REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
SIMONSCO LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
SIMONSCO LIMITED |
SIMONSCO LIMITED (REGISTERED NUMBER: 07920300) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SIMONSCO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Police Station |
Whitburn Street |
Bridgnorth |
Shropshire |
WV16 4QP |
SIMONSCO LIMITED (REGISTERED NUMBER: 07920300) |
BALANCE SHEET |
31ST OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
SIMONSCO LIMITED (REGISTERED NUMBER: 07920300) |
BALANCE SHEET - continued |
31ST OCTOBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SIMONSCO LIMITED (REGISTERED NUMBER: 07920300) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Simonsco Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Simonsco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 NIL (2022 - |
SIMONSCO LIMITED (REGISTERED NUMBER: 07920300) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st November 2022 |
and 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
and 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1st November 2022 |
and 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
Fixed asset investments represent investment in the company's subsidiary undertaking, Libra Systems Limited. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Amounts owed to group undertakings |
SIMONSCO LIMITED (REGISTERED NUMBER: 07920300) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
9. | SECURED DEBTS |
HSBC Invoice Finance Limited holds a fixed charge over trade debtors within the subsidiary undertaking, Libra Systems Limited, as security over amounts advanced, by an unlimited composite guarantee from the company and Libra Systems Limited. A floating charge has also been given over all of the assets of the group. |
A cross guarantee exists between group companies where compensating balances are off-set against each other. As at the company's balance sheet date, there are no overdrawn bank balances. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | 1 | 433,682 | 433,682 |
As a result of a group reorganisation on 26 October 2021 the company issued 433,582 ordinary shares at their nominal value of £1 each. |
11. | CONTINGENT LIABILITIES |
The company has entered into an unlimited composite guarantee with its bankers in respect of its own and its subsidiary undertaking Libra Systems Limited's liabilities. At 31st October 2022 the group's total indebtedness under this guarantee is £658,580 (2021: £244,471). |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st October 2023 and 31st October 2022: |
31.10.23 | 31.10.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
No interest is charged. |