Simpsons Estate Agents (West Byfleet) Limited
Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 14030916 (England and Wales)
Simpsons Estate Agents (West Byfleet) Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,149
Current assets
Debtors
4
15,812
100
Cash at bank and in hand
79,296
95,108
100
Creditors: amounts falling due within one year
5
(217,757)
Net current (liabilities)/assets
(122,649)
100
Net (liabilities)/assets
(112,500)
100
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(112,600)
Total equity
(112,500)
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
A. C. Dewar
Director
Company Registration No. 14030916
Simpsons Estate Agents (West Byfleet) Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 2
1
Accounting policies
Company information
Simpsons Estate Agents (West Byfleet) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.
1.1
Reporting period
The directors have prepared the accounts for the year to 30 April 2024. The comparative period was a long period from the date of incorporation, 6 April 2022, to the period ended 30 April 2023.
1.2
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 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. The principal accounting policies adopted are set out below.
1.3
Going concern
During the year ended 30 April 2024 the company incurred a net loss of £112,600 (2023: £nil) and at the Balance Sheet date the company's liabilities exceed its assets by £112,500 (2023 - £100 net assets).true
The company's immediate parent, Simpsons Estate Agents Limited, has provided the company with an undertaking that for at least twelve months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to enable the company to continue its operational existence for the foreseeable future. With this support, the directors are confident that the company will remain in operation for the foreseeable future, and therefore consider it appropriate to continue to adopt the going concern basis of accounting.
1.4
Turnover
Turnover represents the invoiced value of goods and services provided net of VAT. Income from agency fees is recognised on the date of completion of the transaction. All turnover is derived in the UK.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
equal instalments over the period of the lease
Computer equipment
33 1/3% per annum on a straight line basis
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.
Simpsons Estate Agents (West Byfleet) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 3
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as 'other' or basic instruments measure at fair value.
1.8
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
Simpsons Estate Agents (West Byfleet) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
Additions
7,341
4,935
12,276
At 30 April 2024
7,341
4,935
12,276
Depreciation and impairment
At 1 May 2023
Depreciation charged in the year
1,356
771
2,127
At 30 April 2024
1,356
771
2,127
Carrying amount
At 30 April 2024
5,985
4,164
10,149
At 30 April 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,095
Amounts owed by group undertakings
60
Other debtors
-
40
Prepayments and accrued income
11,717
15,812
100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,133
Amounts owed to group undertakings
189,144
Taxation and social security
9,925
Accruals and deferred income
11,555
217,757
-
Simpsons Estate Agents (West Byfleet) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Amanda Settle
Statutory Auditor:
Moore Kingston Smith LLP
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
22,874
Between two and five years
66,869
89,743
9
Related party transactions
The company incurred a management fee payable to its immediate parent company, Simpsons Estate Agents Limited, amounting to £40,000 (2023: £nil). The company owed £174,393 (2023: was owed £60) to Simpsons Estate Agents Limited at the Balance Sheet date.
The company owed £14,751 (2023: £nil) to Simpsons Estate Agents (Woking) Limited, a group company, at the Balance Sheet date.
Simpsons Estate Agents (West Byfleet) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
10
Parent company
The ultimate parent company is Toptrad Limited, a company registered in Jersey. The controlling party is the immediate parent company, Simpsons Estate Agents Limited, a company registered in England and Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by Simpsons Estate Agents Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company.