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Unaudited Financial Statements for the Year Ended 31 March 2023

for

Sim Contracts Ltd

Sim Contracts Ltd (Registered number: SC698025)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sim Contracts Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: F J Sim
F J Sim Jnr





REGISTERED OFFICE: 4 Mungal Place
Falkirk
FK2 7RP





REGISTERED NUMBER: SC698025 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

Sim Contracts Ltd (Registered number: SC698025)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 230,161 256,530

CURRENT ASSETS
Debtors 5 - 288
Cash at bank and in hand 30,171 30,094
30,171 30,382
CREDITORS
Amounts falling due within one year 6 96,586 191,658
NET CURRENT LIABILITIES (66,415 ) (161,276 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

163,746

95,254

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 163,744 95,252
SHAREHOLDERS' FUNDS 163,746 95,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





F J Sim - Director


Sim Contracts Ltd (Registered number: SC698025)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Sim Contracts Ltd is a private company, limited by shares , registered in Scotland. 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.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Sim Contracts Ltd (Registered number: SC698025)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 126,000 168,500 294,500
Additions 14,550 6,769 21,319
Disposals - (23,000 ) (23,000 )
At 31 March 2023 140,550 152,269 292,819
DEPRECIATION
At 1 April 2022 - 37,970 37,970
Charge for year - 29,871 29,871
Eliminated on disposal - (5,183 ) (5,183 )
At 31 March 2023 - 62,658 62,658
NET BOOK VALUE
At 31 March 2023 140,550 89,611 230,161
At 31 March 2022 126,000 130,530 256,530

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors - 288

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 1,408 -
Taxation and social security 39,699 20,358
Other creditors 55,479 171,300
96,586 191,658

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary £1 2 2

8. RELATED PARTY DISCLOSURES

Included in sales are £200,000 (2022 - £160,000 consultancy fees to Fraser Sim Contracts Ltd. At the year end the company owed Fraser Sim Contracts Limited £54,114 - (2022 - £90,000).

The directors have business control for both companies.