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COMPANY REGISTRATION NUMBER: 03719604
Simon Long Removals Limited
Unaudited financial statements
31 March 2024
Simon Long Removals Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,002,024
975,236
Current assets
Debtors
7
380,916
220,065
Cash at bank and in hand
671,111
951,337
-----------
-----------
1,052,027
1,171,402
Creditors: amounts falling due within one year
8
( 430,565)
( 292,097)
-----------
-----------
Net current assets
621,462
879,305
-----------
-----------
Total assets less current liabilities
1,623,486
1,854,541
Creditors: amounts falling due after more than one year
9
( 35,252)
Provisions
Taxation including deferred tax
( 127,674)
( 136,869)
-----------
-----------
Net assets
1,495,812
1,682,420
-----------
-----------
Capital and reserves
Called up share capital
700
700
Capital redemption reserve
300
300
Profit and loss account
1,494,812
1,681,420
-----------
-----------
Shareholders funds
1,495,812
1,682,420
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Simon Long Removals Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 August 2024 , and are signed on behalf of the board by:
S F Long
Director
Company registration number: 03719604
Simon Long Removals Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 Howlett Way, Thetford, Norfolk, IP24 1HZ. The trading address during the year was 32 Howlett Way, Thetford, Norfolk, IP24 1HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Deferred government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Leasehold improvements
-
2% & 7% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Staff costs
The average number of employees during the year was 1 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
50,000
-------
Amortisation
At 1 April 2023 and 31 March 2024
50,000
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Leasehold improve - ments
Total
£
£
£
£
Cost
At 1 April 2023
53,220
1,481,786
523,841
2,058,847
Additions
20,285
207,507
227,792
Disposals
( 75,989)
( 75,989)
-------
-----------
---------
-----------
At 31 March 2024
73,505
1,613,304
523,841
2,210,650
-------
-----------
---------
-----------
Depreciation
At 1 April 2023
41,111
919,557
122,943
1,083,611
Charge for the year
4,589
176,401
20,014
201,004
Disposals
( 75,989)
( 75,989)
-------
-----------
---------
-----------
At 31 March 2024
45,700
1,019,969
142,957
1,208,626
-------
-----------
---------
-----------
Carrying amount
At 31 March 2024
27,805
593,335
380,884
1,002,024
-------
-----------
---------
-----------
At 31 March 2023
12,109
562,229
400,898
975,236
-------
-----------
---------
-----------
7. Debtors
2024
2023
£
£
Trade debtors
200,012
150,273
Other debtors
180,904
69,792
---------
---------
380,916
220,065
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140,446
65,924
Social security and other taxes
136,268
92,437
Other creditors
153,851
133,736
---------
---------
430,565
292,097
---------
---------
Included within creditors is an amount of £41,202 (2023: £68,201) which is secured against the assets to which it relates.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
35,252
----
-------
Included within creditors is an amount of £nil (2023: £35,252) which is secured against the assets to which it relates.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
36,000
109,235
Later than 1 year and not later than 5 years
206,682
123,264
---------
---------
242,682
232,499
---------
---------
11. Contingencies
The company has provided security to Natwest in relation to loans taken out by Mr S F Long , the director of the company. The total liability due in respect of the bank loans as at 31 March 2024 was £2,189,078. No liability is expected to arise from this guarantee.