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REGISTERED NUMBER: 11439051 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

SIMPSON WEST ESTATE AGENTS LTD

SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIMPSON WEST ESTATE AGENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2021







DIRECTORS: J B Barrett
AJ Simpson
C F West





REGISTERED OFFICE: 64 Corporation Street
Corby
Northamptonshire
NN17 1NH





REGISTERED NUMBER: 11439051 (England and Wales)





ACCOUNTANTS: Bewers Turner & Co LLP
Chartered Accountants
Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH

SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

BALANCE SHEET
31ST DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 816,583 936,083
Tangible assets 5 1,454 3,199
818,037 939,282

CURRENT ASSETS
Debtors 6 231,291 225,196
Cash at bank and in hand 333,927 234,522
565,218 459,718
CREDITORS
Amounts falling due within one year 7 415,184 684,191
NET CURRENT ASSETS/(LIABILITIES) 150,034 (224,473 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

968,071

714,809

CREDITORS
Amounts falling due after more than one
year

8

536,800

546,800
NET ASSETS 431,271 168,009

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 431,171 167,909
431,271 168,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

BALANCE SHEET - continued
31ST DECEMBER 2021


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16th August 2022 and were signed on its behalf by:





C F West - Director


SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021


1. STATUTORY INFORMATION

Simpson West Estate Agents Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Government grants
Income from government grants have been recognised using the accruals model. Grants received related to revenue have been recognised on a systematic basis over the period in which the entity has recognised the related cost. Grants received giving immediate financial support to the entity with no future related costs have been recognised in the period in which it became receivable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The accounting period was affected by the Coronavirus pandemic which has affected businesses worldwide. At the date of signing the company has continued to trade and has received government support.

Based on the review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2021
and 31st December 2021 1,195,000
AMORTISATION
At 1st January 2021 258,917
Charge for year 119,500
At 31st December 2021 378,417
NET BOOK VALUE
At 31st December 2021 816,583
At 31st December 2020 936,083

SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2021
and 31st December 2021 6,980
DEPRECIATION
At 1st January 2021 3,781
Charge for year 1,745
At 31st December 2021 5,526
NET BOOK VALUE
At 31st December 2021 1,454
At 31st December 2020 3,199

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 36,418 25,706
Other debtors 194,873 199,490
231,291 225,196

Included in other debtors is Nil (2020 £46,612) owed by a director which was repaid during the year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts (see note 9) 10,000 5,000
Trade creditors 6,665 17,718
Taxation and social security 132,829 82,594
Other creditors 265,690 578,879
415,184 684,191

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans (see note 9) 35,000 45,000
Other creditors 501,800 501,800
536,800 546,800

SIMPSON WEST ESTATE AGENTS LTD (REGISTERED NUMBER: 11439051)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2021 2020
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalment - 5,000
- 5,000

9. LOANS

The company has a bank loan on the Bounce Back Loan scheme. The amount owing at the year-end was £45,000 (2020 £50,000)

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 29,888 29,832
Between one and five years 7,472 37,290
37,360 67,122