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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
Page
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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
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Lloyd Simpson Incentives Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,039,896 
1,072,705 
Investments
298,602 
96,057 
1,338,498 
1,168,762 
Current assets
Inventories
179,480 
208,900 
Debtors
995,460 
770,176 
Cash at bank and in hand
584,471 
525,966 
1,759,411 
1,505,042 
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 
Capital and reserves
Called up share capital
102 
102 
Share premium
8,181 
8,181 
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
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Lloyd Simpson Incentives Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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Lloyd Simpson Incentives Limited Notes to the Accounts for the year ended 31 December 2023
Leased assets
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.
4
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 
Depreciation
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 
Net book value
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 
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 January 2023
96,057 
Additions
202,545 
Valuation at 31 December 2023
298,602 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
995,460 
770,176 
7
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 
Accruals
184,197 
186,521 
1,521,442 
1,397,894 
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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 
348,951 
314,055 
9
Average number of employees
During the year the average number of employees was 34 (2022: 34).
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