F Simpson and Son Limited 9786383 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is production of eggs and arable crops Digita Accounts Production Advanced 6.30.9574.0 true 9786383 2023-04-01 2024-03-31 9786383 2024-03-31 9786383 bus:OrdinaryShareClass1 2024-03-31 9786383 bus:OrdinaryShareClass2 2024-03-31 9786383 bus:OrdinaryShareClass3 2024-03-31 9786383 bus:OrdinaryShareClass4 2024-03-31 9786383 core:RetainedEarningsAccumulatedLosses 2024-03-31 9786383 core:ShareCapital 2024-03-31 9786383 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 9786383 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 9786383 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 9786383 core:CurrentFinancialInstruments 2024-03-31 9786383 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 9786383 core:Non-currentFinancialInstruments 2024-03-31 9786383 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 9786383 core:OtherResidualIntangibleAssets 2024-03-31 9786383 core:MoreThanFiveYears 1 2024-03-31 9786383 core:FurnitureFittingsToolsEquipment 2024-03-31 9786383 core:LandBuildings 2024-03-31 9786383 core:MotorVehicles 2024-03-31 9786383 core:OtherPropertyPlantEquipment 2024-03-31 9786383 1 2024-03-31 9786383 bus:SmallEntities 2023-04-01 2024-03-31 9786383 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 9786383 bus:FullAccounts 2023-04-01 2024-03-31 9786383 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 9786383 bus:RegisteredOffice 2023-04-01 2024-03-31 9786383 bus:Director1 2023-04-01 2024-03-31 9786383 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 9786383 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 9786383 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 9786383 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 9786383 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 9786383 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 9786383 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 9786383 core:LandBuildings 2023-04-01 2024-03-31 9786383 core:MotorVehicles 2023-04-01 2024-03-31 9786383 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 9786383 core:PlantMachinery 2023-04-01 2024-03-31 9786383 core:Vehicles 2023-04-01 2024-03-31 9786383 1 2023-04-01 2024-03-31 9786383 countries:England 2023-04-01 2024-03-31 9786383 2023-03-31 9786383 core:OtherResidualIntangibleAssets 2023-03-31 9786383 core:FurnitureFittingsToolsEquipment 2023-03-31 9786383 core:LandBuildings 2023-03-31 9786383 core:MotorVehicles 2023-03-31 9786383 core:OtherPropertyPlantEquipment 2023-03-31 9786383 2022-10-01 2023-03-31 9786383 2023-03-31 9786383 bus:OrdinaryShareClass1 2023-03-31 9786383 bus:OrdinaryShareClass2 2023-03-31 9786383 bus:OrdinaryShareClass3 2023-03-31 9786383 bus:OrdinaryShareClass4 2023-03-31 9786383 core:RetainedEarningsAccumulatedLosses 2023-03-31 9786383 core:ShareCapital 2023-03-31 9786383 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 9786383 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 9786383 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 9786383 core:CurrentFinancialInstruments 2023-03-31 9786383 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 9786383 core:Non-currentFinancialInstruments 2023-03-31 9786383 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 9786383 core:OtherResidualIntangibleAssets 2023-03-31 9786383 core:MoreThanFiveYears 1 2023-03-31 9786383 core:FurnitureFittingsToolsEquipment 2023-03-31 9786383 core:LandBuildings 2023-03-31 9786383 core:MotorVehicles 2023-03-31 9786383 core:OtherPropertyPlantEquipment 2023-03-31 9786383 1 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 9786383

F Simpson and Son Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

F Simpson and Son Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

F Simpson and Son Limited

(Registration number: 9786383)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

600

600

Tangible assets

5

614,439

517,384

Other financial assets

6

33

33

 

615,072

518,017

Current assets

 

Stocks

166,861

362,864

Debtors

7

164,131

18,295

Cash at bank and in hand

 

67,782

139,741

 

398,774

520,900

Creditors: Amounts falling due within one year

8

(280,302)

(465,310)

Net current assets

 

118,472

55,590

Total assets less current liabilities

 

733,544

573,607

Creditors: Amounts falling due after more than one year

8

(503,221)

(513,015)

Provisions for liabilities

(92,871)

(49,139)

Net assets

 

137,452

11,453

Capital and reserves

 

Called up share capital

9

400

400

Retained earnings

137,052

11,053

Shareholders' funds

 

137,452

11,453

For the financial 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.

 

F Simpson and Son Limited

(Registration number: 9786383)
Balance Sheet as at 31 March 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 


Mrs JoAnne Jones
Director

   
 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
White House Farm
Addlethorpe
Skegness
Lincolnshire
PE24 4TU

Registration number: 9786383

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Over 11/15/25/30 years

Motor vehicles

20% straight line

Self propelled machinery

10% staight line

Implements and machinery

15% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Land entitlements

No amortisation is provided on land entitlements as residual value is equivalent to cost so any amortisation is immaterial

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less aprovision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 8).

 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Entitlements
 £

Total
£

Cost or valuation

At 1 April 2023

600

600

At 31 March 2024

600

600

Amortisation

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

600

600

At 31 March 2023

600

600

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

507,562

70,250

33,425

222,500

833,737

Additions

-

40,729

-

153,250

193,979

Disposals

-

-

-

(72,500)

(72,500)

At 31 March 2024

507,562

110,979

33,425

303,250

955,216

Depreciation

At 1 April 2023

160,276

50,920

26,669

78,488

316,353

Charge for the year

21,372

6,414

2,794

22,344

52,924

Eliminated on disposal

-

-

-

(28,500)

(28,500)

At 31 March 2024

181,648

57,334

29,463

72,332

340,777

Carrying amount

At 31 March 2024

325,914

53,645

3,962

230,918

614,439

At 31 March 2023

347,286

19,330

6,756

144,012

517,384

Included within the net book value of land and buildings above is £325,914 (2023 - £347,286) in respect of freehold land and buildings.
 

 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

33

33

At 31 March 2024

33

33

Impairment

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

33

33

At 31 March 2023

33

33

7

Debtors

2024
£

2023
£

Trade debtors

139,506

1,106

Other debtors

3,844

1,257

Social security and other taxes

20,781

15,932

Total current trade and other debtors

164,131

18,295

 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

74,353

244,060

Trade payables

 

46,326

106,699

Amounts due to related parties

102,601

83,532

Social security and other taxes

 

38,986

17,703

Other payables

 

18,036

13,316

 

280,302

465,310

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

503,221

513,015

2024
£

2023
£

Due after more than five years

After more than five years by instalments

336,869

358,831

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

100

100

100

100

Ordinary C Shares of £1 each

100

100

100

100

Ordinary D Shares of £1 each

100

100

100

100

 

400

400

400

400

 

F Simpson and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

32,577

232,675

Hire purchase contracts

41,776

11,385

74,353

244,060

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

442,112

474,348

Hire purchase contracts

61,109

38,667

503,221

513,015

Bank borrowings

AMC Loans is denominated in £ . The carrying amount at year end is £449,764 (2023 - £472,208).

These loans are secured on the company's land and property.

Other borrowings

Hire purchase contracts is denominated in £ .The carrying amount at year end is £102,885 (2023 - £50,052).

The hire purchase contracts are secured on the assets to which they relate.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The AMC bank borrowings are secured on the company's land and properties. This includes £336,869 (2023 - £358,831) due for repayment in over five years time.