Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsetrue22023-04-01falseCreation of educational books3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08165558 2023-04-01 2024-03-31 08165558 2022-04-01 2023-03-31 08165558 2024-03-31 08165558 2023-03-31 08165558 c:Director1 2023-04-01 2024-03-31 08165558 c:RegisteredOffice 2023-04-01 2024-03-31 08165558 d:FurnitureFittings 2023-04-01 2024-03-31 08165558 d:FurnitureFittings 2024-03-31 08165558 d:FurnitureFittings 2023-03-31 08165558 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08165558 d:OfficeEquipment 2023-04-01 2024-03-31 08165558 d:OfficeEquipment 2024-03-31 08165558 d:OfficeEquipment 2023-03-31 08165558 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08165558 d:ComputerEquipment 2023-04-01 2024-03-31 08165558 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08165558 d:Goodwill 2023-04-01 2024-03-31 08165558 d:Goodwill 2024-03-31 08165558 d:Goodwill 2023-03-31 08165558 d:CurrentFinancialInstruments 2024-03-31 08165558 d:CurrentFinancialInstruments 2023-03-31 08165558 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08165558 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08165558 d:ShareCapital 2024-03-31 08165558 d:ShareCapital 2023-03-31 08165558 d:RetainedEarningsAccumulatedLosses 2024-03-31 08165558 d:RetainedEarningsAccumulatedLosses 2023-03-31 08165558 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 08165558 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 08165558 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08165558 c:OrdinaryShareClass1 2024-03-31 08165558 c:OrdinaryShareClass1 2023-03-31 08165558 c:FRS102 2023-04-01 2024-03-31 08165558 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08165558 c:FullAccounts 2023-04-01 2024-03-31 08165558 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08165558 2 2023-04-01 2024-03-31 08165558 6 2023-04-01 2024-03-31 08165558 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08165558 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08165558










N SIMMONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
N SIMMONS LIMITED
 
 
COMPANY INFORMATION


Director
Naomi Simmons 




Registered number
08165558



Registered office
12 Church Street

Cromer

Norfolk

NR27 9ER




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
N SIMMONS LIMITED
 

CONTENTS



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 13


 
N SIMMONS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF N SIMMONS LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N Simmons Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of N Simmons Limited in accordance with the terms of our engagement letter dated 22 November 2023.Our work has been undertaken solely to prepare for your approval the financial statements of N Simmons Limited and state those matters that we have agreed to state to the director of N Simmons Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N Simmons Limited and its director for our work or for this report. 

It is your duty to ensure that N Simmons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N Simmons Limited. You consider that N Simmons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of N Simmons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
 
26 November 2024
Page 1

 
N SIMMONS LIMITED
REGISTERED NUMBER: 08165558

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
326,000
350,000

Tangible assets
 5 
1,186
1,834

Investments
 6 
831,375
707,452

  
1,158,561
1,059,286

Current assets
  

Debtors: amounts falling due within one year
 7 
12,278
80,354

Cash at bank and in hand
  
335,179
216,797

  
347,457
297,151

Creditors: amounts falling due within one year
 8 
(39,429)
(32,555)

Net current assets
  
 
 
308,028
 
 
264,596

Total assets less current liabilities
  
1,466,589
1,323,882

Provisions for liabilities
  

Deferred tax
  
(32,622)
-

  
 
 
(32,622)
 
 
-

Net assets
  
1,433,967
1,323,882


Capital and reserves
  

Called up share capital 
 10 
500
500

Profit and loss account
  
1,433,467
1,323,382

  
1,433,967
1,323,882


Page 2

 
N SIMMONS LIMITED
REGISTERED NUMBER: 08165558
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Naomi Simmons
Director

Date: 20 November 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The company number is 08165558 and the address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Royalties are recognised on an accruals basis, where it is more likely than not that economic benefits associated with the transaction will flow to the company. When it is not possible to estimate the probable future economic benefits, royalties are recognised on a receipts basis.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
25
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 6

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25%
straight line basis
Computer equipment
-
50%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 8

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

Page 9

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
600,000



At 31 March 2024

600,000



Amortisation


At 1 April 2023
250,000


Charge for the year on owned assets
24,000



At 31 March 2024

274,000



Net book value



At 31 March 2024
326,000



At 31 March 2023
350,000



Page 10

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost


At 1 April 2023
3,925
9,850
13,775


Additions
-
199
199



At 31 March 2024

3,925
10,049
13,974



Depreciation


At 1 April 2023
2,246
9,695
11,941


Charge for the year on owned assets
594
253
847



At 31 March 2024

2,840
9,948
12,788



Net book value



At 31 March 2024
1,085
101
1,186



At 31 March 2023
1,679
155
1,834

Page 11

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2023
707,452


Additions
43,846


Disposals
(16,174)


Revaluations
96,251



At 31 March 2024
831,375





7.


Debtors

2024
2023
£
£


Other debtors
12,278
57,016

Prepayments and accrued income
-
23,338

12,278
80,354



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14
-

Corporation tax
36,286
25,202

Other taxation and social security
60
3,493

Accruals and deferred income
3,069
3,860

39,429
32,555


Page 12

 
N SIMMONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Financial instruments

As restated
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,166,554
924,249




Financial assets measured at fair value through profit or loss comprises of cash at bank and in hand and investment portfolio.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary shares of £1 each
500
500



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £60,000 (2023 - £40,000). There were no unpaid contributions payable to the fund at the balance sheet date (2023 - £NIL).


12.


Transactions with directors

At the year end, a sum of £12,278 (2023 - £55,406) was owed by the director to the company. Amounts repaid during the year totalled £74,285 with further sums advanced of £31,157. The loan was repayable on demand and was subject to an interest charge at the approved beneficial loan rates. The loan balance has been cleared in full post year end.

 
Page 13