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REGISTERED NUMBER: 01976315 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIMS ENGINEERING SYSTEMS LIMITED

SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)






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


SIMS ENGINEERING SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: L P Sims
Mrs B R Sims
K D Sims





SECRETARY: Mrs B R Sims





REGISTERED OFFICE: Rae House
Dane Street
Bishop's Stortford
Herts
CM23 3BT





BUSINESS ADDRESS: Unit F2
Riverway Industrial Estate
Harlow
Essex
CM20 2DP





REGISTERED NUMBER: 01976315 (England and Wales)





ACCOUNTANTS: Barrow LLP
Rae House
Dane Street
Bishops Stortford
Herts
CM23 3BT

SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 121,732 156,499

CURRENT ASSETS
Debtors 6 1,739,724 2,455,439
Cash at bank 178,439 152,410
1,918,163 2,607,849
CREDITORS
Amounts falling due within one year 7 (1,840,243 ) (2,365,846 )
NET CURRENT ASSETS 77,920 242,003
TOTAL ASSETS LESS CURRENT LIABILITIES 199,652 398,502

CREDITORS
Amounts falling due after more than one year 8 (51,140 ) (158,190 )
NET ASSETS 148,512 240,312

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 148,412 240,212
SHAREHOLDERS' FUNDS 148,512 240,312

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.

SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)

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 and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





L P Sims - Director


SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)

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

1. STATUTORY INFORMATION

Sims Engineering Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income on each individual contract is recognised at the agreed stage of completion terms throughout the course of production taking into consideration any known fluctuations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - over the term of the lease
Plant, fixtures & equipment - 15% on reducing balance
Computer & office equipment - 25% on cost
Motor vehicles - 25% on reducing balance

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred upon normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)

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

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Retained Earnings, 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 pays contributions to staff member's personal pension schemes. Contributions payable for the year are charged in the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 18 ) .

SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)

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

5. TANGIBLE FIXED ASSETS
Plant, Computer
Leasehold fixtures & office Motor
improvements & equipment equipment vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 102,399 273,373 96,628 185,760 658,160
Additions - - 2,373 - 2,373
Disposals - - (11,062 ) - (11,062 )
At 31 December 2023 102,399 273,373 87,939 185,760 649,471
DEPRECIATION
At 1 January 2023 88,111 205,921 81,850 125,779 501,661
Charge for year 5,281 10,118 6,745 14,996 37,140
Eliminated on disposal - - (11,062 ) - (11,062 )
At 31 December 2023 93,392 216,039 77,533 140,775 527,739
NET BOOK VALUE
At 31 December 2023 9,007 57,334 10,406 44,985 121,732
At 31 December 2022 14,288 67,452 14,778 59,981 156,499

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 61,857
Transfer to ownership (30,024 )
At 31 December 2023 31,833
DEPRECIATION
At 1 January 2023 23,648
Charge for year 6,880
Transfer to ownership (19,337 )
At 31 December 2023 11,191
NET BOOK VALUE
At 31 December 2023 20,642
At 31 December 2022 38,209

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 762,535 709,676
Accrued income 947,539 1,682,806
Other debtors 29,650 62,957
1,739,724 2,455,439

SIMS ENGINEERING SYSTEMS LIMITED (REGISTERED NUMBER: 01976315)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 66,667 66,667
Hire purchase contracts 5,374 16,630
Trade creditors 16,833 11,758
Taxation and social security 32,946 33,086
Other creditors 1,718,423 2,237,705
1,840,243 2,365,846

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 38,889 105,556
Hire purchase contracts 12,251 19,301
Other creditors - 33,333
51,140 158,190

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 17,625 35,931

The hire purchase liabilities are secured against the related assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

During the year the company traded services with Sims Engineering Limited. Purchases during the year totalled £3,154,933 (2022 - £3,243,803) and administration charges raised during the year totalled £460,000 (2022 - £460,000). These transactions were dealt with on a normal trading basis. As at the balance sheet date the amount owed by the company was £1,631,496 (2022 - £2,051,460).