Simpsons Estate Agents (Woking) Limited
Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 02649856 (England and Wales)
Simpsons Estate Agents (Woking) Limited
Company Information
Directors
J. St. P. Slatter
A. C. Dewar
R. Snape
Secretary
J. St. P. Slatter
Company number
02649856
Registered office
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Auditors
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
Wix Hill House
Epsom Road
West Horsley
Surrey
KT24 6DY
Simpsons Estate Agents (Woking) Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,550
51,010
Investments
5
-
0
12,764
23,550
63,774
Current assets
Debtors
6
2,148,735
2,150,585
Cash at bank and in hand
82,536
101,956
2,231,271
2,252,541
Creditors: amounts falling due within one year
7
(2,040,338)
(2,073,993)
Net current assets
190,933
178,548
Total assets less current liabilities
214,483
242,322
Provisions for liabilities
8
-
0
(2,761)
Net assets
214,483
239,561
Capital and reserves
Called up share capital
11
100
100
Revaluation reserve
-
0
13,396
Profit and loss reserves
214,383
226,065
Total equity
214,483
239,561

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. 02649856
Simpsons Estate Agents (Woking) Limited
Statement of Changes in Equity
For the year ended 30 April 2024
Page 2
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
100
13,396
158,229
171,725
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
67,836
67,836
Balance at 30 April 2023
100
13,396
226,065
239,561
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(25,078)
(25,078)
Other movements
-
(13,396)
13,396
-
Balance at 30 April 2024
100
-
0
214,383
214,483
Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information

Simpsons Estate Agents (Woking) 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
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

1.2
Going concern

Despite the business making losses in the year the company has a strong balance sheet and cash position. The post year end trading position is positive and therefore, at 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 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.

1.4
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
Office equipment
20% per annum on a straight line basis
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.

The cumulative surplus on fair value of investments is not distributable. The company transfers such surpluses to a separate revaluation reserve within retained earnings together with the associated deferred tax annually.

1.5
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.

Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 4
1.6
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.

1.7
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.

1.8
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.

1.9
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.

Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
15
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
414
15,882
Deferred tax
Origination and reversal of timing differences
(2,761)
-
0
Total tax (credit)/charge
(2,347)
15,882
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
155,994
153,381
309,375
Disposals
(13,151)
(96,775)
(109,926)
Transfers
(22,652)
22,652
-
0
At 30 April 2024
120,191
79,258
199,449
Depreciation and impairment
At 1 May 2023
108,156
150,209
258,365
Depreciation charged in the year
4,987
10,197
15,184
Eliminated in respect of disposals
(5,810)
(91,840)
(97,650)
At 30 April 2024
107,333
68,566
175,899
Carrying amount
At 30 April 2024
12,858
10,692
23,550
At 30 April 2023
47,838
3,172
51,010
Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
5
Fixed asset investments
2024
2023
£
£
Investments
-
12,764

 

Movements in fixed asset investments
Non-group investments
£
Cost or valuation
At 1 May 2023
12,764
Disposals
(12,764)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
12,764
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
40,680
16,476
Amounts owed by group undertakings
2,089,670
2,105,073
Prepayments and accrued income
18,385
29,036
2,148,735
2,150,585
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,586
25,107
Amounts owed to group undertakings
1,971,678
1,986,489
Corporation tax
394
4,464
Other taxation and social security
28,330
32,437
Accruals and deferred income
24,350
25,496
2,040,338
2,073,993
Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 7
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
-
0
2,761
-
0
2,761
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
-
2,761
2024
Movements in the year:
£
Liability at 1 May 2023
2,761
Transfer on disposal
(2,761)
Liability at 30 April 2024
-
10
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

The charge to the profit and loss in respect of defined contribution schemes was £8,187 (2023: £13,186).

11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 8
12
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
Simpsons Estate Agents (Woking) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 9
13
Operating lease commitments
Lessee

At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
44,158
51,565
Between two and five years
23,973
60,520
68,131
112,085
14
Financial commitments, guarantees and contingent liabilities

At 30 April 2024 the company was a member of the Simpsons Estate Agents Limited 'VAT group', and hence is jointly and severally liable for the VAT liability of that group.

15
Related party transactions

The company incurred a management fee payable to its immediate parent company, Simpsons Estate Agents Limited, amounting to £72,500 (2023: £112,500)

 

The company paid rent, on an arm's length basis, to Tresco Estates Limited, a company under the control of J. St. P. Slatter, a director, amounting to £32,167 (2023: £30,592).

 

The company was owed £103,688 (2023: £119,031) from the immediate parent company at the Balance Sheet date.

 

The company owed £447 (2023: £447) to Simpsons Mortgage Services Limited, a group company, at the Balance Sheet date.

 

The company was owed £14,751 (2023: £nil) from Simpsons Estate Agents (West Byfleet) Limited, a group company, at the Balance Sheet date.

 

16
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.

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