Smartmatic Elections UK Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

Registered number: 08704199

		2024		2023
	Notes	$	$	$	$
CURRENT ASSETS
Debtors	4	324		21,396
Cash at bank and in hand		24,808		8,697

		25,132		30,093
Creditors: Amounts Falling Due Within One Year	5	(465,520 )		(469,531 )

NET CURRENT ASSETS (LIABILITIES)			(440,388 )		(439,438 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(440,388 )		(439,438 )

NET LIABILITIES			(440,388 )		(439,438 )

CAPITAL AND RESERVES
Called up share capital	6		2		2
Profit and Loss Account			(440,390 )		(439,440 )

SHAREHOLDERS' FUNDS			(440,388)		(439,438)

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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Antonio Mugica

Director

29/12/2025

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

Smartmatic Elections UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08704199 . The registered office is 88 Baker Street, London, W1U 6TQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemption has been taken.

The Company’s ultimate parent undertaking, SGO Corporation Limited. includes the Company in its consolidated financial statements. The smallest group into which the accounts of the company are consolidated is Smartmatic International Holding B.V.. Copies of the consolidated accounts may obtain from its registered office at 88 Baker Street, London, United Kingdom W1U 6TQ.

In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:

• A cash flow statement and related notes;

• Disclosures in respect of transactions with wholly owned subsidiaries;

• Disclosures in respect of capital management;

• Disclosures of transactions with a management entity that provides key management personnel services to the company.

2.2. Going Concern Disclosure

The financial statements have been prepared on the going concern basis, showing a loss for the year of US$950 (Loss 2023: US$71,404, net current Liabilities of US$440,388 (2023:Net current liabilities US$439,438), which the directors believe to be appropriate for the following reasons:

The Company is reliant on financial support from the Company’s ultimate parent undertaking. SGO Corporation Ltd. has indicated that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that this support will continue for 12 months more from the date of approval of these financial statements.

2.3. 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.

2.4. Impairments

The carrying amounts of the Company non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exist then the asset’s recoverable amount is estimated.

An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows of the identified cash-generating units are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset

A cash-generating unit is the smallest identifiable asset group that generates cash flows that are largely independent from other assets and groups. Impairment losses are recognised in the profit and loss account.

Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis.

Impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

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Smartmatic Elections UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Debtors

	2024	2023
	$	$
Due within one year
Other debtors	-	21,237
VAT	168	-
Amounts owed by group undertakings	156	159

	324	21,396

Amounts owed by fellow group undertakings are non-interest bearing, unsecured and repayable on demand.

US$156 intercompany debtors are due from SGO Corp LTD (2023 : Folio Technologies US$159).

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	$	$
Accruals and deferred income	-	2,388
Amounts owed to group undertakings	465,520	467,143

	465,520	469,531

Amounts owed by fellow group undertakings are non-interest bearing, unsecured and repayable on demand.

US$380,587 of the intercompany balance is payable to Smartmatic International Holding B.V. (2023:US$380,452)

US$84,933 of the intercompany balance is payable to SGO Corporation Limited (2023: $86,691.

6. Share Capital

	2024	2023
	$	$
Allotted, Called up and fully paid	2	2

7. Related Party Transactions

As a wholly owned subsidiary within the group controlled by SGO Corporation Limited. the Company is exempt from the requirements of FRS 101 from disclosing the transactions with other members of the group headed by SGO Corporation Limited. There were no transactions with any other related parties requiring disclosure in the year.

8. Ultimate Controlling Party

The company is a wholly owned subsidiary of Smartmatic International Holding B.V., a company incorporated in The Netherlands.

The smallest group into which the accounts of the company are consolidated is Smartmatic International Holding B.V. Copies of these consolidated accounts may obtain from its registered office at Gebouw Europa, Hoogoorddreef 11, Amsterdam, Netherlands.

The Company’s ultimate parent is SGO Corporation Limited. The registered address is 88 Baker Street, London, United Kingdom, W1U 6TQ.

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