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REGISTERED NUMBER: 03839141 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SIMS ENGINEERING LIMITED

SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIMS ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: K D Sims
C L Sims





SECRETARY: C L Sims





REGISTERED OFFICE: Rae House
Dane Street
Bishop's Stortford
Herts
CM23 3BT





BUSINESS ADDRESS: Unit F2
Riverway Industrial Estate
Harlow
Essex
CM20 2DP





REGISTERED NUMBER: 03839141 (England and Wales)





ACCOUNTANTS: Barrow LLP
Rae House
Dane Street
Bishops Stortford
Herts
CM23 3BT

SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 48,020 63,169

CURRENT ASSETS
Stocks 56,904 130,152
Debtors 6 3,618,271 2,768,214
Cash at bank 66,305 18,068
3,741,480 2,916,434
CREDITORS
Amounts falling due within one year 7 (1,610,794 ) (1,447,444 )
NET CURRENT ASSETS 2,130,686 1,468,990
TOTAL ASSETS LESS CURRENT LIABILITIES 2,178,706 1,532,159

CREDITORS
Amounts falling due after more than one year 8 - (10,287 )

PROVISIONS FOR LIABILITIES (12,005 ) (15,792 )
NET ASSETS 2,166,701 1,506,080

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 2,166,601 1,505,980
SHAREHOLDERS' FUNDS 2,166,701 1,506,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)

BALANCE SHEET - continued
30 JUNE 2024


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 Profit and Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





K D Sims - Director


SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Sims Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding 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 & machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred upon normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

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.

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.

Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Stocks
Work in progress is valued at net realisable value and takes into consideration an even spread of profit throughout the stage of completion of each individual contract.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

5. TANGIBLE FIXED ASSETS
Plant & Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 217,957 76,394 5,894 300,245
Additions - - 1,458 1,458
At 30 June 2024 217,957 76,394 7,352 301,703
DEPRECIATION
At 1 July 2023 179,874 52,199 5,003 237,076
Charge for year 9,522 6,049 1,036 16,607
At 30 June 2024 189,396 58,248 6,039 253,683
NET BOOK VALUE
At 30 June 2024 28,561 18,146 1,313 48,020
At 30 June 2023 38,083 24,195 891 63,169

SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 57,149 30,685 87,834
Transfer to ownership - (30,685 ) (30,685 )
At 30 June 2024 57,149 - 57,149
DEPRECIATION
At 1 July 2023 33,542 14,961 48,503
Charge for year 5,902 - 5,902
Transfer to ownership - (14,961 ) (14,961 )
At 30 June 2024 39,444 - 39,444
NET BOOK VALUE
At 30 June 2024 17,705 - 17,705
At 30 June 2023 23,607 15,724 39,331

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 2,722,233 1,680,423
Accrued income 419,248 964,989
Other debtors 476,790 122,802
3,618,271 2,768,214

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 10,287 27,219
Trade creditors 438,863 723,849
Taxation and social security 24,130 29,627
Other creditors 1,137,514 666,749
1,610,794 1,447,444

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts - 10,287

SIMS ENGINEERING LIMITED (REGISTERED NUMBER: 03839141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 10,287 37,506

The hire purchase liabilities are secured by the related assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

During the year the company sold goods and services totalling £3,015,324 (2023 - £4,513,569) and received services totalling £610,000 (2023 - £360,000) from Sims Engineering Systems Limited. As at 30 June 2024 the debtor outstanding was £2,722,233 (2023 - £1,679,683) and the creditor outstanding was £1,046,000 (2023 - £540,000). All transactions were dealt with on a normal trading basis.

K D Sims and C L Sims each have a 5% shareholding in Sims Engineering Systems Limited.