Simpsons Mortgage Services Limited
Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 02708103 (England and Wales)
Simpsons Mortgage Services Limited
Company Information
Directors
J. St. P. Slatter
A. C. Dewar
C. S. Pain
Secretary
J. St. P. Slatter
Company number
02708103
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 Mortgage Services Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,098
13,602
Current assets
Debtors
5
192,965
167,449
Cash at bank and in hand
145,438
173,629
338,403
341,078
Creditors: amounts falling due within one year
6
(136,399)
(139,051)
Net current assets
202,004
202,027
Total assets less current liabilities
213,102
215,629
Provisions for liabilities
7
(32,568)
(29,093)
Net assets
180,534
186,536
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
180,434
186,436
Total equity
180,534
186,536

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. 02708103
Simpsons Mortgage Services Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 2
1
Accounting policies
Company information

Simpsons Mortgage Services 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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The business has continued to generate profits and has a strong balance sheet and cash position. The post year end trading position remains 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 commissions received from finance companies.  Fees arose wholly within the United Kingdom and are recognised when received.  A provision is made in respect of clawback for policies which might subsequently fall through, on the basis of experience in recent years.
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:

Land and buildings leasehold
equal instalments over the period of the lease
Fixtures, fittings and 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.

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.

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.

Simpsons Mortgage Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 3
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.

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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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 Mortgage Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 4
2
Employees

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

2024
2023
Number
Number
Total
15
17
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
104,000
104,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
19,373
52,745
72,118
Additions
1,059
840
1,899
Disposals
-
0
(5,587)
(5,587)
At 30 April 2024
20,432
47,998
68,430
Depreciation and impairment
At 1 May 2023
9,796
48,720
58,516
Depreciation charged in the year
2,056
2,347
4,403
Eliminated in respect of disposals
-
0
(5,587)
(5,587)
At 30 April 2024
11,852
45,480
57,332
Carrying amount
At 30 April 2024
8,580
2,518
11,098
At 30 April 2023
9,577
4,025
13,602
Simpsons Mortgage Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
154,313
166,849
Prepayments and accrued income
38,652
600
192,965
167,449
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,344
2,279
Corporation tax
17,200
27,052
Other creditors
50,000
40,000
Accruals and deferred income
62,855
69,720
136,399
139,051
7
Provisions for liabilities
2024
2023
£
£
Clawback provision
32,568
29,093
Movements on provisions:
Clawback provision
£
At 1 May 2023
29,093
Additional provisions in the year
36,000
Utilisation of provision
(32,525)
At 30 April 2024
32,568

A provision is made in respect of clawback for policies which might subsequently be cancelled, on the basis of experience in recent years.

Simpsons Mortgage Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
8
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 directors are members of this pension scheme.

The charge to profit or loss in respect of defined contribution schemes was £20,959 (2023 - £23,312).

9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
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 Mortgage Services Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 7
11
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
2,158
680
Between two and five years
6,473
1,190
8,631
1,870
12
Related party transactions

The company incurred a management fee payable to its immediate parent company, Simpsons Estate Agents Limited, amounting to £69,048 (2023: £69,048).

 

The company paid rent, at arm's length, to its immediate parent company, Simpsons Estate Agents Limited, amounting to £15,540 (2023: £15,540).

 

At the year end £153,866 (2023: £166,402) was due from the immediate parent company.

 

At the year end £447 (2023: £447) was due from Simpsons Estate Agents (Woking) Limited, a group company.

13
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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