Simo Management Ltd 10050556 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true true true 10050556 2023-04-01 2024-03-31 10050556 2024-03-31 10050556 bus:OrdinaryShareClass1 2024-03-31 10050556 bus:OrdinaryShareClass2 2024-03-31 10050556 core:CurrentFinancialInstruments 2024-03-31 10050556 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10050556 core:Non-currentFinancialInstruments 2024-03-31 10050556 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10050556 core:Goodwill 2024-03-31 10050556 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 10050556 core:MotorVehicles 2024-03-31 10050556 core:OfficeEquipment 2024-03-31 10050556 bus:SmallEntities 2023-04-01 2024-03-31 10050556 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10050556 bus:FilletedAccounts 2023-04-01 2024-03-31 10050556 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10050556 bus:RegisteredOffice 2023-04-01 2024-03-31 10050556 bus:Director1 2023-04-01 2024-03-31 10050556 bus:Director2 2023-04-01 2024-03-31 10050556 bus:Director3 2023-04-01 2024-03-31 10050556 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10050556 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 10050556 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10050556 bus:Agent1 2023-04-01 2024-03-31 10050556 core:Goodwill 2023-04-01 2024-03-31 10050556 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 10050556 core:ComputerEquipment 2023-04-01 2024-03-31 10050556 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10050556 core:MotorVehicles 2023-04-01 2024-03-31 10050556 core:OfficeEquipment 2023-04-01 2024-03-31 10050556 core:Vehicles 2023-04-01 2024-03-31 10050556 countries:England 2023-04-01 2024-03-31 10050556 2023-03-31 10050556 core:Goodwill 2023-03-31 10050556 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 10050556 core:MotorVehicles 2023-03-31 10050556 core:OfficeEquipment 2023-03-31 10050556 2022-04-01 2023-03-31 10050556 2023-03-31 10050556 bus:OrdinaryShareClass1 2023-03-31 10050556 bus:OrdinaryShareClass2 2023-03-31 10050556 core:CurrentFinancialInstruments 2023-03-31 10050556 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10050556 core:Non-currentFinancialInstruments 2023-03-31 10050556 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10050556 core:Goodwill 2023-03-31 10050556 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 10050556 core:MotorVehicles 2023-03-31 10050556 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10050556

Simo Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Simo Management Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Simo Management Ltd

Company Information

Directors

Mrs Christine Vera Simpkins

Mr Michael Richard Simpkins

Mr Neil Richard Simpkins

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Simo Management Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Simo Management Ltd for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Simo Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Simo Management Ltd and state those matters that we have agreed to state to the Board of Directors of Simo Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simo Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Simo Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Simo Management Ltd. You consider that Simo Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Simo Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

18 September 2024

 

Simo Management Ltd

(Registration number: 10050556)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

6,172

Tangible assets

5

4,261,203

4,611,013

 

4,261,203

4,617,185

Current assets

 

Debtors

6

17,748

3,376

Cash at bank and in hand

 

21,535

85,971

 

39,283

89,347

Creditors: Amounts falling due within one year

7

(122,826)

(33,855)

Net current (liabilities)/assets

 

(83,543)

55,492

Total assets less current liabilities

 

4,177,660

4,672,677

Creditors: Amounts falling due after more than one year

7

(1,404,286)

(1,500,000)

Provisions for liabilities

(93,750)

(145,996)

Net assets

 

2,679,624

3,026,681

Capital and reserves

 

Called up share capital

9

200

200

Share premium reserve

2,372,424

2,372,424

Retained earnings

307,000

654,057

Shareholders' funds

 

2,679,624

3,026,681

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.

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.

 

Simo Management Ltd

(Registration number: 10050556)
Balance Sheet as at 31 March 2024

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

.........................................
Mr Michael Richard Simpkins
Director

 

Simo Management Ltd

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:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

These financial statements were authorised for issue by the Board on 18 September 2024.

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.

Going concern

The directors believes that the company is well placed to manage its business risks successfully.

Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Thus, they continues to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

Simo Management Ltd

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

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

Motor Vehicle

20% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Intangible assets other than goodwill

Evenly over 5 Years

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.

 

Simo Management Ltd

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

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 at amortised cost using the effective interest method, less provision 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Simo Management Ltd

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

4

Intangible assets

Finance Costs
 £

Total
£

Cost or valuation

At 1 April 2023

74,062

74,062

At 31 March 2024

74,062

74,062

Amortisation

At 1 April 2023

67,890

67,890

Amortisation charge

6,172

6,172

At 31 March 2024

74,062

74,062

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

6,172

6,172

5

Tangible assets

Investment properties
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,610,400

3,649

-

4,614,049

Revaluations

(393,400)

-

-

(393,400)

Additions

-

1,618

52,434

54,052

At 31 March 2024

4,217,000

5,267

52,434

4,274,701

Depreciation

At 1 April 2023

-

3,035

-

3,035

Charge for the year

-

850

9,613

10,463

At 31 March 2024

-

3,885

9,613

13,498

Carrying amount

At 31 March 2024

4,217,000

1,382

42,821

4,261,203

At 31 March 2023

4,610,400

613

-

4,611,013

Valuation

The investment properties were revalued in July 2023 by an independent valuer as part of the loan refinancing.

Included within the net book value of investment properties above is £4,217,000 (2023 - £4,610,400) in respect of freehold land and buildings.
 

 

Simo Management Ltd

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

6

Debtors

Current

2024
£

2023
£

Prepayments

15,990

3,376

Other debtors

1,758

-

 

17,748

3,376

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,836

12,570

Taxation and social security

 

-

13,238

Accruals and deferred income

 

2,060

3,780

Other creditors

 

108,930

4,267

 

122,826

33,855

The bank loan is secured by the company's assets and is due for repayment by September 2028.

The applicable interest rate was 2.73% above the base rate per annum.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,404,286

1,500,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,836

12,570

 

Simo Management Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

Ordinary B share of £1 each

100

100

100

100

200

200

200

200

10

Related party transactions

During the year, the company made the following related party transactions:

Directors

During the year, the directors advanced a loan of £104,663 to the company, with no interest charged on these loans.

As of the balance sheet date, the amount owed to the directors was £108,930 (2023: £4,267).