SMG Holdings Limited - Period Ending 2015-06-30

Registration number: 06433588

SMG Holdings Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

C V Ross & Co Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

SMG Holdings Limited
(Registration number: 06433588)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					106,074			104,001
Investments					200			200
					106,274			104,201
Current assets
Debtors					465,434			549,974
Cash at bank and in hand					28,179			22,348
					493,613			572,322
Creditors: Amounts falling due within one year					(71,316)			(75,958)
Net current assets					422,297			496,364
Total assets less current liabilities					528,571			600,565
Creditors: Amounts falling due after more than one year					(7,949)			-
Provisions for liabilities					(9,284)			(7,630)
Net assets					511,338			592,935
Capital and reserves
Called up share capital					100			100
Profit and loss account					511,238			592,835
Shareholders' funds					511,338			592,935

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

SMG Holdings Limited
(Registration number: 06433588)
Abbreviated Balance Sheet at 30 June 2015
......... continued

For the year ending 30 June 2015 the company was entitled to exemption 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 .

Approved by the Board on 30 April 2016 and signed on its behalf by:

.........................................
Mr M J Southern
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

SMG Holdings Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance
Land and buildings	Not provided

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

SMG Holdings Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 July 2014		269,307			200			269,507
Additions		35,386			-			35,386
At 30 June 2015		304,693			200			304,893
Depreciation
At 1 July 2014		165,306			-			165,306
Charge for the year		33,313			-			33,313
At 30 June 2015		198,619			-			198,619
Net book value
At 30 June 2015		106,074			200			106,274
At 30 June 2014		104,001			200			104,201

Page 4

SMG Holdings Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
SMG Screeding Limited	England & Wales	Ordinary shares	100%	Floor screeders
SMG Screeding (Under Floor Heating) Limited	England & Wales	Ordinary shares	100%	Underfloor heating suppliers

3	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

SMG Screeding Limited (100% subsidiary) Management fees of £496,423 (2014 - £392,761) were received during the year from this subsidiary company. An inter company loan is also in existence on which interest is not being paid . At the balance sheet date the amount due from SMG Screeding Limited was £485,101 (2014 - £546,500).

SMG Screeding (Under Floor Heating) Limited (100% subsidiary) Management fees of £22,352 (2014- £8,658) were received during the year from this subsidiary company. An inter company loan is also in existence on which interest is not being paid . At the balance sheet date the amount due to SMG Screeding (Under Floor Heating) Limited was £25,281 (2014 - £4,442).

Mr A R Gregory & Mr M J Southern (Controlling directors) Rent of £6,000 (2014 - £6,000) was paid to the directors during the year . At the balance sheet date the amount due to Mr A R Gregory & Mr M J Southern was £4,000 (2014 - £4,000).

Page 5

SMG Holdings Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

4

Control

The company is controlled by the directors, who have a controlling interest in 100% of the called up share capital.

Page 6