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Registration number: 10132022

Simmons Developments (Cornwall) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Simmons Developments (Cornwall) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Simmons Developments (Cornwall) Ltd

Company Information

Directors

Mr Christopher Simmons

Mrs Jenna Simmons

Mrs Suzanne Simmons

Registered office

Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Simmons Developments (Cornwall) Ltd

(Registration number: 10132022)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

152,611

126,058

Investment property

5

1,369,410

1,256,179

 

1,522,021

1,382,237

Current assets

 

Stocks

78,044

61,856

Debtors

6

30,550

8,980

Cash at bank and in hand

 

3,177

6,053

 

111,771

76,889

Creditors: Amounts falling due within one year

7

(858,720)

(650,204)

Net current liabilities

 

(746,949)

(573,315)

Total assets less current liabilities

 

775,072

808,922

Creditors: Amounts falling due after more than one year

7

(87,332)

(43,937)

Net assets

 

687,740

764,985

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

481,168

481,168

Retained earnings

206,570

283,815

Shareholders' funds

 

687,740

764,985

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Simmons Developments (Cornwall) Ltd

(Registration number: 10132022)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mr Christopher Simmons
Director

 

Simmons Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

These financial statements were authorised for issue by the Board on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Simmons Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Simmons Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Simmons Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

118,418

31,189

64,501

214,108

Additions

-

62,496

11,754

74,250

Disposals

-

(10,995)

-

(10,995)

At 30 June 2024

118,418

82,690

76,255

277,363

Depreciation

At 1 July 2023

48,226

17,835

21,989

88,050

Charge for the year

10,529

17,416

13,567

41,512

Eliminated on disposal

-

(4,810)

-

(4,810)

At 30 June 2024

58,755

30,441

35,556

124,752

Carrying amount

At 30 June 2024

59,663

52,249

40,699

152,611

At 30 June 2023

70,192

13,354

42,512

126,058

5

Investment properties

2024
£

At 1 July

1,256,179

Additions

113,231

At 30 June

1,369,410

The fair value is based on a valuation dated 31 March 2021 by Ortus Secured Finance.

6

Debtors

Current

2024
£

2023
£

Trade debtors

14,071

8,624

Other debtors

16,479

356

 

30,550

8,980

 

Simmons Developments (Cornwall) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

49,245

18,327

Trade creditors

 

62,437

18,258

Taxation and social security

 

11,008

17,172

Accruals and deferred income

 

2,000

2,000

Other creditors

 

734,030

594,447

 

858,720

650,204

8

Related party transactions

Key management personnel

Mr C Simmons (director), Mrs S Simmons (director), Ms J Simmons (director)

Summary of transactions with key management

Director's loan account.
 At the balance sheet date the amount due to the directors were Mr C Simmons £164,335 (2023: £99,576), Mrs S Simmons £164,335 (2023: £99,576) and Ms J Simmons £158,009 (2023: £157,120).