SMG F.S Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 1670009

SMG F.S Limited

Filleted Unaudited Financial Statements

31 December 2025

SMG F.S Limited

Statement of Financial Position

31 December 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		17,638	21,465

Current assets

Debtors	7	32,649	32,261
Cash at bank and in hand		913,258	926,884
		---------	---------
		945,907	959,145

Creditors: amounts falling due within one year	8	314,210		434,682
		---------		---------
Net current assets			631,697	524,463
			---------	---------
Total assets less current liabilities			649,335	545,928

Creditors: amounts falling due after more than one year	9		–	5,867

Provisions

Taxation including deferred tax	4,024	4,896
	---------	---------
Net assets	645,311	535,165
	---------	---------

SMG F.S Limited

Statement of Financial Position (continued)

31 December 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	102,000	102,000
Profit and loss account	543,311	433,165
	---------	---------
Shareholders funds	645,311	535,165
	---------	---------

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.

For the year ending 31 December 2025 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 were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:

Mr C Vickers

Director

Company registration number: 1670009

SMG F.S Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6A Harewood Yard, Harewood, Leeds, LS17 9LF.

2. Statement of compliance

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

Employee ownership trust

SMG F.S Employee Ownership Trust has been established with the object of ensuring that shares in the company are held for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.

Revenue recognition

Renewal Commission - Credit is taken for commission earned when the premium notice is issued to the client or, where no renewal notice is issued, the date the commission cheque is received or the commission amount is credited to the insurance bank. New business - credit is taken on the commissions earned when cover commences. Provision is made for expected policy cancellations. Commissions are adjusted to reflect under or overpayments as and when the settlement sums are received from the insurance company.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures & Fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2024: 15 ).

5. Staff costs

During the year the company incurred payroll expenses totalling £43,200 (2024: £22,500) on behalf of SMG F.S Employee Ownership Trust.

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2025	20,942	51,969	72,911
Additions	–	2,016	2,016
Disposals	–	( 6,720)	( 6,720)
	--------	--------	--------
At 31 December 2025	20,942	47,265	68,207
	--------	--------	--------
Depreciation
At 1 January 2025	17,267	34,179	51,446
Charge for the year	735	3,737	4,472
Disposals	–	( 5,349)	( 5,349)
	--------	--------	--------
At 31 December 2025	18,002	32,567	50,569
	--------	--------	--------
Carrying amount
At 31 December 2025	2,940	14,698	17,638
	--------	--------	--------
At 31 December 2024	3,675	17,790	21,465
	--------	--------	--------

7. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	232	232
Other debtors	32,417	32,029
	--------	--------
	32,649	32,261
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	5,277	10,000
Trade creditors	1,455	1,084
Corporation tax	210,346	382,975
Social security and other taxes	53,355	18,144
Other creditors	43,777	22,479
	---------	---------
	314,210	434,682
	---------	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	–	5,867
	----	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Later than 1 year and not later than 5 years	3,823	5,352
	-------	-------

11. Directors' advances, credits and guarantees

There were no advances, credits or guarantees in the year.

12. Related party transactions

The company made a gift of £1,174,560 (2024: £2,252,770) to the SMG F.S Employee Ownership Trust. Future gifts will be made at the discretion of the company Directors based on available cashflows and the performance of the business.

13. Controlling party

The company is controlled by Island Lane Limited who is under the control of SMG F.S EOT Limited, being the trustee of SMG F.S Employee Ownership Trust.