1 July 2022 false No description of principal activity Taxfiler 2023.14 NI030956business:PrivateLimitedCompanyLtd2022-07-012023-06-30 NI0309562022-06-30 NI0309562022-07-012023-06-30 NI030956business:AuditExempt-NoAccountantsReport2022-07-012023-06-30 NI030956business:FilletedAccounts2022-07-012023-06-30 NI0309562023-06-30 NI030956business:Director12022-07-012023-06-30 NI030956business:Director22022-07-012023-06-30 NI030956business:RegisteredOffice2022-07-012023-06-30 NI0309562022-06-30 NI030956core:WithinOneYear2023-06-30 NI030956core:WithinOneYear2022-06-30 NI030956core:AfterOneYear2023-06-30 NI030956core:AfterOneYear2022-06-30 NI030956core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 NI030956core:ShareCapitalcore:PreviouslyStatedAmount2022-06-30 NI030956core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 NI030956core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-06-30 NI030956core:PreviouslyStatedAmount2023-06-30 NI030956core:PreviouslyStatedAmount2022-06-30 NI030956business:SmallEntities2022-07-012023-06-30 NI030956countries:NorthernIreland2022-07-012023-06-30 NI030956core:PlantMachinery2022-07-012023-06-30 NI030956core:MotorVehicles2022-07-012023-06-30 NI030956core:PlantMachinery2022-06-30 NI030956core:PlantMachinery2023-06-30 NI030956business:OrdinaryShareClass12022-07-012023-06-30 NI030956business:OrdinaryShareClass12021-07-012022-06-30 NI0309562021-07-012022-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. NI030956 (Northern Ireland)
Simpson Developments Ltd Unaudited accounts for the year ended 30 June 2023
Simpson Developments Ltd Unaudited accounts Contents
Page
- 2 -
Simpson Developments Ltd Company Information for the year ended 30 June 2023
Directors
N Simpson M Simpson
Company Number
NI030956 (Northern Ireland)
Registered Office
Unit A1 Boucher Business Studios Glenmachan Place Belfast BT12 6QH Northern Ireland
- 3 -
Simpson Developments Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
272,450 
164,448 
Current assets
Inventories
4,333,976 
3,763,525 
Debtors
2,757,227 
2,775,818 
Cash at bank and in hand
245,084 
1,263,375 
7,336,287 
7,802,718 
Creditors: amounts falling due within one year
(3,247,789)
(3,808,286)
Net current assets
4,088,498 
3,994,432 
Total assets less current liabilities
4,360,948 
4,158,880 
Creditors: amounts falling due after more than one year
(22,320)
(46,580)
Provisions for liabilities
Deferred tax
(59,374)
(27,954)
Net assets
4,279,254 
4,084,346 
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
4,269,254 
4,074,346 
Shareholders' funds
4,279,254 
4,084,346 
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by
N Simpson Director Company Registration No. NI030956
- 4 -
Simpson Developments Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Simpson Developments Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI030956. The registered office is Unit A1 Boucher Business Studios , Glenmachan Place, Belfast, BT12 6QH, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for goods and services provided, net of trade discounts, value added and similar sales based taxes. Revenue is recognised as follows: - revenue from construction and service activitiesrepresents the value of work carried out during the year, excluding amounts not invoiced - revenue from manufacturing activities is recognised when title has passed.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
7.5 - 25% straight line
Motor vehicles
20 - 25% straight line
Inventories
Inventories comprise land for development, raw materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their location and condition at the balance sheet date. Inventories are valued at the lower of cost and net realisable value. Cost is calculated using either the weighted average method or the first-in, first out method. Provision is made for obsolete, slow moving or defective items where appropriate.
- 5 -
Simpson Developments Ltd Notes to the Accounts for the year ended 30 June 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 July 2022
456,735 
Additions
162,819 
Disposals
(135,235)
At 30 June 2023
484,319 
Depreciation
At 1 July 2022
292,287 
Charge for the year
37,093 
On disposals
(117,511)
At 30 June 2023
211,869 
Net book value
At 30 June 2023
272,450 
At 30 June 2022
164,448 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
8,555 
31,303 
Trade debtors
590 
222,805 
Accrued income and prepayments
59,114 
69,742 
Other debtors
2,688,968 
2,451,968 
2,757,227 
2,775,818 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
Obligations under finance leases and hire purchase contracts
- 
7,267 
Trade creditors
533,674 
409,404 
Amounts owed to group undertakings and other participating interests
2,085,122 
2,085,122 
Taxes and social security
40,125 
174,014 
Other creditors
577,751 
753,140 
Loans from directors
1,117 
369,339 
3,247,789 
3,808,286 
- 6 -
Simpson Developments Ltd Notes to the Accounts for the year ended 30 June 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
22,320 
32,047 
Obligations under finance leases and hire purchase contracts
- 
14,533 
22,320 
46,580 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000 
10,000 
9
Average number of employees
During the year the average number of employees was 10 (2022: 10).
- 7 -