SIME INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Company registration number SC492759 (Scotland)
PAGES FOR FILING WITH REGISTRAR
SIME INVESTMENTS LTD
COMPANY INFORMATION
Director
Mr W Gorol
Company number
SC492759
Registered office
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
SIME INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SIME INVESTMENTS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,606
3,346
Investment property
5
654,475
654,475
656,081
657,821
Current assets
Debtors
6
3,013
213,783
Cash at bank and in hand
159,499
96,468
162,512
310,251
Creditors: amounts falling due within one year
7
(3,413)
(25,457)
Net current assets
159,099
284,794
Total assets less current liabilities
815,180
942,615
Creditors: amounts falling due after more than one year
8
(795,292)
(904,034)
Provisions for liabilities
(8,325)
(8,325)
Net assets
11,563
30,256
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
11,553
30,246
Total equity
11,563
30,256

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 November 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 member has 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.

SIME INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 March 2024
Mr W Gorol
Director
Company registration number SC492759 (Scotland)
SIME INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Sime Investments Ltd is a private company limited by shares incorporated in Scotland. The registered office is 44 Bank Street, Kilmarnock, Ayrshire, KA1 1HA.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is represented by income from commercial property rental.

1.3
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% straight line
Fixtures and fittings
20% straight line

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

SIME INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets & liabilities like trade & other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

1.8
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.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

 

No significant judgements have had to be made by the director in the preparation of these financial statements.

 

The director has made key assumptions in the determination of the fair value of investment properties in the respect of the state of the property market in the locations where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.

3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
SIME INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
26,656
Depreciation and impairment
At 1 December 2022
23,310
Depreciation charged in the year
1,740
At 30 November 2023
25,050
Carrying amount
At 30 November 2023
1,606
At 30 November 2022
3,346
5
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
654,475

Investment property refers to commercial properties in Hamilton Square, Birkenhead, and Straiton Business Park, Edinburgh.

 

The fair value of the investment properties have been arrived at on the basis of a valuation by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,517
-
0
Other debtors
-
0
211,825
Prepayments and accrued income
1,496
1,958
3,013
213,783
SIME INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
83
1,189
Taxation and social security
628
-
0
Other creditors
-
0
21,229
Accruals and deferred income
2,702
3,039
3,413
25,457
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
795,292
904,034
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10
SIME INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Balerno Holdings Ltd

A company of which W. Gorol is a director.

 

The company received repayments of £42,332 resulting in a £nil balance (2022: £42,332) owed to SIME Investments Ltd at the balance sheet date.

 

The Balerno Inn Ltd

A company of which W. Gorol is a director.

 

The company invoiced The Balerno Inn Ltd £698 for services provided, this balance was repaid in full by the balance sheet date.

 

Glass Cube Holdings Ltd

A company of which W. Gorol is a director.

 

The company received loans of £9,070 and repaid £30,298, resulting in a £nil balance (2022: £21,229) owed to Glass Cube Holdings Ltd at the balance sheet date.

 

Glenbervie House Property Ltd

A company of which W. Gorol is a director.

 

The company advanced £12,097 and received repayments of £96,029, resulting in a closing balance of £nil (2022: £83,932) owed to SIME Investments Ltd at the balance sheet date.

 

Gyleworks Limited

A company of which W. Gorol is a director.

 

The company received repayments of £67,947 resulting in a closing balance of £nil (2022: £67,947) owed to SIME Investments Ltd at the balance sheet date.

 

St Fillans Holdings Ltd

A company of which W. Gorol is a director.

 

The company received repayments of £9,881 resulting in a £nil balance (2022: £9,881) owed to SIME Investments Ltd at the balance sheet date.

 

The TriSAAS Group Ltd

A company of which W. Gorol is a director.

 

The company received loans of £9,510 and repaid £9,510 resulting in £nil balance (2022: £nil) owed to The TriSAAS Group Ltd at the balance sheet date.

 

The company invoiced £12,783 in respect of rental income, £1,517 (2022: £6,895) of which remained outstanding at the balance sheet date.

 

These balances are all interest-free and have no fixed date of repayment.

SIME INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
11
Directors' transactions

During the year, the company received loans of £30,115 from, and made repayments of £138,858 to, W. Gorol, resulting in a closing balance of £795,291 (2022: £904,034) owed to the director at the balance sheet date.

 

The director does not seek repayment within any specific time frame, or any interest on this balance.

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