REGISTERED NUMBER: 04097152 (England and Wales)

Smart Systems UK Limited

Unaudited Financial Statements

for the Year Ended

31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I D Hill

Miss C Westcott

SECRETARY:

Miss C Westcott

REGISTERED OFFICE:

6 Oban Road

Coventry

CV6 6HH

REGISTERED NUMBER:

04097152 (England and Wales)

ACCOUNTANTS:

Moffat Gilbert

Unit 12

Shottery Brook Office Park

Timothy's Bridge Road

Stratford upon Avon

Warwickshire

CV37 9NR

FIXED ASSETS

Intangible assets

4

4,090

5,574

Tangible assets

5

104,580

119,663

Investments

6

25,269

-

133,939

125,237

CURRENT ASSETS

Stocks

841,218

602,785

Debtors

7

442,562

367,871

Cash at bank

588,867

1,003,888

1,872,647

1,974,544

CREDITORS

Amounts falling due within one year

8

668,842

662,416

NET CURRENT ASSETS

1,203,805

1,312,128

TOTAL ASSETS LESS CURRENT LIABILITIES

1,337,744

1,437,365

PROVISIONS FOR LIABILITIES

27,168

31,309

NET ASSETS

1,310,576

1,406,056

CAPITAL AND RESERVES

Called up share capital

10

100

100

Share premium

11

24,902

24,902

Retained earnings

11

1,285,574

1,381,054

SHAREHOLDERS' FUNDS

1,310,576

1,406,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 9 September 2025 and were signed on its behalf by:

Miss C Westcott - Director

1.	STATUTORY INFORMATION

Smart Systems UK Limited 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.

Preparation of consolidated financial statements

The financial statements contain information about Smart Systems UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 ten years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and at variable rates on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are initially recognised at cost. The investment is then reviewed for any impairment value and this is then provided in full.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

36,701

Additions

132

At 31 December 2024

36,833

AMORTISATION

At 1 January 2024

31,127

Charge for year

1,616

At 31 December 2024

32,743

NET BOOK VALUE

At 31 December 2024

4,090

At 31 December 2023

5,574

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

34,944

195,318

108,592

65,330

404,184

Additions

208

12,238

-

4,552

16,998

Disposals

-

-

-

(190

)

(190

)

At 31 December 2024

35,152

207,556

108,592

69,692

420,992

DEPRECIATION

At 1 January 2024

30,280

152,095

46,545

55,601

284,521

Charge for year

937

7,093

20,186

3,863

32,079

Eliminated on disposal

-

-

-

(188

)

(188

)

At 31 December 2024

31,217

159,188

66,731

59,276

316,412

NET BOOK VALUE

At 31 December 2024

3,935

48,368

41,861

10,416

104,580

At 31 December 2023

4,664

43,223

62,047

9,729

119,663

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1,175,269

Impairments

(1,150,000

)

At 31 December 2024

25,269

NET BOOK VALUE

At 31 December 2024

25,269

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

411,809

328,468

Other debtors

1,245

10,995

Prepayments

29,508

28,408

442,562

367,871

Other debtors includes the sum of £Nil (2023 £6,070) due after more than one year.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

445,747

363,926

Tax

33,201

34,294

Social security and other taxes

17,808

30,529

VAT

41,644

40,732

Directors' current accounts

13

26,948

Accrued expenses

130,429

165,987

668,842

662,416

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

36,443

26,931

Between one and five years

48,237

53,668

In more than five years

287,417

293,598

372,097

374,197

The obligation of the lease ending in more than five years above relates to the property lease and expires in July 2076, the annual obligation of this lease is £6,181.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2024

1,381,054

24,902

1,405,956

Profit for the year

71,595

71,595

Dividends

(167,075

)

(167,075

)

At 31 December 2024

1,285,574

24,902

1,310,476

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company rented a property from the directors at a normal commercial rent in the amount of £42,000 (2023 £42,000). No balance was owing in relation to the rent payable at the year end (2023 £Nil).

Of the dividends paid in the year £163,000 (2023 £161,000) was paid as to £81,500 (2023 £80,500) to each.

13.	RELATED PARTY DISCLOSURES

Sales were made during the year net of rebates aggregating £218,140 (2023 £143,272) to Medlock Electrical Distributors Limited, a company wholly owned by one of the shareholders, Mr A L Moore. As at 31 December 2024, this company owed Smart Systems UK Limited the sum of £Nil (2023 £2,472).

Mr Moore was paid dividends from the company aggregating £4,075 (2023 £4,960) during the year.

14.	ULTIMATE CONTROLLING PARTY

The director, Mr I D Hill, is considered to be the ultimate controlling party of the company.