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Unaudited Financial Statements for the Year Ended 31 March 2023

for

Fraser Sim Contracts Ltd

Fraser Sim Contracts Ltd (Registered number: SC313559)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fraser Sim Contracts Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs A L Sim
F J Sim
F J Sim Jnr





REGISTERED OFFICE: 4 Mungal Place
Falkirk
Stirlingshire
FK2 7RP





REGISTERED NUMBER: SC313559 (Scotland)





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

Fraser Sim Contracts Ltd (Registered number: SC313559)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,242 16,545

CURRENT ASSETS
Stocks 101,640 4,821
Debtors 5 246,094 401,902
Cash at bank and in hand 87,176 68,773
434,910 475,496
CREDITORS
Amounts falling due within one year 6 114,859 137,882
NET CURRENT ASSETS 320,051 337,614
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,293

354,159

CREDITORS
Amounts falling due after more than one
year

7

(21,667

)

(32,646

)

PROVISIONS FOR LIABILITIES (2,706 ) (3,144 )
NET ASSETS 309,920 318,369

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 309,820 318,269
SHAREHOLDERS' FUNDS 309,920 318,369

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.

Fraser Sim Contracts Ltd (Registered number: SC313559)

Balance Sheet - continued
31 March 2023


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


Fraser Sim Contracts Ltd (Registered number: SC313559)

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

1. STATUTORY INFORMATION

Fraser 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.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Fraser Sim Contracts Ltd (Registered number: SC313559)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 28,390
Additions 2,700
At 31 March 2023 31,090
DEPRECIATION
At 1 April 2022 11,845
Charge for year 5,003
At 31 March 2023 16,848
NET BOOK VALUE
At 31 March 2023 14,242
At 31 March 2022 16,545

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 182,313 195,312
Other debtors 63,781 206,590
246,094 401,902

Fraser Sim Contracts Ltd (Registered number: SC313559)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 2,349
Trade creditors 20,595 18,944
Taxation and social security 40,902 64,317
Other creditors 43,362 42,272
114,859 137,882

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 21,667 31,667
Hire purchase contracts - 979
21,667 32,646

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts - 3,328

The bank overdraft is secured by a floating charge and personal guarantee held by Virgin Bank.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £100 100 100

10. RELATED PARTY DISCLOSURES

The company loaned money to F A Developments Ltd the closing balance as at 31st March 2023 was £3,567 (2022 - £3,567).

The company was charged £200,000 (2022 - £160,000) consultancy fees by Sims Contracts Ltd during the year. At the year end Sim Contracts Ltd owed Fraser Sim Contracts Ltd £54,114 (2022 - £90,000).

The directors have business control for both of the above companies.