REGISTERED NUMBER: 09717210 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

SMI (UK & IRELAND) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J P McGovern

P Nava

REGISTERED OFFICE:

126 New John Street

Birmingham

B6 4LD

REGISTERED NUMBER:

09717210 (England and Wales)

AUDITORS:

Wright & Co Partnership Ltd

Chartered Accountants & Registered Auditors

The Squires

5 Walsall Street

Wednesbury

West Midlands

WS10 9BZ

CURRENT ASSETS

Stocks

-

59,730

Debtors

4

795,646

1,213,976

Cash at bank

1,809,282

1,653,707

2,604,928

2,927,413

CREDITORS

Amounts falling due within one year

5

993,962

1,599,468

NET CURRENT ASSETS

1,610,966

1,327,945

TOTAL ASSETS LESS CURRENT LIABILITIES

1,610,966

1,327,945

CAPITAL AND RESERVES

Called up share capital

6

35,000

35,000

Retained earnings

1,575,966

1,292,945

SHAREHOLDERS' FUNDS

1,610,966

1,327,945

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th September 2025 and were signed on its behalf by:

J P McGovern - Director

1.	STATUTORY INFORMATION

SMI (UK & Ireland) 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 on the going concern basis and under the historical cost convention.

Going Concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to strong financial performance which is expected to continue and healthy levels of reserves held by the company.

Turnover

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

Turnover encompasses the sale and servicing of packaging machines and related machinery. Machine sales include deposit payments and factory acceptance tests. Sales are concluded and recognized as income upon final installation and commissioning of the machines. Parts and servicing is invoiced and recognised as income on completion of the transaction.

Bank interest received is recognised as income, upon receipt.

Rounding and currency

For the purposes of presenting these financial statements, all figures are rounded to the nearest pound and stated in GBP.

Trade debtors and amounts owed by group undertakings

Trade debtors and amounts owed by group undertakings are recognised initially at transaction price. They are subsequently measured at the amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due, according to the original terms of the transaction.

Trade creditors and amounts owed to group undertakings

Trade creditors and amounts owed to group undertakings are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as amounts due after more than one year.

Judgements and estimates

Judgements, estimates and assumptions in compliance with FRS 102 requires the directors to make such decisions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Estimates and judgements are continually evaluated and are based on historical experience and factors, including expectations of future events that are believed to be reasonable under the circumstances. No material judgements in applying accounting policies were used and there were no key sources of estimation uncertainty during the preparation of these financial statements

Reserves policy

Reserves are maintained to provide financial stability and protect against unforeseen circumstances or any future downturns. These ensure that there are sufficient funds to meet on going operational commitments.

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.

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.

Dividends

Equity dividends are recognized when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

All financial assets and liabilities are initially measured at transactions price and subsequently measured at amortised cost.

The group considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognized in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

731,251

1,175,605

Other debtors

1,035

945

Advance payments

63,360

37,306

Prepayments

-

120

795,646

1,213,976

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

737,780

661,586

Amounts owed to group undertakings

-

270,900

Tax

93,394

168,954

Social security and other taxes

14,225

8,807

VAT

24,550

41,847

Other creditors

56,957

154,945

Advance receipts

-

100,863

Directors' current accounts

-

90,300

Accrued expenses

67,056

101,266

993,962

1,599,468

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

35,000

Ordinary shares

1

35,000

35,000

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Atkinson FCA (Senior Statutory Auditor)

for and on behalf of Wright & Co Partnership Ltd

8.	RELATED PARTY DISCLOSURES

SMIGROUP S.p.A, a company incorporated in Italy, owns 75% of the issued share capital of the company.

During the year the company sold goods and services to its fellow subsidiaries amounting to £1,196 (2023 - £1.228).

Included in trade debtors is the trading debt due from its fellow subsidiaries amounting to £589 (2023 - £606).

During the year the company purchased goods and services from its fellow subsidiaries amounting to £1,425,361 (2023 £1.298,811).

Included in trade creditors is the trading debt due to its fellow subsidiaries amounting to £653,505 (2023 - £601,716).

9.	POST BALANCE SHEET EVENTS

Dividend declared after the reporting date - On 16 May 2025, the directors declared a first and final dividend of £6.57468571 per ordinary share, amounting to £230,114, in respect of the financial year ended 31 December 2024.

As this dividend was declared after the end of the reporting period, it is a non-adjusting event under FRS 102 Section 32. Consequently, no liability is recognised in these financial statements. The dividend will be accounted for in the financial year ending 31 December 2025.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is SMIGroup S.P.A a company incorporated in Italy.

The company is 75% owned by SMIGroup S.P.A a company incorporated in Italy, registered office Via Monte Grappa 7, Bergamo (BG) CAP 24121. The accounts of SMIGroup S.P.A. are available from the registered office address above.

SMIGroup S.P.A. is ultimately owned by the three directors of SMIGroup S.P.A.