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Registered number: 11429894










SCOTT SMART PRODUCTS (UK) LTD









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
COMPANY INFORMATION


 
Director
Bruno Lucien Salamone 




Registered number
11429894



Registered office
The Lansdowne Building
2 Lansdowne Road

Croydon

CR9 2ER




Accountants
MHA
Chartered Accountants

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ





 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
CONTENTS



Page
Director's report
 
1
Chartered accountant's report
 
2
Statement of profit or loss
 
3
Statement of financial position
 
4 - 6
Statement of changes in equity
 
6
Statement of cash flows
 
7
Notes to the financial statements
 
8 - 15
 
 

 
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.

Principal activity

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.

Director

The director who served during the period was:

Bruno Lucien Salamone 




This report was approved by the board and signed on its behalf.
 



................................................
Bruno Lucien Salamone
Director

Date: 4 July 2025
Page 1

 
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).


Page 2

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
STATEMENT OF PROFIT OR LOSS
FOR THE PERIOD ENDED 31 MARCH 2025


2025
2023
Note
£
£

  

Revenue
 3 
35,187
303,221

Cost of sales
  
(77,915)
(320,058)

Gross loss
  
(42,728)
(16,837)

  

Administrative expenses
  
(90,372)
(63,302)

Loss from operations
  
(133,100)
(80,139)

  

Inter company loan written off
  
541,284
-

Profit/(loss) before tax
  
408,184
(80,139)

  

Profit/(loss) for the period
  
408,184
(80,139)

The notes on pages 8 to 15 form part of these financial statements.

Page 3

 
SCOTT SMART PRODUCTS (UK) LTD
REGISTERED NUMBER: 11429894
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025


31 March
31 December
2025
2023
Note
£
£

Assets

Non-current assets
  

Current assets
  

Inventories
 6 
-
40,336

Trade and other receivables
 7 
5,331
59,344

Cash and cash equivalents
  
22,394
44,714

  
27,725
144,394

  

Total assets

  

27,725
144,394

Liabilities

Non-current liabilities
  

Current liabilities
  

Trade and other liabilities
 8 
31,299
556,152

  
31,299
556,152

  

Total liabilities
  
31,299
556,152

  

  

Net liabilities
  
(3,574)
(411,758)


Issued capital and reserves
  

Share capital
 11 
1,000
1,000

Retained earnings
  
(4,574)
(412,758)

TOTAL EQUITY
  
(3,574)
(411,758)

Page 4

 
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:

................................................
Bruno Lucien Salamone
Director

Date: 4 July 2025

The notes on pages 8 to 15 form part of these financial statements.

Page 5

 
SCOTT SMART PRODUCTS (UK) LTD
REGISTERED NUMBER: 11429894
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025




Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2023
1,000
(332,619)
(331,619)

Comprehensive income for the period


Loss for the year
-
(80,139)
(80,139)

Total comprehensive income for the period
-
(80,139)
(80,139)

Contributions by and distributions to owners




At 31 December 2023
1,000
(412,758)
(411,758)

At 1 January 2024
1,000
(412,758)
(411,758)

Comprehensive income for the period


Profit for the period
-
408,184
408,184

Total comprehensive income for the period
-
408,184
408,184

Contributions by and distributions to owners




At 31 March 2025
1,000
(4,574)
(3,574)

The notes on page 8 to 15 form part of these financial statements.

Page 6

 
SCOTT SMART PRODUCTS (UK) LTD

 
 
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025


31 March
31 December
2025
2023
£
£

Cash flows from operating activities
  

Profit/(loss) for the period
  
408,184
(80,139)

Adjustments for
  

  
408,184
(80,139)

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
54,013
(26,024)

Decrease in inventories
  
40,336
29,927

(Decrease)/increase in trade and other payables
  
(524,853)
59,994

Cash generated from operations
  
(22,320)
(16,242)

  

Net cash used in operating activities

  
(22,320)
(16,242)

Cash flows from investing activities
  

Cash flows from financing activities
  

Net decrease in cash and cash equivalents
  
(22,320)
(16,242)

  

Cash and cash equivalents at the beginning of period
  
44,714
60,956

Cash and cash equivalents at the end of the period
  
22,394
44,714

The notes on pages 8 to 15 form part of these financial statements.

Page 7

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

1.Accounting policies


1.1

Company information

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.


1.2

  Accounting convention

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.


1.3

Going concern

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. 

 
1.4

Revenue

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.

 
1.5

Foreign currency

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.




Page 8

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

1.Accounting policies (continued)

 
1.6

Inventories

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.


1.7

Fair value measurement

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.


1.8

Cash and cash equivalents

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.

 
1.9

Financial instruments

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.


1.10

Equity instruments

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.


1.11

Employee benefits

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.

Page 9

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

1.Accounting policies (continued)


1.12

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.


2.


Functional and presentation currency

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.


3.


Revenue


The following is an analysis of the Company's revenue for the period from continuing operations:


2025
2023
£
£


Sale of goods
35,187
303,221


4.


Operating loss

Operating loss for the period/year is stated after charging/(crediting):


31 March
31 December
2025
2023
£
£



Exchange (gains)/losses
(1)
(801)

Cost of inventories recognised as an expense
77,915
320,058

Staff costs
46,152
29,220

Travelling costs
2,690
667

Office costs
20,139
14,072

Advertising
168
6,487

Professional fees
19,925
12,787

Other costs
1,299
870

168,287
383,360

Page 10

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

5.


Employees

The average monthly number of persons (excluding director) employed by the company during the period was:


31 March
31 December
2025
2023

Number of employees


1
1


Their aggregate remuneration comprised:

31 March
31 December
2025
2023
£
£



Wages and salaries
41,567
26,342

Social security costs
3,753
2,275

Pension costs
832
603

46,152
29,220

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.


6.


Inventories

31 March
31 December
2025
2023
£
£



Finished goods and goods for resale
-
40,336

Page 11

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

7.


Trade and other receivables


31 March
31 December
2025
2023
£
£


Trade receivables
114
27,245

Trade receivables - net
114
27,245

Prepayments and accrued income
-
1,291

Unpaid share capital
1,000
1,000

Other receivables
4,217
29,808

Total trade and other receivables

5,331
59,344


Total non-current trade and other receivables

31 March
31 December
2025
2023
£
£

Current

Trade receivables
114
27,245

Trade receivables - net
114
27,245

Prepayments and accrued income
-
1,291

Unpaid share capital
1,000
1,000

Other receivables
4,217
29,808

Total current trade and other receivables
5,331
59,344

Page 12

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

8.


Trade and other payables


31 March
31 December
2025
2023
£
£


Trade payables
13,171
4,086

Payables to participating interests
-
525,801

Other payables
10,266
105

Accruals
3,501
8,960

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
26,938
538,952

Other payables - tax and social security payments
4,361
17,200

Total trade and other payables
31,299
556,152

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.


9.


Deferred taxation

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.


10.


Retirement benefit schemes

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).

Page 13

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
11.


Share capital

Authorised

31 March
31 March
31 December
31 December
2025
2025
2023
2023
Number
£
Number
£

Shares treated as equity
Ordinary shares of £1.00 each

1,000

1,000

1,000
 
1,000
 
1,000

1,000

1,000
 
1,000
 

Issued and partly paid

31 March
31 March
31 December
31 December
2025
2025
2023
2023
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 January 2024 and 31 March 2025
1,000

1,000

1,000
 
1,000
 


12.


Retained earnings

31 March
31 December
2025
2023
£
£



At the beginning of the period
(412,758)
(332,619)

Prfit/(loss) for the period
408,184
(80,139)

At the end of the period
(4,574)
(412,758)


13.


Leases




(i) Leases as a lessee



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).


14.


Capital risk management

The company is not subject to any externally imposed capital requirements.

Page 14

 
SCOTT SMART PRODUCTS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

15.


Related party transactions

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.


16.


Controlling party

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.

Page 15