S.M.E. Limited 31/12/2024 iXBRL

Company registration number: 00425429

S.M.E. Limited

Unaudited filleted financial statements

31 December 2024

S.M.E. Limited

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

S.M.E. Limited

Directors and other information


	Directors	Mr A B Shirke


	Company number	00425429


	Registered office	Mill Road
		Steyning
		West Sussex
		BN44 3GY


	Business address	Mill Road
		Steyning
		West Sussex
		BN443GY


	Accountants	Nagle James Associates Limited
		Amba House , 4th Floor, Kings Suite
		15 College Road
		Harrow
		Middlesex
		HA1 1BA

S.M.E. Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	6	756,531		665,168
Tangible assets	7	3,598,584		3,580,852
Investments	8	2,809,357		2,614,919
		_______		_______
			7,164,472		6,860,939

Current assets
Stocks		1,077,540		996,185
Debtors	9	274,527		252,017
Cash at bank and in hand		409		656
		_______		_______
		1,352,476		1,248,858
Creditors: amounts falling due
within one year	10	( 1,076,659)		( 1,165,744)
		_______		_______
Net current assets			275,817		83,114
			_______		_______
Total assets less current liabilities			7,440,289		6,944,053

Creditors: amounts falling due
after more than one year	11		( 253,997)		( 250,723)

Provisions for liabilities	12		( 786,941)		( 551,390)

			_______		_______
Net assets			6,399,351		6,141,940
			_______		_______

Capital and reserves
Called up share capital			5,131,500		3,857,500
Revaluation reserve			1,480,248		1,918,508
Profit and loss account			( 212,397)		365,932
			_______		_______
Shareholders funds			6,399,351		6,141,940
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

Mr A B Shirke

Director

Company registration number: 00425429

S.M.E. Limited

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 January 2023	3,307,500	1,918,508	1,315,135	6,541,143

Loss for the year			( 949,203)	( 949,203)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 949,203)	( 949,203)

Issue of shares	550,000			550,000
	_______	_______	_______	_______
Total investments by and distributions to owners	550,000	-	-	550,000

	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	3,857,500	1,918,508	365,932	6,141,940

Loss for the year			( 578,329)	( 578,329)
Other comprehensive income for the year:
Deferred tax on revaluation of property	-	( 438,260)	-	( 438,260)
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 438,260)	( 578,329)	( 1,016,589)

Issue of shares	1,274,000			1,274,000
	_______	_______	_______	_______
Total investments by and distributions to owners	1,274,000	-	-	1,274,000

	_______	_______	_______	_______
At 31 December 2024	5,131,500	1,480,248	( 212,397)	6,399,351
	_______	_______	_______	_______

S.M.E. Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mill Road, Steyning, West Sussex, BN44 3GY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The company's financial statements present information about it as an individual undertaking and not about its group.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold and leasehold properties	-	2 %	straight line
Plant and machinery	-	10 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Intangible Assets	-	10 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and 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.

Retirement benefits

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

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2023: 25 ).

5. Tax on loss

Major components of tax income/expense

	2024	2023
	£	£
Deferred tax:
Origination and reversal of timing differences	( 202,709)	346,404
	_______	_______
Tax on loss	( 202,709)	346,404
	_______	_______

6. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 January 2024	1,005,879	1,005,879
Additions	255,820	255,820
	_______	_______
At 31 December 2024	1,261,699	1,261,699
	_______	_______
Amortisation
At 1 January 2024	340,711	340,711
Charge for the year	164,457	164,457
	_______	_______
At 31 December 2024	505,168	505,168
	_______	_______
Carrying amount
At 31 December 2024	756,531	756,531
	_______	_______
At 31 December 2023	665,168	665,168
	_______	_______

7. Tangible assets

	Freehold and leasehold properties	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	2,555,513	4,169,690	122,509	35,094	6,882,806
Additions	-	211,924	-	-	211,924
	_______	_______	_______	_______	_______
At 31 December 2024	2,555,513	4,381,614	122,509	35,094	7,094,730
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2024	243,844	2,962,559	76,449	19,102	3,301,954
Charge for the year	46,110	137,025	7,059	3,998	194,192
	_______	_______	_______	_______	_______
At 31 December 2024	289,954	3,099,584	83,508	23,100	3,496,146
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	2,265,559	1,282,030	39,001	11,994	3,598,584
	_______	_______	_______	_______	_______
At 31 December 2023	2,311,669	1,207,131	46,060	15,992	3,580,852
	_______	_______	_______	_______	_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold and leasehold properties	Total
	£	£
At 31 December 2024
Aggregate cost	375,594	375,594
Aggregate depreciation	(62,775)	(62,775)
	_______	_______
Carrying amount	312,819	312,819
	_______	_______

At 31 December 2023
Aggregate cost	375,594	375,594
Aggregate depreciation	(58,460)	(58,460)
	_______	_______
Carrying amount	317,134	317,134
	_______	_______

8. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024	22,416	2,592,503	2,614,919
Additions	-	194,438	194,438
	_______	_______	_______
At 31 December 2024	22,416	2,786,941	2,809,357
	_______	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-	-
	_______	_______	_______
Carrying amount
At 31 December 2024	22,416	2,786,941	2,809,357
	_______	_______	_______
At 31 December 2023	22,416	2,592,503	2,614,919
	_______	_______	_______

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
S.M.E. Deutschland Vertriebs GmbH	Eichengrund 11A, 48157 Münster, Germany.	Ordinary	100

9. Debtors

	2024	2023
	£	£
Trade debtors	30,163	173,695
Amounts owed by group undertakings and undertakings in which the company has a participating interest	237,110	48,145
Other debtors	7,254	30,177
	_______	_______
	274,527	252,017
	_______	_______

10. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	503,719	503,098
Trade creditors	234,328	301,201
Social security and other taxes	189,710	212,928
Other creditors	148,902	148,517
	_______	_______
	1,076,659	1,165,744
	_______	_______

Amounts due on bank loans are secured against company assets. Included within other creditors are amounts falling due under hire purchase contracts. These debts are secured against the assets to which they relate.

11. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	715	89,893
Other creditors	253,282	160,830
	_______	_______
	253,997	250,723
	_______	_______

Included within other creditors are amounts falling due under hire purchase contracts. These debts are secured against the assets to which they relate.

12. Provisions

	Deferred tax (note 13)	Total
	£	£
At 1 January 2024	551,390	551,390
Additions	235,551	235,551
	_______	_______
At 31 December 2024	786,941	786,941
	_______	_______

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 12)	786,941	551,390
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	55,201	67,371
Other revaluations	167,241	279,033
Other retirement benefits	13,109	-
	_______	_______
	235,551	346,404
	_______	_______

14. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A B Shirke	( 49,740)	47,812	( 1,928)
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A B Shirke	( 16,459)	( 33,281)	( 49,740)
		_______	_______	_______

15. Related party transactions and parent

The company has taken advantage of the exemption under FRS 102 section 33.1A not to disclose transactions with fellow subsidiary entities that are 100% owned within the group.

The company's parent, which prepares consolidated group financial statements, is Cadence Audio SA, with its registered office address is Morgan & Morgan Building, Road Town, Tortola, British Virgin Islands.

16. Guarantees and charges

The company has given a fixed and floating charge over its assets and by way of a debenture in favour of Union Bank of India (UK) Limited.