Company Registration No. NI030956 (Northern Ireland)
Simpson Developments Ltd
Unaudited accounts
for the year ended 30 June 2023
Simpson Developments Ltd
Unaudited accounts
Contents
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
Simpson Developments Ltd
Statement of financial position
as at 30 June 2023
Tangible assets
272,450
164,448
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
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
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
Simpson Developments Ltd
Notes to the Accounts
for the year ended 30 June 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
Simpson Developments Ltd
Notes to the Accounts
for the year ended 30 June 2023
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.
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Tangible fixed assets
Plant & machinery
Charge for the year
37,093
Amounts falling due within one year
Accrued income and prepayments
59,114
69,742
Other debtors
2,688,968
2,451,968
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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
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
Obligations under finance leases and hire purchase contracts
-
14,533
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000
10,000
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Average number of employees
During the year the average number of employees was 10 (2022: 10).