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REGISTERED NUMBER: 07162924 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIMPLY PRECAST ACCESSORIES LIMITED

SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,865 17,625
Tangible assets 5 81,421 54,891
96,286 72,516

CURRENT ASSETS
Stocks 746,146 759,415
Debtors 6 490,122 578,330
Cash at bank and in hand 14,546 17,297
1,250,814 1,355,042
CREDITORS
Amounts falling due within one year 7 427,683 482,309
NET CURRENT ASSETS 823,131 872,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

919,417

945,249

CREDITORS
Amounts falling due after more than one
year

8

(84,976

)

(159,619

)

PROVISIONS FOR LIABILITIES (15,397 ) (7,631 )
NET ASSETS 819,044 777,999

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 818,944 777,899
SHAREHOLDERS' FUNDS 819,044 777,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2024 and were signed on its behalf by:





A Monaghan - Director


SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Simply Precast Accessories Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07162924

Registered office: 5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods are physically despatched to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised at 10% on cost.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 27,597
AMORTISATION
At 1 January 2023 9,972
Charge for year 2,760
At 31 December 2023 12,732
NET BOOK VALUE
At 31 December 2023 14,865
At 31 December 2022 17,625

SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 12,934 4,104 79,068 26,989 123,095
Additions 1,500 - 44,076 3,054 48,630
Disposals - - (19,995 ) - (19,995 )
At 31 December 2023 14,434 4,104 103,149 30,043 151,730
DEPRECIATION
At 1 January 2023 7,840 3,870 35,656 20,838 68,204
Charge for year 1,690 86 11,270 5,318 18,364
Eliminated on disposal - - (16,259 ) - (16,259 )
At 31 December 2023 9,530 3,956 30,667 26,156 70,309
NET BOOK VALUE
At 31 December 2023 4,904 148 72,482 3,887 81,421
At 31 December 2022 5,094 234 43,412 6,151 54,891

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 355,868 337,265
Other debtors 134,254 241,065
490,122 578,330

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 17,427 11,131
Trade creditors 67,288 78,398
Amounts owed to group undertakings - 126,616
Taxation and social security 98,899 110,827
Other creditors 244,069 155,337
427,683 482,309

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 23,602 23,189
Other creditors 61,374 136,430
84,976 159,619

SIMPLY PRECAST ACCESSORIES LIMITED (REGISTERED NUMBER: 07162924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 136,384 204,262
Hire purchase contracts 41,029 34,320
Factoring creditor 127,748 49,067
305,161 287,649

Creditors include the above factoring debt, provided by RBS Invoice Finance Limited. The debts are secured by a charge over the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A Monaghan
Balance outstanding at start of year 59,612 60,945
Amounts advanced 59,263 59,612
Amounts repaid (59,612 ) (60,945 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 59,263 59,612

Beneficial loan interest has been charged on the director's loan account.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Monaghan, by virtue of his shareholding in the company.