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IAN SIM LIMITED

Registered Number
SC507768
(Scotland)

Unaudited Financial Statements for the Year ended
30 September 2024

IAN SIM LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

Ian Sim
Natalie Sim

Registered Address

16 Cupar Road
Auchtermuchty
KY14 7DD

Registered Number

SC507768 (Scotland)
IAN SIM LIMITED
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets34,2068,805
Tangible assets479,47252,984
83,67861,789
Current assets
Stocks119,944114,137
Debtors525,83933,539
Cash at bank and on hand59,95564,129
205,738211,805
Creditors amounts falling due within one year6(182,970)(190,683)
Net current assets (liabilities)22,76821,122
Total assets less current liabilities106,44682,911
Creditors amounts falling due after one year7(31,487)(45,833)
Provisions for liabilities(16,144)(9,411)
Net assets58,81527,667
Capital and reserves
Called up share capital22
Profit and loss account58,81327,665
Shareholders' funds58,81527,667
The financial statements were approved and authorised for issue by the Board of Directors on 3 February 2025, and are signed on its behalf by:
Ian Sim
Director
Registered Company No. SC507768
IAN SIM LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover represents net invoiced sale of goods and provision of services, excluding value added tax.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill, being the amount paid in connection with the acquisition of the business in 2015, is being amortised evenly over it's estimated useful life of 10 years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant & Machinery - 20% reducing balance Motor Vehicles - 25% reducing balance Computer & Office Equipment - 33% on cost and 20% reducing balance
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20242023
Average number of employees during the year66
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 October 2345,98945,989
At 30 September 2445,98945,989
Amortisation and impairment
At 01 October 2337,18437,184
Charge for year4,5994,599
At 30 September 2441,78341,783
Net book value
At 30 September 244,2064,206
At 30 September 238,8058,805
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 October 23128,85522,9502,718154,523
Additions10,17130,25082941,250
Disposals(8,518)(1,750)(100)(10,368)
At 30 September 24130,50851,4503,447185,405
Depreciation and impairment
At 01 October 2383,89015,6182,031101,539
Charge for year10,0702,64432913,043
On disposals(7,372)(1,177)(100)(8,649)
At 30 September 2486,58817,0852,260105,933
Net book value
At 30 September 2443,92034,3651,18779,472
At 30 September 2344,9657,33268752,984
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables20,06020,849
Other debtors-7,894
Prepayments and accrued income5,7794,796
Total25,83933,539
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables37,94957,868
Bank borrowings and overdrafts10,00010,000
Taxation and social security33,82024,205
Finance lease and HP contracts4,258-
Other creditors94,25396,229
Accrued liabilities and deferred income2,6902,381
Total182,970190,683
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,83345,833
Other creditors20,654-
Total31,48745,833
8.Capital commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: £ Within one year 26,250 Between 1-5 years 105,000