Company No: 15663971 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	J M Keats
	A Patel

REGISTERED OFFICE	Hallswelle House
	1 Hallswelle Road
	London
	England
	NW11 0DH
	United Kingdom

COMPANY NUMBER

15663971 (England and Wales)

AUDITOR	S&W Audit
	Statutory Auditor
	& Chartered Accountants
	103 Colmore Row
	Birmingham
	B3 3AG

	Note	31.12.2025		31.12.2024
		£		£
Current assets
Debtors	3	171,669		48,445
		171,669		48,445
Creditors: amounts falling due within one year	4	( 227,513)		( 186,543)
Net current liabilities		(55,844)		(138,098)
Total assets less current liabilities		(55,844)		(138,098)
Net liabilities		( 55,844)		( 138,098)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 55,845 )		( 138,099 )
Total shareholder's deficit		( 55,844)		( 138,098)

The financial statements have been prepared in accordance with provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of SMA Wins Ltd (registered number: 15663971) were approved and authorised for issue by the Board of Directors on 15 May 2026. They were signed on its behalf by:

J M Keats Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

SMA Wins Ltd is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hallswelle House, 1 Hallswelle Road, London, England NW11 0DH and its registered number is 15663971.

*Basis of preparation of financial statements*
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Going concern

The Directors of the immediate parent company, SMA, Inc., have confirmed in writing that they will provide the financial support necessary to enable the Company to continue as a going concern and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.

The Directors have also received confirmation from the immediate parent company that amounts owed by SMA Wins Ltd will not be recalled for a period covering at least 12 months from the date of signing these financial statements.

Therefore the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Foreign currency

*Functional and presentation currency*
The Company's functional and presentational currency is GBP.

*Transactions and balances*
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from consulting services is recognised over time as the services are delivered, based on the proportion of work completed at the reporting date. This is typically measured using time incurred or milestones achieved, depending on the nature of the engagement.

Where services have been provided but not yet invoiced at the reporting date, the revenue is recognised and recorded as unbilled revenue within accrued income under current assets.

Advance payments received from clients are deferred and recognised as revenue when the related services are performed.

Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other receivables are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's trade and other receivables due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	Year ended 31.12.2025		Period from 20.04.2024 to 31.12.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		1

3. Debtors

	31.12.2025		31.12.2024
	£		£
Trade debtors	151,522		36,896
Accrued income	2,586		11,549
Deferred tax asset	17,561		0
	171,669		48,445

4. Creditors: amounts falling due within one year

	31.12.2025		31.12.2024
	£		£
Trade creditors	11,910		308
Amounts owed to Group undertakings	157,881		141,709
Accruals	32,468		38,173
Other taxation and social security	25,254		6,353
	227,513		186,543

Amounts owed to group undertakings are interest free and repayable on demand.

5. Related party transactions

The Company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.

6. Controlling party

The Company's immediate parent company is SMA, Inc., a company incorporated in Delaware, United States of America, by virtue of its ownership of 100% of the issued share capital in the Company.

The Company's ultimate parent Company is SMA Holdings, Inc., a company incorporated in Delaware, United States of America.

7. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by Stephen Drew on behalf of S&W Audit on 15 May 2026.