Registered number
12557779
Simmons & Schmid Limited
Unaudited Filleted Accounts
31 March 2023
Simmons & Schmid Limited
Registered number: 12557779
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 21,555 11,291
Tangible assets 4 9,241 14,268
Investments 5 336,675 336,675
367,471 362,234
Current assets
Debtors 6 166,445 196,434
Cash at bank and in hand 107,679 49,336
274,124 245,770
Creditors: amounts falling due within one year 7 (329,796) (271,613)
Net current liabilities (55,672) (25,843)
Total assets less current liabilities 311,799 336,391
Creditors: amounts falling due after more than one year 8 (283,300) (305,000)
Net assets 28,499 31,391
Capital and reserves
Called up share capital 105 100
Profit and loss account 28,394 31,291
Shareholders' funds 28,499 31,391
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Simmons
Director
Approved by the board on 3 November 2023
Simmons & Schmid Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33% straight line
Software development over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Intangible fixed assets £
Software development:
Cost
At 1 April 2022 13,150
Additions 22,100
At 31 March 2023 35,250
Amortisation
At 1 April 2022 1,859
Provided during the year 11,836
At 31 March 2023 13,695
Net book value
At 31 March 2023 21,555
At 31 March 2022 11,291
Software development is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 17,135
Additions 333
At 31 March 2023 17,468
Depreciation
At 1 April 2022 2,867
Charge for the year 5,360
At 31 March 2023 8,227
Net book value
At 31 March 2023 9,241
At 31 March 2022 14,268
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 336,675
At 31 March 2023 336,675
6 Debtors 2023 2022
£ £
Trade debtors 96,847 131,281
Other debtors 69,598 65,153
166,445 196,434
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 19,836 46,016
Taxation and social security costs 25,829 38,845
Other creditors 284,131 186,752
329,796 271,613
8 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 283,300 305,000
9 Related party transactions 2023 2022
£ £
The Word Works (London) Limited
A company which shares common director.
As at 31 March 2023, there was an inter company loan which is contained in other creditors.
Amount due to related party 105,477 62,400
10 Other information
Simmons & Schmid Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor Nucleus House
2 Lower Mortlake Road
Richmond
United Kingdom
TW9 2JA
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