Registered number
05624616
Simi Construction Limited
Unaudited
Filleted Accounts
30 November 2023
Simi Construction Limited
Registered number: 05624616
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 19,663 26,219
19,664 26,220
Current assets
Stocks 63,414 62,124
Debtors 5 113,995 125,370
Cash at bank and in hand 822 52
178,231 187,546
Creditors: amounts falling due within one year 6 (85,553) (95,901)
Net current assets 92,678 91,645
Total assets less current liabilities 112,342 117,865
Creditors: amounts falling due after more than one year 7 (15,345) (25,324)
Net assets 96,997 92,541
Capital and reserves
Called up share capital 100 100
Profit and loss account 96,897 92,441
Shareholders' funds 96,997 92,541
The director is 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 director acknowledges his 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.
Mr C Christofidis
Director
Approved by the board on 22 November 2024
Simi Construction Limited
Notes to the Accounts
for the year ended 30 November 2023
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Work in progress
Work in progress are jobs already started or near completion during the year and not invoiced.
The amount includes the invoices issued after the year end for the jobs during the current
accounting period.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 100,000
At 30 November 2023 100,000
Amortisation
At 1 December 2022 99,999
At 30 November 2023 99,999
Net book value
At 30 November 2023 1
At 30 November 2022 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 12,425 57,280 69,705
At 30 November 2023 12,425 57,280 69,705
Depreciation
At 1 December 2022 10,792 32,694 43,486
Charge for the year 409 6,147 6,556
At 30 November 2023 11,201 38,841 50,042
Net book value
At 30 November 2023 1,224 18,439 19,663
At 30 November 2022 1,633 24,586 26,219
5 Debtors 2023 2022
£ £
Trade debtors 58,912 125,370
Other debtors 55,083 -
113,995 125,370
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,822 35,629
Obligations under finance lease and hire purchase contracts - 3,389
Taxation and social security costs 68,532 49,242
Other creditors 1,199 7,641
85,553 95,901
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,345 25,324
Company has borrowed bounce back loan of £50,000 payable over 6 years where the repayment will only start after the first anniversary of the loan agreement date. The interest rate on the loan payable is 2.5%, being 0.0% in the first year.
8 Other information
Simi Construction Limited is a private company limited by shares and incorporated in England. Its registered office is:
61 Agincourt Road
London
NW3 2PA
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