Company Registration No. 02991695 (England and Wales)
Lloyd Simpson Incentives Limited
Unaudited accounts
for the year ended 31 December 2023
Lloyd Simpson Incentives Limited
Unaudited accounts
Contents
Lloyd Simpson Incentives Limited
Company Information
for the year ended 31 December 2023
Directors
GL Simpson
CT Dickinson
Company Number
02991695 (England and Wales)
Registered Office
Braemar House
Snelsins Road
Cleckheaton
West Yorkshire
BD19 3UE
Accountants
Pearson & Associates
Suite E, Canal Wharf
Eshton Road
Gargrave, Skipton
North Yorkshire
BD23 3SE
Lloyd Simpson Incentives Limited
Statement of financial position
as at 31 December 2023
Tangible assets
1,039,896
1,072,705
Investments
298,602
96,057
Inventories
179,480
208,900
Cash at bank and in hand
584,471
525,966
Creditors: amounts falling due within one year
(1,521,442)
(1,397,894)
Net current assets
237,969
107,148
Total assets less current liabilities
1,576,467
1,275,910
Creditors: amounts falling due after more than one year
(348,951)
(314,055)
Provisions for liabilities
Deferred tax
(86,823)
(72,219)
Net assets
1,140,693
889,636
Called up share capital
102
102
Profit and loss account
1,132,410
881,353
Shareholders' funds
1,140,693
889,636
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by
GL Simpson
Director
Company Registration No. 02991695
Lloyd Simpson Incentives Limited
Notes to the Accounts
for the year ended 31 December 2023
Lloyd Simpson Incentives Limited is a private company, limited by shares, registered in England and Wales, registration number 02991695. The registered office is Braemar House, Snelsins Road, Cleckheaton, West Yorkshire, BD19 3UE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% on Cost
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Computer equipment
20% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Lloyd Simpson Incentives Limited
Notes to the Accounts
for the year ended 31 December 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2023
690,265
549,776
155,496
331,333
196,183
1,923,053
Additions
-
54,489
-
14,631
-
69,120
At 31 December 2023
690,265
604,265
155,496
345,964
196,183
1,992,173
At 1 January 2023
-
309,514
126,841
254,587
159,406
850,348
Charge for the year
-
58,950
9,726
18,276
14,977
101,929
At 31 December 2023
-
368,464
136,567
272,863
174,383
952,277
At 31 December 2023
690,265
235,801
18,929
73,101
21,800
1,039,896
At 31 December 2022
690,265
240,262
28,655
76,746
36,777
1,072,705
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Investments
Subsidiary undertakings
Valuation at 1 January 2023
96,057
Valuation at 31 December 2023
298,602
Amounts falling due within one year
Trade debtors
995,460
770,176
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
31,865
54,825
Obligations under finance leases and hire purchase contracts
22,650
7,542
Trade creditors
974,090
985,601
Taxes and social security
312,132
163,397
Loans from directors
(3,492)
8
Lloyd Simpson Incentives Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
283,359
296,401
Obligations under finance leases and hire purchase contracts
65,592
17,654
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Average number of employees
During the year the average number of employees was 34 (2022: 34).