0 false false false false false false false false false false true false false false false false true No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP SC639495 2023-09-01 2024-08-31 SC639495 2024-08-31 SC639495 2023-08-31 SC639495 2022-09-01 2023-08-31 SC639495 2023-08-31 SC639495 2022-08-31 SC639495 bus:Director1 2023-09-01 2024-08-31 SC639495 core:WithinOneYear 2024-08-31 SC639495 core:WithinOneYear 2023-08-31 SC639495 core:AfterOneYear 2024-08-31 SC639495 core:AfterOneYear 2023-08-31 SC639495 core:ShareCapital 2024-08-31 SC639495 core:ShareCapital 2023-08-31 SC639495 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC639495 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC639495 bus:SmallEntities 2023-09-01 2024-08-31 SC639495 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC639495 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC639495 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC639495 bus:FullAccounts 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: SC639495
Simlen Limited
Filleted Unaudited Financial Statements
31 August 2024
Simlen Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Current assets
Stocks
4
454,562
386,346
Creditors: amounts falling due within one year
5
455,612
385,273
---------
---------
Net current (liabilities)/assets
( 1,050)
1,073
-------
-------
Total assets less current liabilities
( 1,050)
1,073
Creditors: amounts falling due after more than one year
6
10,000
10,000
--------
--------
Net liabilities
( 11,050)
( 8,927)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 11,052)
( 8,929)
--------
-------
Shareholders deficit
( 11,050)
( 8,927)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 February 2025 , and are signed on behalf of the board by:
Mr K Simpson
Director
Company registration number: SC639495
Simlen Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Going concern
The company is reliant on the support of the directors and other group entities in order to continue in operational existence and meet its liabilities as the fall due. The directors are satisfied that the group entities will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Stocks
2024
2023
£
£
Stock - Land for development
454,562
386,346
---------
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,179
Amounts owed to group undertakings and undertakings in which the company has a participating interest
336,649
283,015
Other creditors
118,963
83,079
---------
---------
455,612
385,273
---------
---------
Amounts owed to undertakings in which the company has a participating interest relate to funds of £336,649 loaned to the company by Blazon Investments Ltd. Blazon Investments Ltd is a company under the control of Kenneth Simpson, who is a Director of and shareholder in Simlen Ltd. There is a loan agreement in place and interest is charged at 10% per annum. Interest is accrued quarterly and is payable with the principal sum. Blazon Investments Ltd holds a standard security over the company's land held in stock.
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,000
10,000
--------
--------
Included in creditors after more than one year are redeemable preference shares to the value of £10,000, owned by Blazon Investments Ltd. The shares hold an entitlement to a fixed share of profit.
7. Directors' advances, credits and guarantees
Mr Stewart Simpson, director and shareholder of the company, was owed £2,682 from the company (2023: £1,788)
8. Controlling party
The company was under the control of Mr Kenneth Simpson throughout the current year.