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REGISTERED NUMBER: 01372857 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Roger Simpson Limited

Roger Simpson Limited (Registered number: 01372857)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Roger Simpson Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Simpson
P C Jenkins





SECRETARY: P J Simpson





REGISTERED OFFICE: Simpsons Subaru
Blackworth Industrial Estate
Highworth
Swindon
Wiltshire
SN6 7NA





REGISTERED NUMBER: 01372857 (England and Wales)

Roger Simpson Limited (Registered number: 01372857)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,304,245 1,317,618

CURRENT ASSETS
Stocks 5 2,526,387 1,486,971
Debtors 6 202,010 48,490
Investments 7 36,199 37,372
Cash at bank and in hand 16,120 107,831
2,780,716 1,680,664
CREDITORS
Amounts falling due within one year 8 1,896,993 870,274
NET CURRENT ASSETS 883,723 810,390
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,187,968

2,128,008

CREDITORS
Amounts falling due after more than one
year

9

(26,042

)

(88,542

)

PROVISIONS FOR LIABILITIES (36,529 ) (39,692 )
NET ASSETS 2,125,397 1,999,774

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 26,711 26,711
Revaluation reserve 876,022 876,022
Capital redemption reserve 316 316
Retained earnings 1,221,348 1,095,725
SHAREHOLDERS' FUNDS 2,125,397 1,999,774

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.

Roger Simpson Limited (Registered number: 01372857)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




P J Simpson - Director



P C Jenkins - Director


Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Roger Simpson Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Summary of significant accounting policies
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparing the financial statements
These financial statements are prepared on a going concern basis, under the historical cost convention.

Functional and presentation currency
The company's functional and presentation currency is the pound sterling.

Going Concern
The company meets its day-to-day working capital requirements through cash reserves and borrowings. The company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves and borrowings. On this basis, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and specifics of each arrangement.

The company recognises revenue when the following conditions are satisfied:
i. the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
ii. the company retains neither continuing managerial involvement to the degree associated with
ownership nor effective control over the goods sold;
iii. the amount of revenue can be measured reliably;
iv. it is probable that the economic benefits associated with the transaction can be measured reliably.

Sale of goods and services
Turnover from the sale of new and used cars and vehicle parts is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of good and services provided the amounts are recorded as other creditors and included as part of creditors due within one year.

Bonus Income
Bonuses for the sale of cars are based on an annual target for volume sold. The income is recognised once this annual target is met.

Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Land and buildings- 2% on straight line basis
Short leasehold- over period of the lease
Garage & workshop equipment- 20% on reducing balance
Office fixtures & equipment- 10% on reducing balance
Motor vehicles- 33% on straight line basis and 25% on reducing balance

Repairs and maintenance costs are expensed as incurred.

Revaluation of properties
A full valuation of all freehold properties is carried out every five years and interim valuations are carried out as required. Surpluses arising from the professional valuation of properties are taken directly to the revaluation reserve.

Deficits arising from the revaluation of properties shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that property, the excess shall be recognised in profit or loss.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. 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. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at the commencement of the lease as assets at the value of the lease asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligation is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Operating leased assets
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments with related disclosures made in accordance with the requirements of Section 1A of FRS 102.

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Listed investments in shares included at fair value with changes recognised in profit or loss.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are
recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Garage & Office
Land and w'shop fixtures Motor
buildings equipment & equip't vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 1,350,000 161,446 395,785 76,065 1,983,296
Additions - 8,449 46,003 - 54,452
Disposals - - - (27,373 ) (27,373 )
At 31 December 2023 1,350,000 169,895 441,788 48,692 2,010,375
DEPRECIATION
At 1 January 2023 205,970 131,861 282,312 45,535 665,678
Charge for year 21,880 7,907 17,518 3,945 51,250
Eliminated on disposal - - - (10,798 ) (10,798 )
At 31 December 2023 227,850 139,768 299,830 38,682 706,130
NET BOOK VALUE
At 31 December 2023 1,122,150 30,127 141,958 10,010 1,304,245
At 31 December 2022 1,144,030 29,585 113,473 30,530 1,317,618

Included in cost or valuation of land and buildings is freehold land of £ 256,000 (2022 - £ 256,000 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Garage & Office
Land and w'shop fixtures Motor
buildings equipment & equip't vehicles Totals
£    £    £    £    £   
Valuation in 2009 152,150 - - - 152,150
Valuation in 2014 20,000 - - - 20,000
Valuation in 2021 380,000 - - - 380,000
Cost 797,850 169,895 441,788 48,692 1,458,225
1,350,000 169,895 441,788 48,692 2,010,375

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 797,850 797,850
Aggregate depreciation 232,329 216,372

Value of land in freehold land and buildings 256,000 256,000

Freehold land and buildings were valued on an open market basis on 10 June 2022 by Alder King Property Consultants .

5. STOCKS
2023 2022
£    £   
Vehicles 2,291,274 1,355,488
Spares 235,113 131,483
2,526,387 1,486,971

Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 148,617 28,930
Amounts owed by group undertakings 46,413 9,866
Other debtors - 3,928
Prepayments and accrued income 6,980 5,766
202,010 48,490

7. CURRENT ASSET INVESTMENTS

2023 2022
£ £
Listed investments 36,199 37,372

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 121,413 62,500
Trade creditors 1,202,105 644,476
Corporation tax 34,016 76,282
Social security and other taxes 529,385 69,474
Other creditors 2,376 2,631
Accrued expenses 7,698 14,911
1,896,993 870,274

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 26,042 62,500
Bank loans - 2-5 years - 26,042
26,042 88,542

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 58,913 -
Bank loans 88,542 151,042
147,455 151,042

The bank overdraft is secured by a fixed and floating charge over the company's assets.

In respect of the bank loan the UK government has provided the bank with a guarantee for 80% of the total loan value.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Roger Simpson Limited (Registered number: 01372857)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. ULTIMATE CONTROLLING PARTY

The entire share capital of the company is owned by RSL Holdings Limited company registered in England and Wales.The registered office address is Simpsons Subaru, Blackworth Industrial Estate, Highworth, Swindon, Wiltshire, SN6 7NA.