Company No:
SmartMedia Technologies Ltd
Year Ended
31 December 2024
SmartMedia Technologies Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
SmartMedia Technologies Ltd
Company Information
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Directors |
L Fluri T T Moebius |
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Registered office |
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Auditors |
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SmartMedia Technologies Ltd
(Registration number: 13194049)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Other reserves |
38,508 |
- |
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Retained earnings |
(749,674) |
(879,610) |
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Shareholders' deficit |
(710,166) |
(878,610) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
SmartMedia Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts have been presented in sterling, rounded to the nearest pound.
The financial statements present information about the company as an individual entity and not about its group. The name of the parent company is Smartmedia Technologies AG and its registered office address is:
Landsgemeindeplatz 11
6300 Zug
Switzerland
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors’ are aware of certain material uncertainties which may cause doubt on the company’s ability to continue as a going concern.
Due to the company’s negative reserves, it is reliant on its parent company for funding.
The directors’ have assessed the financial position of the parent company and believe that existing cash will be sufficient to fund operations through at least 12 months following the approval date of these financial statements, based on the parent company’s ability to support the company’s operations with additional funds as required.
SmartMedia Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Depreciation
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Asset class |
Depreciation method and rate |
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Office equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the 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 receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
SmartMedia Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
SmartMedia Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share-based payments |
Scheme details and movements
If employment is terminated, employees may exercise any vested options at the exercise price within a specified post-termination period. If the options are not exercised within that time frame, they are forfeited and returned to the option pool. Unvested options are automatically cancelled and also returned to the option pool.
SmartMedia Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
Options granted to employees have a fair market value and exercise price at the time of the grant. The value of the options (fair market value multiplied by the number of options granted) received by the employee will differ with each employee based on position, title, roles/responsibilities, among other factors. Vested options can be exercised with payment to SMT at the exercise price and will be “settled” at that time. Based on our latest 409a (fair market value analysis), the Guideline (or Comparable) Publicly Traded Company Methodology within the Market Approach relies on an analysis of publicly traded companies similar in industry and/or business model to the Company. This methodology uses these guideline companies to develop relevant market multiples and ratios, using metrics such as revenue, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation and amortization (EBITDA), net income and/or tangible book value. These multiples and values are then applied to the Company's corresponding financial metrics.
The Guideline (or Comparable) Publicly Traded Company Methodology was utilized with a weighting of 100.00%.
Other valuation methodologies considered but not used:
- Market Approach: Subject company transaction method. Given that there were no transactions in the Company's securities proximate to the Valuation Date, the Subject Company Transactions Method was not used
- Market approach: Guideline M&A transaction method. Due to indeterminable synergies and control premiums embedded in deal multiples, we did not rely on Guideline Transaction Methodology in our analysis.
- Income Approach: Discounted Cash Flow. The forecast showed significant upfront cash burn. Given the uncertain nature, especially pertaining to the timing of profitability, Carta Valuations LLC deemed that the financial projections would not produce a reliable indication of value. Accordingly we considered but did not rely on the Income Approach
- Asset Approach. This methodology was considered and not used, as it does not accurately represent the going concern value of the Comp
The movements in the number of share options during the year were as follows:
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2024 |
2023 |
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Granted during the period |
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- |
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Expired during the period |
( |
- |
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Outstanding, end of period |
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- |
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Exercisable, end of period |
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- |
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The movements in the weighted average exercise price of share options during the year were as follows:
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2024 |
2023 |
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Outstanding, start of period |
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- |
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Granted during the period |
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- |
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Expired during the period |
( |
- |
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Outstanding, end of period |
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- |
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Exercisable, end of period |
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- |
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Effect of share-based payments on profit or loss and financial position
The total expense recognised in profit or loss for the year was £38,508 (2023 - £Nil).
SmartMedia Technologies Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000.00 |
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1,000.00 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Other borrowings |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is