1.
General Information
Smet UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05932188
. The registered office is 2 Station Road West, Oxted, RH8 9EP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
The point of sale is measured by the date when the benefits and rewards of ownership are passed from the company.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Computer Equipment |
|
2.4.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
Smet UK Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 December 2024
4.
Prior Period Adjustment
The comparative opening reserves for 2023 have been restated to reflect an overstatement of amounts recoverable on contracts in the year ended 31 December 2023.
|
2023
|
|||
|
£
|
|||
|
Amounts recoverable on contracts
|
221,026
|
||
|
Corporation tax charge
|
(51,986)
|
||
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|
|||
|
Prior period adjustment
|
169,039
|
||
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|
5.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| As at 31 December 2024 |
|
| Depreciation | |
| As at 1 January 2024 |
|
| Provided during the period |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
6.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
2,589 |
| Deferred taxation |
|
|
| Balance at 31 December 2024 |
|
2,840 |
Smet UK Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 December 2024
8.
Related Party Transactions
Purchases to the value of £689,515 (2023 £1,225,374) have been acquired from Trappen Smet, a company controlled by a director, Mr W Desmet. Payments were made to the corporate director, Sandstones (Europe) Limited for consultancy and commission in the year amounting to £47,572 (2023: £63,048). Payments were also made to PALIN BVBA, a company controlled by the director, Mr P Castro, for consultancy in the year amounting to £152,350 (2023: £149,680). At the balance sheet date included within other debtors was £10,000 due from SMET Staircases Limited, a company in which the directors have an interest.
9.
Ultimate Controlling Party
The company's ultimate controlling party is
SMET Staircases Ltd.
by virtue of his ownership of 100% of the issued share capital in the company.
The ultimate controlling party is not known.
10.
Holiday Pay
No liability is recognised in respect of holiday pay as employees are unable to carry forward holiday into future periods.