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REGISTERED NUMBER: 08489209 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SIMPSON LOGISTIC SERVICES LIMITED

SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIMPSON LOGISTIC SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







Director: Mr M Simpson





Registered office: St George's
Blackhorse Lane
Shirrell Heath
Southampton
Hampshire
SO32 2HT





Registered number: 08489209 (England and Wales)





Accountants: M Squared Accounting Ltd
Botley Mills
Mill Hill
Botley
Southampton
Hampshire
SO30 2GB

SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 5,690 6,205
Tangible assets 5 51,734 65,747
57,424 71,952

Current assets
Stocks 8,816 3,755
Debtors 6 43,647 53,373
Cash at bank 35 33
52,498 57,161
Creditors
Amounts falling due within one year 7 120,101 108,458
Net current liabilities (67,603 ) (51,297 )
Total assets less current liabilities (10,179 ) 20,655

Creditors
Amounts falling due after more than one
year

8

22,526

38,482
Net liabilities (32,705 ) (17,827 )

Capital and reserves
Called up share capital 100 100
Retained earnings (32,805 ) (17,927 )
Shareholders' funds (32,705 ) (17,827 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 director and authorised for issue on 25 October 2024 and were signed by:





Mr M Simpson - Director


SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Simpson Logistic Services Limited 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.

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.

The director considers that, notwithstanding the company's negative net assets position, it is appropriate to prepare the accounts on a going concern basis as the company will be able to continue to meet its liabilities as they fall due, due to the continuing support of the director.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.


SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 10,300
AMORTISATION
At 1 March 2023 4,095
Amortisation for year 515
At 29 February 2024 4,610
NET BOOK VALUE
At 29 February 2024 5,690
At 28 February 2023 6,205

SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 106,150 3,750 109,700 219,600
DEPRECIATION
At 1 March 2023 95,568 - 58,285 153,853
Charge for year 1,160 - 12,853 14,013
At 29 February 2024 96,728 - 71,138 167,866
NET BOOK VALUE
At 29 February 2024 9,422 3,750 38,562 51,734
At 28 February 2023 10,582 3,750 51,415 65,747

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 104,637 81,700 186,337
DEPRECIATION
At 1 March 2023 94,423 42,098 136,521
Charge for year 1,070 9,900 10,970
At 29 February 2024 95,493 51,998 147,491
NET BOOK VALUE
At 29 February 2024 9,144 29,702 38,846
At 28 February 2023 10,214 39,602 49,816

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,627 19,144
Other debtors 27,020 34,229
43,647 53,373

SIMPSON LOGISTIC SERVICES LIMITED (REGISTERED NUMBER: 08489209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 39,439 20,848
Hire purchase contracts 17,246 21,328
Trade creditors 9,351 20,652
Taxation and social security 48,222 36,466
Other creditors 5,843 9,164
120,101 108,458

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 22,526 27,500
Hire purchase contracts - 10,982
22,526 38,482

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr M Simpson
Balance outstanding at start of year 31,929 12,670
Amounts advanced 34,405 46,493
Amounts repaid (12,314 ) (27,234 )
Amounts written off (27,000 ) -
Amounts waived - -
Balance outstanding at end of year 27,020 31,929

Interest has been charged on this loan at 2.25%, calculated using the averaging method.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr M Simpson.