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Registered number: 11429894
SCOTT SMART PRODUCTS (UK) LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SCOTT SMART PRODUCTS (UK) LTD
COMPANY INFORMATION
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SCOTT SMART PRODUCTS (UK) LTD
CONTENTS
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Chartered accountant's report
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Statement of profit or loss
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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SCOTT SMART PRODUCTS (UK) LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
The director presents his report and the financial statements for the period ended 31 March 2025.
The principal activity of the company is that of trading of household electrical appliances. The company has ceased to trade as of 31 March 2025.
The director who served during the period was:
This report was approved by the board and signed on its behalf.
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Bruno Lucien Salamone
Director
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SCOTT SMART PRODUCTS (UK) LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED FINANCIAL STATEMENTS OF SCOTT SMART PRODUCTS (UK) LTD
FOR THE PERIOD ENDED 31 MARCH 2025
In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the statement of profit and loss, statement of financial position, statement of changes in equity, statement of cash flows and the related notes from the accounting records and information and explanations you have given to us. The financial reporting framework that has been applied in their preparation is applicable law and international accounting standards in conformity with the requirements of the Companies Act 2006.
This report is made to the company's board of directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's board of directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's board of directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have acknowledged on the balance sheet as at 31 March 2025 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
MHA
Chartered Accountants
The Pinnacle
150 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1LZ
Date:
MHA is the trading name of MHA Advisory Ltd, a limited company registered in England and Wales (company registration number 16233746).
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SCOTT SMART PRODUCTS (UK) LTD
STATEMENT OF PROFIT OR LOSS
FOR THE PERIOD ENDED 31 MARCH 2025
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Inter company loan written off
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Profit/(loss) for the period
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The notes on pages 8 to 15 form part of these financial statements.
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SCOTT SMART PRODUCTS (UK) LTD
REGISTERED NUMBER: 11429894
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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SCOTT SMART PRODUCTS (UK) LTD
REGISTERED NUMBER: 11429894
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
For the period ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.
The financial statements on pages 3 to 15 were approved and authorised for issue by the board of director and were signed on its behalf by:
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Bruno Lucien Salamone
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The notes on pages 8 to 15 form part of these financial statements.
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SCOTT SMART PRODUCTS (UK) LTD
REGISTERED NUMBER: 11429894
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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The notes on page 8 to 15 form part of these financial statements.
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SCOTT SMART PRODUCTS (UK) LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit/(loss) for the period
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Movements in working capital:
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Decrease/(increase) in trade and other receivables
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(Decrease)/increase in trade and other payables
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Cash generated from operations
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Net cash used in operating activities
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Cash flows from investing activities
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Cash flows from financing activities
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Net decrease in cash and cash equivalents
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Cash and cash equivalents at the beginning of period
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Cash and cash equivalents at the end of the period
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The notes on pages 8 to 15 form part of these financial statements.
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
1.Accounting policies
Scott Smart Products (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Lansdowne Building, 2 Lansdowne Road, Croydon, CR9 2ER.
The financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.
The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below.
The company ceased to trade on 31 March 2025 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s current assets down to net realisable value and making provisions in respect of costs that have been incurred after 31 March 2025 in relation to the ceasing of trade.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
In preparing the financial statements of the company, transactions in currencies other than the company's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise.
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
1.Accounting policies (continued)
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a weighted average basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the Company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the Company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.
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Cash and cash equivalents
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Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
1.Accounting policies (continued)
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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The following is an analysis of the Company's revenue for the period from continuing operations:
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Operating loss for the period/year is stated after charging/(crediting):
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Cost of inventories recognised as an expense
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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The average monthly number of persons (excluding director) employed by the company during the period was:
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Their aggregate remuneration comprised:
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During the period, the director did not receive any remuneration or pension contributions in respect of their services as director of the company in the current or preceding financial periods.
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Finished goods and goods for resale
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Trade and other receivables
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Prepayments and accrued income
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Total trade and other receivables
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Total non-current trade and other receivables
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Prepayments and accrued income
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Total current trade and other receivables
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Payables to participating interests
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total trade and other payables
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Fair value of financial liabilities
The director considers that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
Liquidity risk management
Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Market risk management
The company is exposed primarily to the financial risks of changes in foreign currency exchange rates. The company manages market risk through an ongoing system of monitoring.
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As at the reporting date, the company has unused tax losses of £545,717 (2023 - £412,617) available for offset against future profits. No deferred tax asset has been recognised in respect of these losses due to the cessation of trade.
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Retirement benefit schemes
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Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The total costs charged to income for the period in respect of defined contribution plans is £832 (for the year ended 31 December 2023: £603).
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January 2024 and 31 March 2025
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At the beginning of the period
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Prfit/(loss) for the period
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The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, or for leases of low-value assets.
Amounts recognised in profit or loss as an expense during the period/year in respect of lease arrangements are £6,520 (2023: £4,323).
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The company is not subject to any externally imposed capital requirements.
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SCOTT SMART PRODUCTS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Related party transactions
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Remuneration of key management personnel
The remuneration of the director, who are key management personnel, was £nil during the period.
Other transactions with related parties
At the reporting end date the company had a balance owing to Scott (UK) Limited of £- (2023: £525,801), the parent company. During the period, the loan of £541,284 was waived by Scott (UK) Limited.
The company is a wholly owned subsidiary of Scott (UK) Limited, a company registered in Hong Kong. The address is 1/F, CMA Building, 64-66 Connaught Road, Central, Hong Kong.
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