SMI (UK & Ireland) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09717210 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SMI (UK & IRELAND) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J P McGovern

P C Nava

REGISTERED OFFICE:

126 New St John Street

Birmingham

West Midlands

B6 4LD

REGISTERED NUMBER:

09717210 (England and Wales)

AUDITORS:

Wright & Co Partnership Limited

Chartered Accountants & Statutory Auditors

5 Walsall Street

Wednesbury

West Midlands

WS10 9BZ

FIXED ASSETS

Tangible assets

4

-

4,860

CURRENT ASSETS

Stocks

2,568,214

-

Debtors

892,827

976,988

Cash at bank and in hand

1,385,192

1,155,594

4,846,233

2,132,582

CREDITORS

Amounts falling due within one year

3,706,472

1,126,044

NET CURRENT ASSETS

1,139,761

1,006,538

TOTAL ASSETS LESS CURRENT LIABILITIES

1,139,761

1,011,398

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Retained earnings

1,104,761

976,398

SHAREHOLDERS' FUNDS

1,139,761

1,011,398

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2023 and were signed on its behalf by:

J P McGovern - Director

1.	STATUTORY INFORMATION

SMI (UK & Ireland) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

6,480

Disposals

(6,480

)

At 31 December 2022

-

DEPRECIATION

At 1 January 2022

1,620

Eliminated on disposal

(1,620

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

4,860

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M. Atkinson (Senior Statutory Auditor)

for and on behalf of Wright & Co Partnership Limited

6.	RELATED PARTY DISCLOSURES

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is SMIGroup S.P.A a company incorporated in Italy.