REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
SIM LOCAL (UK) LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
SIM LOCAL (UK) LTD |
SIM LOCAL (UK) LTD (REGISTERED NUMBER: 07915684) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SIM LOCAL (UK) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
10 The Thoroughfare |
Harleston |
Norfolk |
IP20 9AX |
SIM LOCAL (UK) LTD (REGISTERED NUMBER: 07915684) |
BALANCE SHEET |
30 NOVEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
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 |
SIM LOCAL (UK) LTD (REGISTERED NUMBER: 07915684) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Sim Local (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover includes the full gross value of data and phone credit purchased by customers from network providers and sold by the company. |
Tangible fixed assets |
Office equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
All financial instruments are basic financial instruments measured at amortised historic cost less amounts written off for impairments. |
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. |
SIM LOCAL (UK) LTD (REGISTERED NUMBER: 07915684) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Sterling is the functional currency of the company and the currency in which the accounts are presented. |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Retail concession agreements |
The company has a number of retail concession agreements with the airports from which it sells its products. These agreements include obligations to pay fees based on a percentage of sales subject to minimum levels and they have varying durations and notice periods. The fees payable under these agreements are expensed through the profit and loss account as incurred and are included within administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Computer |
equipment | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
SIM LOCAL (UK) LTD (REGISTERED NUMBER: 07915684) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2021 |
Profit for the year |
At 30 November 2022 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption granted to wholly owned subsidiaries not to disclose transactions with group companies. |
The Group accounts are prepared by Travelwin Group DAC registered office: 7th Floor, RSA House, Sandyford Road, Dundrum, Dublin 16, Ireland. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Sim Local (Ireland) Limited. |
The ultimate controlling party are Mr Killian Whelan and Mrs Avril Whelan, husband and wife, who between |
them are majority shareholders in the ultimate parent company Travelwin Group DAC, registered in Ireland. |
SIM LOCAL (UK) LTD (REGISTERED NUMBER: 07915684) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
11. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The company has provided a guarantee and floating debenture over it's assets and undertakings to a bank in favour of the parent company Sim Local (Ireland) Limited. The balance outstanding on the 30th November 2022 was 437,049 Euros. |