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REGISTERED NUMBER: 04927796 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

SIM Switchgear Limited

SIM Switchgear Limited (Registered number: 04927796)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIM Switchgear Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: A A Rowland
L M Rowland
D J McWilliam
S P Houson





REGISTERED OFFICE: Cloth Hall
150 Drake Street
Rochdale
Lancashire
OL16 1PX





REGISTERED NUMBER: 04927796 (England and Wales)





ACCOUNTANTS: PKW LLP Chartered Accountants
Cloth Hall
150 Drake Street
Rochdale
Lancashire
OL16 1PX

SIM Switchgear Limited (Registered number: 04927796)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,129 44,074

CURRENT ASSETS
Stocks 86,190 23,868
Debtors 5 514,381 432,684
Cash at bank 117,885 99,837
718,456 556,389
CREDITORS
Amounts falling due within one year 6 472,863 307,828
NET CURRENT ASSETS 245,593 248,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

295,722

292,635

CREDITORS
Amounts falling due after more than one year 7 23,106 671
NET ASSETS 272,616 291,964

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 272,516 291,864
SHAREHOLDERS' FUNDS 272,616 291,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





L M Rowland - Director


SIM Switchgear Limited (Registered number: 04927796)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

SIM Switchgear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of goods and services supplied to customers during the year less returns and net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

SIM Switchgear Limited (Registered number: 04927796)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 89,093 8,485 51,773 13,501 162,852
Additions 27,945 1,648 - - 29,593
At 31 May 2024 117,038 10,133 51,773 13,501 192,445
DEPRECIATION
At 1 June 2023 67,448 2,317 38,443 10,570 118,778
Charge for year 16,366 1,211 4,999 962 23,538
At 31 May 2024 83,814 3,528 43,442 11,532 142,316
NET BOOK VALUE
At 31 May 2024 33,224 6,605 8,331 1,969 50,129
At 31 May 2023 21,645 6,168 13,330 2,931 44,074

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 10,059 15,800 25,859
Additions 27,945 - 27,945
At 31 May 2024 38,004 15,800 53,804
DEPRECIATION
At 1 June 2023 8,551 15,800 24,351
Charge for year 7,135 - 7,135
At 31 May 2024 15,686 15,800 31,486
NET BOOK VALUE
At 31 May 2024 22,318 - 22,318
At 31 May 2023 1,508 - 1,508

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 368,034 217,185
Amounts owed by group undertakings 540 -
Other debtors 145,807 215,499
514,381 432,684

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 18,680 4,908
Trade creditors 92,334 68,244
Taxation and social security 39,125 52,589
Other creditors 322,724 182,087
472,863 307,828

SIM Switchgear Limited (Registered number: 04927796)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 23,106 671

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 41,786 5,579

The hire purchase creditors are secured on the assets concerned.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the reporting end date, directors owed the company £4,126 (2023: £1,326). The amount is repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The parent company and ultimate holding company, which owns 100% of the issued share capital, is
SIM Switchgear Holdings Limited.