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SM INNOVATE LIMITED

Registered Number
15683994
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2026

SM INNOVATE LIMITED
Company Information
for the period from 1 November 2024 to 31 March 2026

Directors | NUGENT, Shaun Dennis
| TWEDDLE, Martin James

Company Secretary | TWEDDLE, Martin James

Registered Address | Unit R3 Kingmoor Park Road
| Kingmoor Park Central
| Carlisle
| CA6 4SD

Registered Number | 15683994 (England and Wales)

SM INNOVATE LIMITED
Statement of Financial Position
31 March 2026

| Notes | 31 Mar 2026 |  | 31 Oct 2024
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Tangible assets | 3 |  |  | 24,162 |  |  |  | -
Investments | 4 |  |  | 74,840 |  |  |  | -
|  |  |  | 99,002 |  |  |  | -
Current assets |  |  |  |  |  |  |  |
Debtors | 5 | 152,301 |  |  |  | 100 |  |
Cash at bank and on hand |  | 39,353 |  |  |  | - |  |
|  | 191,654 |  |  |  | 100 |  |
Creditors amounts falling due within one year | 6 | (192,314) |  |  |  | - |  |
Net current assets (liabilities) |  |  |  | (660) |  |  |  | 100
Total assets less current liabilities |  |  |  | 98,342 |  |  |  | 100
Provisions for liabilities | 7 |  |  | (6,000) |  |  |  | -
Net assets |  |  |  | 92,342 |  |  |  | 100
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 100 |  |  |  | 100
Profit and loss account |  |  |  | 92,242 |  |  |  | -
Shareholders' funds |  |  |  | 92,342 |  |  |  | 100

- The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2026, and are signed on its behalf by:
NUGENT, Shaun Dennis Director
TWEDDLE, Martin James Director Registered Company No. 15683994

SM INNOVATE LIMITED
Notes to the Financial Statements
for the period ended 31 March 2026

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Basis of preparation
--- | ---
| The financial statements have been prepared under the historical cost convention on a going concern basis 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.

| Functional and presentation currency
--- | ---
| The financial statements are presented in sterling and this is the functional currency of the company.

| Turnover policy
--- | ---
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

| Defined contribution pension plan
--- | ---
| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

| Current taxation
--- | ---
| 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
--- | ---
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

| Tangible fixed assets and depreciation
--- | ---
| Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

|  | Straight line (years)
| Plant and machinery | 5
| Office Equipment | 5

| Investments
--- | ---
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

| Trade and other debtors
--- | ---
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

| Trade and other creditors
--- | ---
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

| Financial instruments
--- | ---
| The company 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, loans to related parties and investments in ordinary shares.

2. | Average number of employees
--- | ---

|  | 2026 |  | 2024
| Average number of employees during the year | 2 |  | 0

3. | Tangible fixed assets
--- | ---

|  | Plant & machinery |  | Office Equipment |  | Total
--- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £
| Cost or valuation
| Additions | 21,000 |  | 4,912 |  | 25,912
| At 31 March 26 | 21,000 |  | 4,912 |  | 25,912
| Depreciation and impairment
| Charge for year | 1,750 |  | - |  | 1,750
| At 31 March 26 | 1,750 |  | - |  | 1,750
| Net book value
| At 31 March 26 | 19,250 |  | 4,912 |  | 24,162
| At 31 October 24 | - |  | - |  | -

4. | Fixed asset investments
--- | ---

|  | Investments in groups1 |  | Other investments2 |  | Total
--- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £
| Cost or valuation
| Additions | 85 |  | 74,755 |  | 74,840
| At 31 March 26 | 85 |  | 74,755 |  | 74,840
| Net book value
| At 31 March 26 | 85 |  | 74,755 |  | 74,840
| At 31 October 24 | - |  | - |  | -

| Notes
--- | ---
| 1Investments in group undertakings and participating interests 2Other investments other than loans

5. | Debtors: amounts due within one year
--- | ---

|  | 2026 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 10,269 |  | -
| Amounts owed by group undertakings | 1,415 |  | -
| Amounts owed by associates and joint ventures / participating interests | 140,567 |  | -
| Other debtors | 50 |  | 100
| Total | 152,301 |  | 100

6. | Creditors: amounts due within one year
--- | ---

|  | 2026 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 42,275 |  | -
| Taxation and social security | 27,519 |  | -
| Other creditors | 70,400 |  | -
| Accrued liabilities and deferred income | 52,120 |  | -
| Total | 192,314 |  | -

7. | Provisions for liabilities
--- | ---

|  | 2026 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Net deferred tax liability (asset) | 6,000 |  | -
| Total | 6,000 |  | -

8. | Related party transactions
--- | ---
| During the period, the directors had loan accounts with the company. At the balance sheet date, the companies owed the directors £70,400 (2024, £0). The loans are unsecured, interest free and repayable upon demand.

9. | Parent-subsidiary relationships
--- | ---
| The company, and the group headed by it, qualify as a small group as such the parent and the group are exempt from producing group accounts.