Company registration number 11979068 (England and Wales)
H E SIMM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
H E SIMM GROUP LIMITED
COMPANY INFORMATION
Directors
Gareth Simm
Gregory Simm
Martyn Simm
Victoria Brereton
Company number
11979068
Registered office
Spinnaker House
141 Sefton Street
Liverpool
Merseyside
L8 5SN
Auditor
Mitchell Charlesworth (Audit) Limited
5 Temple Square
Temple Street
Liverpool
L2 5RH
H E SIMM GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
H E SIMM GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

 

Introduction

The company results reflect the recharge of shared services to subsidiaries.

Principal activities and business review

The principal activity of the company was that of a holding company and the management of group entities.

 

During the reporting period, the company changed its accounting reference date to 31 December. These financial statements cover a 17-month period ending 31 December 2023.

 

The key financial and other performance indicators during the year were as follows:

 

17 months ended 31 December 2023
12 months ended 31 July 2022
£'000
£'000
Turnover
10,753
6,543
Operating (loss)/profit
(12)
(48)
(Loss)/profit after tax
(12)
288
Shareholders' funds
260
272
Average number of employees
78
71
Principal risks and uncertainties

There are a variety of risks inherited by the company due to its subsidiary undertakings with which it trades and the industries in which they operate. The industries are that of engineering services within construction, fire and security installation as well as health and safety consultancy training.

 

There are a variety of business risks arising from operating in the industries noted above and the directors manage risk associated with general market conditions through regular meetings of senior management. The company does not actively use financial instruments as part of its financial risk management and is not exposed to price risk.

Directors' duties

As directors, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, will be most likely to promote HE Simm’s success for the benefit of its members as a whole, having regard to the long-term effect of our decisions on the company and its stakeholders. The activities of the company reflect the recharge of shared services to group undertakings and are therefore linked to the activities of our subsidiary undertakings, This statement outlines how we deliver this responsibility in respect of the company and our subsidiary undertakings.

The oldest subsidiary owned by the company, H E Simm & Son Limited, was established in 1948. We therefore have a proud heritage and a proven track record of achievement and developing long term trusted relationships with customers.. Whilst the company has changed significantly over the years, our focus has always been on safety, delivering outstanding levels of performance and customer satisfaction.

 

We make strategic decisions aligned to our long-term objectives. Recent years have seen us invest in resources that enable us to deliver high-quality, innovative solutions and efficiencies for our customers.

 

Moving forward, we need to ensure that our size aligns to our pipeline while enabling us to continue delivering exceptional project quality. We will continue to seek profitable business in our core markets through established client relationships.

H E SIMM GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

We remain strongly focused on maintaining exceptional relationships with our company’s key stakeholders: our employees, customers, suppliers and within the communities in which we operate.

 

Our talented workforce

We rely on skilled teams throughout HE Simm. The recruitment, development and retention of our workforce is business-critical . We engage all colleagues by rewarding performance, developing individuals by providing training and support. We also ensure that all team members participate and collaborate in business activities.

 

Mental and physical wellbeing continues to be an important part of our people policy, and we operate a number of initiatives to support our talented team.

 

Our customers and suppliers

We continually invest in innovation to deliver continuous improvement and a high-quality, efficient service, under agreed project terms. Honesty and integrity are key to the strong, positive relationships we build with our customers, which is reflected in the fact that the majority of our work is repeat business. We maintain a reputation for transparency and fair dealing in our interaction with both customers and suppliers.

 

Our community

As a family-owned-and-run company we have invested in our community since we were established. We constantly monitor and review how we can best support the areas in which we operate through practical projects and charitable initiatives. This focus has expanded in recent times to ensure we look after those around us in all operating regions From a wider perspective, we are always mindful of, and aim to minimise, the impact of our work on the environment.

On behalf of the board

Gareth Simm
Director
29 October 2024
H E SIMM GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Gareth Simm
Gregory Simm
Martyn Simm
Victoria Brereton
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The detailed disclosure requirements of the Streamlined Energy and Carbon Reporting Requirements are covered in the report of the parent undertaking H E Simm Holdings Limited.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

H E SIMM GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Gareth Simm
Director
29 October 2024
H E SIMM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H E SIMM GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of H E Simm Group Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

H E SIMM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H E SIMM GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

H E SIMM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H E SIMM GROUP LIMITED
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the Profit and Loss Account, (ii) the accounting policy for revenue recognition (iii) understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit reponse to risks identified

Our procedures to respond to risks identified included the following:

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

H E SIMM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H E SIMM GROUP LIMITED
- 8 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam McGowan
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
29 October 2024
5 Temple Square
Temple Street
Liverpool
L2 5RH
H E SIMM GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
10,753,204
6,542,597
Administrative expenses
(10,765,166)
(6,590,197)
Operating loss
4
(11,962)
(47,600)
Interest receivable and similar income
8
138,727
335,600
Interest payable and similar expenses
9
(138,620)
-
0
(Loss)/profit before taxation
(11,855)
288,000
Tax on (loss)/profit
10
-
0
-
0
(Loss)/profit for the financial year
(11,855)
288,000

The profit and loss account has been prepared on the basis that all operations are continuing operations.

H E SIMM GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
7,051,361
7,051,361
Current assets
Debtors
14
1,568,036
2,456,497
Cash at bank and in hand
15,634
358,525
1,583,670
2,815,022
Creditors: amounts falling due within one year
15
(8,374,906)
(9,594,403)
Net current liabilities
(6,791,236)
(6,779,381)
Net assets
260,125
271,980
Capital and reserves
Called up share capital
17
980
980
Profit and loss reserves
259,145
271,000
Total equity
260,125
271,980
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Gareth Simm
Director
Company registration number 11979068 (England and Wales)
H E SIMM GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
980
(7,000)
(6,020)
Year ended 31 July 2022:
Profit and total comprehensive income
-
288,000
288,000
Dividends
11
-
(10,000)
(10,000)
Balance at 31 July 2022
980
271,000
271,980
Year ended 31 December 2023:
Loss and total comprehensive income
-
(11,855)
(11,855)
Balance at 31 December 2023
980
259,145
260,125
H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

H E Simm Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spinnaker House, 141 Sefton Street, Liverpool, Merseyside, L8 5SN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of H E Simm Holdings Limited. These consolidated financial statements are available from its registered office, Spinnaker House, 141 Sefton Street, Toxteth, Liverpool, England, L8 5SN.

1.2
Going concern

The company trade represents the recharge of shared services to other group members. The group have agreed to support the company for a period of at least 12 months at the time of approving the accounts. true

 

Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Provision of services
10,753,204
6,542,597
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
10,753,204
6,542,597
2023
2022
£
£
Other revenue
Interest income
138,727
47,600
Dividends received
-
288,000
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Operating lease charges
191,309
153,586
H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
2,700
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administration
75
68
Directors
3
3
Total
78
71

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,128,625
3,558,312
Social security costs
617,409
390,557
Pension costs
463,857
236,783
7,209,891
4,185,652
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
388,897
218,771
Company pension contributions to defined contribution schemes
47,807
29,988
436,704
248,759

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
163,758
95,662
Company pension contributions to defined contribution schemes
16,811
9,996
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
138,727
47,600
Income from fixed asset investments
Income from shares in group undertakings
-
0
288,000
Total income
138,727
335,600
9
Interest payable and similar expenses
2023
2022
£
£
Interest payable to group undertakings
138,620
-
0
10
Taxation

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(11,855)
288,000
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(2,964)
54,720
Unutilised tax losses carried forward
2,964
-
0
Group income
-
0
(54,720)
Taxation charge for the year
-
-
H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
11
Dividends
2023
2022
£
£
Interim paid
-
0
10,000
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
7,051,361
7,051,361
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
H E Simm & Son Limited
England & Wales
Ordinary
100.00
HESIS Limited
England & Wales
Ordinary
80.00
Sheq-Aspen Thorn Limited
England & Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
H E Simm & Son Limited
1,313,074
(8,953,960)
HESIS Limited
622,709
193,190
Sheq-Aspen Thorn Limited
22,106
35,171
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
(1)
Amounts owed by group undertakings
1,563,837
548,402
Other debtors
4,199
1,908,096
1,568,036
2,456,497
H E SIMM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
15
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
123,000
-
0
Amounts owed to group undertakings
8,236,305
9,589,929
Accruals and deferred income
15,601
4,474
8,374,906
9,594,403
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
463,857
236,783

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
980
980
980
980
19
Ultimate controlling party

The parent undertaking is H E Simm Holding Limited, a company incorporated in England and Wales.

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