Company Registration No. 01222521 (England and Wales)
D & J SIMONS & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
D & J SIMONS & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
D & J SIMONS & SONS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,617
795,229
Investment properties
4
5,755,214
5,761,543
Investments
5
1,670
1,670
5,815,501
6,558,442
Current assets
Stocks
1,079,345
1,089,684
Debtors
7
11,501,207
12,211,635
Cash at bank and in hand
88,542
235,761
12,669,094
13,537,080
Creditors: amounts falling due within one year
8
(3,558,982)
(4,980,442)
Net current assets
9,110,112
8,556,638
Total assets less current liabilities
14,925,613
15,115,080
Provisions for liabilities
(592,799)
(811,497)
Net assets
14,332,814
14,303,583
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
9
889,023
Other reserves
2,933,986
2,399,542
Profit and loss reserves
11,396,828
11,013,018
Total equity
14,332,814
14,303,583
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D & J SIMONS & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
H I Simons
Director
Company Registration No. 01222521
D & J SIMONS & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2021
2,000
889,023
2,399,542
10,577,816
13,868,381
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
435,202
435,202
Balance at 31 October 2022
2,000
889,023
2,399,542
11,013,018
14,303,583
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
29,231
29,231
Transfers
-
(354,579)
354,579
-
Other movements
-
(889,023)
889,023
-
-
Balance at 31 October 2023
2,000
2,933,986
11,396,828
14,332,814
D & J SIMONS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
D & J Simons & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 124-150 Hackney Road, London, E2 7QS.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Fixtures, fittings & equipment
10% straight line
Motor vehicles
20% straight line
Freehold land is not depreciated.
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.
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss and is subsequently transferred within equity to the investment property reserves together with the associated deferred tax.
D & J SIMONS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments
Interests in subsidiaries, are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and other costs that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
D & J SIMONS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.10
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.
1.11
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 profit and loss account 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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Investment property reserve
The investment property reserve comprises the fair value uplift on the company's investment properties net of the associated deferred tax. Any movement in the fair value of the investment properties and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement. The investment property reserve is non-distributable.
D & J SIMONS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
47
52
3
Tangible fixed assets
Freehold buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 November 2022
828,333
100,406
99,304
1,028,043
Disposals
(828,333)
(828,333)
At 31 October 2023
100,406
99,304
199,710
Depreciation and impairment
At 1 November 2022
114,930
47,730
70,154
232,814
Depreciation charged in the year
11,597
9,691
13,518
34,806
Eliminated in respect of disposals
(126,527)
(126,527)
At 31 October 2023
57,421
83,672
141,093
Carrying amount
At 31 October 2023
42,985
15,632
58,617
At 31 October 2022
713,403
52,676
29,150
795,229
Land and buildings are carried at valuation undertaken by the directors. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £Nil (2022 - £59,477), being cost £Nil (2022 - £85,950) and depreciation £Nil (2022 - £26,473).
4
Investment property
2023
£
Fair value
At 1 November 2022
5,761,543
Revaluations
(6,329)
At 31 October 2023
5,755,214
D & J SIMONS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
4
Investment property
(Continued)
- 8 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year-end by the directors. The valuation was made on an open market value basis by reference to rental yields.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,670
1,670
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2022 & 31 October 2023
1,670
Carrying amount
At 31 October 2023
1,670
At 31 October 2022
1,670
6
Subsidiaries
Details of the company's subsidiaries at 31 October 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
D & J Simons & Arts Limited
1
Ordinary
75.00
Jaksam Properties Limited
1
Ordinary
75.00
Beeview Properties Limited
1
Ordinary
100.00
Shoreditch Square 2 Ltd
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
124-150 Hackney Road, London, E2 7QS
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,105,779
1,026,903
Corporation tax recoverable
181,348
181,348
Amounts owed by group undertakings
7,376,733
8,263,723
Other debtors
2,837,347
2,739,661
11,501,207
12,211,635
D & J SIMONS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,840
348,142
Trade creditors
702,556
650,351
Amounts owed to group undertakings
300
1,308
Corporation tax
32,187
32,187
Other taxation and social security
391,299
176,649
Other creditors
2,402,800
3,771,805
3,558,982
4,980,442
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
889,023
889,023
Other movements
(889,023)
-
At the end of the year
889,023
10
Financial commitments, guarantees and contingent liabilities
There is group set-off by HSBC bank under a Company Unlimited Multilateral Guarantee dated 10 May 2015 in relation to overdraft facilities between connected companies. As at the year end the maximum exposure was £468,554.
11
Related party transactions
Remuneration of key management personnel
2023
2022
£
£
Aggregate compensation
203,967
Company
Included within amounts owed by group undertakings in debtors is £8,263,723 (2021: £6,103,248)
Included in both other debtors and other creditors are balances with companies who the directors consider to be related parties due to them all being under the control of the Simons family. The following balances existed at the year end;
Presented within other debtors and repayable on demand £2,643,211 (2021: £2,474,943).
Presented within other creditors and repayable on demand £1,823,430 (2021: £1,831,134).
At the balance sheet date the company owed the directors £56,844 (2021: £193,466).
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