Registered number
04504486
SIMPSON & WOOD LTD
Filleted Accounts
31 March 2024
SIMPSON & WOOD LTD
Registered number: 04504486
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,400 30,600
Tangible assets 4 132,762 50,850
153,162 81,450
Current assets
Stocks 9,060 9,460
Debtors 5 206,249 234,825
Cash at bank and in hand 86,348 140,363
301,657 384,648
Creditors: amounts falling due within one year 6 (130,114) (205,117)
Net current assets 171,543 179,531
Total assets less current liabilities 324,705 260,981
Creditors: amounts falling due after more than one year 7 (68,606) (9,116)
Net assets 256,099 251,865
Capital and reserves
Called up share capital 100 100
Profit and loss account 255,999 251,765
Shareholders' funds 256,099 251,865
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Brooks
Director
Approved by the board on 20 November 2024
SIMPSON & WOOD LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Alterations to leasehold property 20% on cost
Fixtures & fittings 25% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 102,000
At 31 March 2024 102,000
Amortisation
At 1 April 2023 71,400
Provided during the year 10,200
At 31 March 2024 81,600
Net book value
At 31 March 2024 20,400
At 31 March 2023 30,600
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 17,090 109,376 126,466
Additions 225 142,821 143,046
Disposals - (27,500) (27,500)
At 31 March 2024 17,315 224,697 242,012
Depreciation
At 1 April 2023 14,435 61,181 75,616
Charge for the year 931 32,703 33,634
At 31 March 2024 15,366 93,884 109,250
Net book value
At 31 March 2024 1,949 130,813 132,762
At 31 March 2023 2,655 48,195 50,850
5 Debtors 2024 2023
£ £
Trade debtors 206,249 234,825
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,550 740
Trade creditors 49,640 111,675
Taxation and social security costs 65,424 89,702
Other creditors 2,500 3,000
130,114 205,117
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 62,606 -
Other creditors 6,000 9,116
68,606 9,116
8 Other information
SIMPSON & WOOD LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7 to10 Bull Commercial
Stockton Lane
Stockton On The Forest
York
YO32 9LE
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