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COMPANY REGISTRATION NUMBER: 01391116
SIMS REED LIMITED
Filleted Unaudited Financial Statements
31 December 2023
SIMS REED LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
SIMS REED LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of SIMS REED LIMITED
Year ended 31 December 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
WHITEFIELD & CO Chartered Certified Accountants
8 Wolsey Mansions Main Avenue Moor Park HA6 2HL
29 October 2024
SIMS REED LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
19,843
26,382
Current assets
Stocks
1,882,672
2,052,893
Debtors
6
844,404
782,431
Cash at bank and in hand
2,444
2,361
------------
------------
2,729,520
2,837,685
Creditors: amounts falling due within one year
7
2,145,947
1,858,363
------------
------------
Net current assets
583,573
979,322
---------
------------
Total assets less current liabilities
603,416
1,005,704
Creditors: amounts falling due after more than one year
8
216,967
602,082
Provisions
Taxation including deferred tax
9,238
6,926
---------
------------
Net assets
377,211
396,696
---------
------------
Capital and reserves
Called up share capital
28,215
28,215
Share premium account
153,300
153,300
Profit and loss account
195,696
215,181
---------
---------
Shareholder funds
377,211
396,696
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SIMS REED LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr Max Reed
Director
Company registration number: 01391116
SIMS REED LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Wolsey Mansions, Main Avenue, Moor Park, Middlesex, HA6 2HL.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
4. Tax on loss
Major components of tax expense
2023
2022
£
£
Current tax:
Adjustments in respect of prior periods
18,462
Deferred tax:
Origination and reversal of timing differences
2,312
8,338
-------
--------
Tax on loss
2,312
26,800
-------
--------
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1
162,392
44,900
207,293
----
---------
--------
---------
Depreciation
At 1 January 2023
161,268
19,643
180,911
Charge for the year
225
6,314
6,539
----
---------
--------
---------
At 31 December 2023
161,493
25,957
187,450
----
---------
--------
---------
Carrying amount
At 31 December 2023
1
899
18,943
19,843
----
---------
--------
---------
At 31 December 2022
1
1,124
25,257
26,382
----
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
766,909
754,318
Other debtors
77,495
28,113
---------
---------
844,404
782,431
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
349,696
169,094
Trade creditors
629,468
507,542
Corporation tax
89,949
89,949
Social security and other taxes
112,053
44,732
Other creditors
964,781
1,047,046
------------
------------
2,145,947
1,858,363
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
192,291
574,200
Other creditors
24,676
27,882
---------
---------
216,967
602,082
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
9,238
6,926
-------
-------
10. Related party transactions
The company was under the control of Mr Max Reed throughout the current and previous year. Mr Reed is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.