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REGISTERED NUMBER: 02475267 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

H A SIMPSON AND SON LTD

H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


H A SIMPSON AND SON LTD

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: Mr H M Simpson
Mrs C Simpson
Mr T Simpson





SECRETARY: Mrs C Simpson





REGISTERED OFFICE: Seamer Moor House
Riggs Head
Scarborough
North Yorkshire
YO12 4NF





REGISTERED NUMBER: 02475267 (England and Wales)

H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

STATEMENT OF FINANCIAL POSITION
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 6,114
Property, plant and equipment 5 1,995,026 1,614,006
1,995,026 1,620,120

CURRENT ASSETS
Inventories 888,393 738,649
Debtors 6 290,314 186,099
Investments 7 16 19,480
Cash at bank and in hand 422,828 1,000,563
1,601,551 1,944,791
CREDITORS
Amounts falling due within one year 8 187,441 506,887
NET CURRENT ASSETS 1,414,110 1,437,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,409,136

3,058,024

CREDITORS
Amounts falling due after more than one year 9 (54,500 ) -

PROVISIONS FOR LIABILITIES (332,620 ) (306,922 )
NET ASSETS 3,022,016 2,751,102

CAPITAL AND RESERVES
Called up share capital 1,000 300
Retained earnings 3,021,016 2,750,802
SHAREHOLDERS' FUNDS 3,022,016 2,751,102

H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

STATEMENT OF FINANCIAL POSITION - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:




Mr H M Simpson - Director



Mr T Simpson - Director


H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024


1. STATUTORY INFORMATION

H A Simpson and Son Ltd 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. ACCOUNTING POLICIES

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

Going concern
The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
No significant judgements have had to be made by management in preparing these financial statements.

Critical accounting estimates and assumptions
The directors do not consider that any estimates or assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Intangible assets
Intangible assets comprise single farm payments and are initially measured at cost. After initial recognition intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Single Farm Payment
- 5 years straight line basis

Property, plant and equipment
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Land and Buildings - 2% on cost excluding land
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Inventories
Biological assets, agricultural produce and other inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


4. INTANGIBLE FIXED ASSETS
Single
farm
payment
£   
COST
At 1 February 2023
and 31 January 2024 30,567
AMORTISATION
At 1 February 2023 24,453
Amortisation for year 6,114
At 31 January 2024 30,567
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 6,114

5. PROPERTY, PLANT AND EQUIPMENT
Land and Plant and Motor Computer
buildings machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 417,786 1,976,581 62,949 3,914 2,461,230
Additions 368,611 265,321 - 1,470 635,402
Disposals - (102,523 ) - - (102,523 )
At 31 January 2024 786,397 2,139,379 62,949 5,384 2,994,109
DEPRECIATION
At 1 February 2023 24,100 794,999 25,404 2,721 847,224
Charge for year 10,896 174,717 9,386 573 195,572
Eliminated on disposal - (43,713 ) - - (43,713 )
At 31 January 2024 34,996 926,003 34,790 3,294 999,083
NET BOOK VALUE
At 31 January 2024 751,401 1,213,376 28,159 2,090 1,995,026
At 31 January 2023 393,686 1,181,582 37,545 1,193 1,614,006

The net book value of property, plant and equipment includes £ 179,000 (2023 - £ 299,020 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 126,006 178,139
Other debtors 164,308 7,960
290,314 186,099

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 16 19,480

H A SIMPSON AND SON LTD (REGISTERED NUMBER: 02475267)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 27,340 73,583
Trade creditors 41,150 90,827
Taxation and social security 87,339 129,864
Other creditors 31,612 212,613
187,441 506,887

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 54,500 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 81,840 73,583

Assets held on finance leases and hire purchase contracts are secured on the underlying asset.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors operate loan accounts with the company which are repayable on demand. The following advances and credits subsisted during the years ended 2024 and 2023.

20242023
££
Balance outstanding at start of year--
Amounts advanced228,4063,725
Amounts repaid(68,158)(3,725)
Amounts written off--
Amounts waived--
Balance outstanding at end of year160,248-

Interest has been charged at the HMRC beneficial loan rate whilst overdrawn.

12. RELATED PARTY DISCLOSURES

During the year, the company operated on land owned wholly by the directors rent free (2023 - rent free).