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Company No: 01313480 (England and Wales)

SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2024
SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
DIRECTORS Dr. J. Ball
N. Ball
Mrs. S. Lyell
SECRETARY N. Ball
REGISTERED OFFICE 147 Camden Road
Tunbridge Wells
TN1 2RA
United Kingdom
COMPANY NUMBER 01313480 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

BALANCE SHEET

As at 31 October 2024
SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 980,413 980,413
Investments 4 12,240 12,240
992,653 992,653
Current assets
Debtors 5 4,885 34,607
Cash at bank and in hand 6 67,832 43,236
72,717 77,843
Creditors: amounts falling due within one year 7 ( 478,498) ( 471,115)
Net current liabilities (405,781) (393,272)
Total assets less current liabilities 586,872 599,381
Creditors: amounts falling due after more than one year 8 ( 9,828) ( 10,528)
Net assets 577,044 588,853
Capital and reserves
Called-up share capital 300 300
Revaluation reserve 347,353 347,353
Profit and loss account 229,391 241,200
Total shareholders' funds 577,044 588,853

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Simsen (Property Developments) Limited (registered number: 01313480) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

Dr. J. Ball
Director
SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
SIMSEN (PROPERTY DEVELOPMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Simsen (Property Developments) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 147 Camden Road, Tunbridge Wells, TN1 2RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Simsen (Property Developments) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is recognised to the extent that is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxis. The following criteria must also be met before turnover is recognised:

Rental income is recognised in the period in which it relates, as specified in the lease agreements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Valuation of Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 November 2023 980,413
As at 31 October 2024 980,413

The 2024 valuations were made by the directors, on an open market value for existing use basis.

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 12,240 12,240
At 31 October 2024 12,240 12,240
Carrying value at 31 October 2024 12,240 12,240
Carrying value at 31 October 2023 12,240 12,240

5. Debtors

2024 2023
£ £
Trade debtors 4,885 3,907
Other debtors 0 30,700
4,885 34,607

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 67,832 43,236

7. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 8,576 8,188
Corporation tax 9,572 10,172
Other taxation and social security ( 1,050) 1,800
Other creditors 461,400 450,955
478,498 471,115

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 9,828 10,528

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance brought forward 1 November 30,000 0
Amounts repaid (30,000) 0
Advances in year 0 30,000

In the previous year, included within debtors, are balances from the directors of the company. The loans are interest free and repayable on demand. The movements during the year were as above.

Other related party transactions

2024 2023
£ £
CMS Intercompany Loan to Simsen 460,000 450,000

During the year, the CMS loaned the company £10,000 (2023: £35,000) and at the balance sheet date £460,000 (2023: £450,000) remain outstanding. No interest is charged on this loan, and it is repayable on demand.