Company Registration No. 10226041 (England and Wales)
SIMPSON PROPERTY SERVICES (EM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SIMPSON PROPERTY SERVICES (EM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SIMPSON PROPERTY SERVICES (EM) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
2,945
3,945
Tangible assets
5
16,034
932
Current assets
Stocks
2,700
4,678
Debtors
6
1,248
740
Cash at bank and in hand
1,602
2,967
5,550
8,385
Creditors: amounts falling due within one year
Loans and overdrafts
3,000
3,000
Taxation and social security
2,811
8,181
Other creditors
7
15,953
5,774
21,764
16,955
Net current liabilities
(16,214)
(8,570)
Total assets less current liabilities
2,765
(3,693)
Creditors: amounts falling due after more than one year
Loans and overdrafts
5,982
8,989
(5,982)
(8,989)
Provisions for liabilities
(185)
(144)
Net liabilities
(3,402)
(12,826)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(3,502)
(12,926)
Total equity
(3,402)
(12,826)
SIMPSON PROPERTY SERVICES (EM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Mrs J Simpson
Director
Company Registration No. 10226041
SIMPSON PROPERTY SERVICES (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Simpson Property Services (EM) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 123 Saltergate, Chesterfield, Derbyshire, United Kingdom, S40 1NH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of trade discounts. The policies adopted for the recognition of turnover are as follows:

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Reducing Balance
Computers
33% Straight Line
Motor vehicles
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SIMPSON PROPERTY SERVICES (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

 

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SIMPSON PROPERTY SERVICES (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
2
SIMPSON PROPERTY SERVICES (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
10,000
Amortisation and impairment
At 1 July 2022
6,055
Amortisation charged for the year
1,000
At 30 June 2023
7,055
Carrying amount
At 30 June 2023
2,945
At 30 June 2022
3,945
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
3,635
Additions
17,474
Disposals
(1,500)
At 30 June 2023
19,609
Depreciation and impairment
At 1 July 2022
2,703
Depreciation charged in the year
1,985
Eliminated in respect of disposals
(1,112)
At 30 June 2023
3,575
Carrying amount
At 30 June 2023
16,034
At 30 June 2022
932
SIMPSON PROPERTY SERVICES (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
491
-
0
Corporation tax recoverable
669
667
Prepayments and accrued income
88
73
1,248
740
7
Other creditors falling due within one year
2023
2022
£
£
Other creditors
15,285
5,076
Accruals and deferred income
668
698
15,953
5,774
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs J SimpsonMrs E M Simpsonfalse102260412022-07-012023-06-30102260412023-06-30102260412022-06-3010226041core:NetGoodwill2023-06-3010226041core:NetGoodwill2022-06-3010226041core:OtherPropertyPlantEquipment2023-06-3010226041core:OtherPropertyPlantEquipment2022-06-3010226041core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3010226041core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3010226041core:CurrentFinancialInstruments2023-06-3010226041core:CurrentFinancialInstruments2022-06-3010226041core:Non-currentFinancialInstruments2023-06-3010226041core:Non-currentFinancialInstruments2022-06-3010226041core:ShareCapital2023-06-3010226041core:ShareCapital2022-06-3010226041core:RetainedEarningsAccumulatedLosses2023-06-3010226041core:RetainedEarningsAccumulatedLosses2022-06-3010226041bus:Director12022-07-012023-06-3010226041core:Goodwill2022-07-012023-06-3010226041core:PlantMachinery2022-07-012023-06-3010226041core:ComputerEquipment2022-07-012023-06-3010226041core:MotorVehicles2022-07-012023-06-30102260412021-07-012022-06-3010226041core:NetGoodwill2022-06-3010226041core:NetGoodwill2022-07-012023-06-3010226041core:OtherPropertyPlantEquipment2022-06-3010226041core:OtherPropertyPlantEquipment2022-07-012023-06-301022604112023-06-301022604122023-06-3010226041bus:PrivateLimitedCompanyLtd2022-07-012023-06-3010226041bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3010226041bus:FRS1022022-07-012023-06-3010226041bus:AuditExemptWithAccountantsReport2022-07-012023-06-3010226041bus:CompanySecretary12022-07-012023-06-3010226041bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP