Company registration number 7915684 (England and Wales)
SIM LOCAL (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SIM LOCAL (UK) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SIM LOCAL (UK) LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
578,527
289,982
Current assets
Stocks
634,325
684,771
Debtors
4
1,803,828
1,358,569
Cash at bank and in hand
272,246
766,379
2,710,399
2,809,719
Creditors: amounts falling due within one year
5
(1,685,527)
(1,580,825)
Net current assets
1,024,872
1,228,894
Total assets less current liabilities
1,603,399
1,518,876
Provisions for liabilities
(48,114)
(33,375)
Net assets
1,555,285
1,485,501
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,555,284
1,485,500
Total equity
1,555,285
1,485,501

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr K Whelan
Director
Company registration number 7915684 (England and Wales)
SIM LOCAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Sim Local (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 90 High Street, Newmarket, Suffolk, CB8 8FE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
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 includes the full gross value of data and phone credit purchased by customers from network providers and sold by the company.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
Computers
Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SIM LOCAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

All financial instruments are basic financial instruments measured at amortised historic cost less amounts written off for impairments.

 

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

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

1.11

Retail concession agreements

The company has a number of retail concession agreements with the airports from which it sells its products. These agreements include obligations to pay fees based on a percentage of sales subject to minimum levels and they have varying durations and notice periods. The fees payable under these agreements are expensed through the profit and loss account as incurred and are included within administrative expenses.

SIM LOCAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2
Employees

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

2023
2022
Number
Number
Total
62
46

The parent company operates a EMI scheme in the favour of key employees who are employed by the Company. The company has no current or future liabilities arising from this scheme.

3
Tangible fixed assets
Office equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2022
13,300
1,197,724
223,439
1,434,463
Additions
-
0
405,190
30,199
435,389
At 30 November 2023
13,300
1,602,914
253,638
1,869,852
Depreciation and impairment
At 1 December 2022
12,943
927,050
204,488
1,144,481
Depreciation charged in the year
263
136,870
9,711
146,844
At 30 November 2023
13,206
1,063,920
214,199
1,291,325
Carrying amount
At 30 November 2023
94
538,994
39,439
578,527
At 30 November 2022
357
270,674
18,951
289,982
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
352,534
592,443
Other debtors
1,451,294
766,126
1,803,828
1,358,569
SIM LOCAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,351
2,553
Trade creditors
266,735
205,754
Amounts owed to group undertakings
1,224,040
872,741
Corporation tax
-
0
82,764
Other taxation and social security
64,229
210,460
Other creditors
129,172
206,553
1,685,527
1,580,825
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Anthony James Brice FCCA
Statutory Auditor:
Annatrice Limited
Date of audit report:
15 November 2024
7
Related party transactions

The company has provided a guarantee and floating debenture over it's assets and undertakings to a bank in favour of the parent company Sim Local (Ireland) Limited. The balance outstanding on the 30 November 2023 was 752,129 Euros.

The company has taken advantage of the exemption granted to wholly owned subsidiaries not to disclose transactions with group companies.

 

The Group accounts are prepared by Travelwin Group DAC registered office: 7th Floor, RSA House, Sandyford Road, Dundrum, Dublin 16, Ireland.

8
Parent company

The controlling party is Sim Local (Ireland) Limited.

The ultimate controlling party are Mr Killian Whelan and Mrs Avril Whelan, husband and wife, who between them are majority shareholders in the ultimate parent company Travelwin Group DAC, registered in Ireland.

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