Company registration number 01107218 (England and Wales)
SIMKISS HOME AUTOMATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SIMKISS HOME AUTOMATION LIMITED
COMPANY INFORMATION
Directors
P Simkiss
J C Simkiss
Secretary
J C Simkiss
Company number
01107218
Registered office
Unit 3 Westcroft Industrial Estate
Manchester Old Road
Middleton
Manchester
England
M24 4GJ
Accountants
Azets
Ship Canal House
98 King Street
Manchester
M2 4WU
SIMKISS HOME AUTOMATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SIMKISS HOME AUTOMATION LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
£
£
£
£
Fixed assets
Tangible assets
4
78,677
151,951
Current assets
Stocks
155,824
220,249
Debtors
5
79,657
333,465
Cash at bank and in hand
14,898
46,845
250,379
600,559
Creditors: amounts falling due within one year
6
(212,242)
(543,705)
Net current assets
38,137
56,854
Total assets less current liabilities
116,814
208,805
Creditors: amounts falling due after more than one year
7
(10,606)
(39,570)
Provisions for liabilities
8
(11,954)
(23,674)
Net assets
94,254
145,561
Capital and reserves
Called up share capital
9
20,685
20,685
Profit and loss reserves
73,569
124,876
Total equity
94,254
145,561

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

SIMKISS HOME AUTOMATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
P Simkiss
Director
Company Registration No. 01107218
SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Simkiss Home Automation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Westcroft Industrial Estate, Manchester Old Road, Middleton, Manchester, England, M24 4GJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Not withstanding the loss for the year, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 

Rendering of services

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Amounts invoiced in advance of work being undertaken are included in the balance sheet within 'amounts invoiced in advance on long term contracts'. Where the stage of completion of a contract is ahead of invoices raised, accrued income is recognised in the balance sheet. Similarly, contract related costs are deferred or accrued on the balance sheet as appropriate, in 'amounts recoverable on long term contracts' or 'accruals' respectively.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% - 10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% - 25% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Leases

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

The estimates and assumptions that present risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Stage of contract completion

Profit is recognised in the profit and loss account in proportion to the stage of completion of a contract. Professional judgment is applied in assessing the stage of completion of a contract.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
7
SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
35,497
174,785
210,282
Additions
-
0
24,236
24,236
Disposals
-
0
(123,000)
(123,000)
At 30 September 2024
35,497
76,021
111,518
Depreciation and impairment
At 1 October 2023
1,313
57,018
58,331
Depreciation charged in the year
651
29,209
29,860
Eliminated in respect of disposals
-
0
(55,350)
(55,350)
At 30 September 2024
1,964
30,877
32,841
Carrying amount
At 30 September 2024
33,533
45,144
78,677
At 30 September 2023
34,184
117,767
151,951
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
40,351
308,229
Other debtors
34,156
17,754
Prepayments and accrued income
5,150
7,482
79,657
333,465
SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,182
18,182
Advances against the security of book debts
-
0
96,515
Obligations under finance leases
-
0
20,777
Trade creditors
28,925
215,736
Amounts owed to group undertakings
-
0
164,191
Corporation tax
4,599
1,540
Other taxation and social security
-
0
6,064
Other creditors
153,726
-
0
Accruals and deferred income
6,810
20,700
212,242
543,705

Bank loans represent funds drawn down under the Coronavirus Business Interruption Loan Scheme.

 

Invoice discounting advances are secured by way of a fixed and floating charge over the book debts and assets of the company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
10,606
28,788
Obligations under finance leases
-
0
10,782
10,606
39,570

Bank loans represent funds drawn down under the Coronavirus Business Interruption Loan Scheme.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
11,954
27,674
Short term timing differences
-
(4,000)
11,954
23,674
SIMKISS HOME AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 October 2023
23,674
Credit to profit or loss
(11,720)
Liability at 30 September 2024
11,954
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
20,000
20,000
20,000
20,000
Ordinary B shares of £1 each
685
685
685
685
20,685
20,685
20,685
20,685
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
53,903
74,847
11
Related party transactions

At the balance sheet date, the company owed £153,726 (2023: £164,191) to Simkiss Control Systems Limited, a company related by common control following a group re-construction during the year (2023: parent company). This amount is interest free and repayable on demand.

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