Company registration number 02916899 (England and Wales)
SIMPSON (YORK) HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SIMPSON (YORK) HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A Gatenby
Mrs B Gatenby
Mr R C Gatenby
Secretary
Mrs R K Gatenby
Company number
02916899
Registered office
Unit 10
Hassacarr Close
Chessingham Park
York
YO19 5SN
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
SIMPSON (YORK) HOLDINGS LIMITED
CONTENTS
Page
Chairman's statement
1
Strategic report
2 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 38
SIMPSON (YORK) HOLDINGS LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Chairman presents his statement for the period.

 

I am pleased to state that, despite ongoing material cost increases in the construction sector, and amid political and economic uncertainties, that Simpson as a privately owned construction business, is once again successful and able to report as a profitable, debt-free business with cash reserves and a strong forward workload.

 

Our group turnover for 2024 is £67,873,304 and profits before tax are £2,112,629, giving a result in percentage terms of 3.1%.

 

I appreciate and acknowledge with thanks, the commitment of the Simpson Team at all levels and locations, be that in our offices, workshop or on site.

 

The percentage of employees who have been with the business for over 5 years is 60%, which has remained stable over the last twelve months, and reflects on our commitment to staff development & training, and wellbeing. Our accident and incident rate for Simpson employees continues to be consistently below the HSE quoted industry average.

 

My thanks to all of our Clients, both new and existing, for their continued support and trust in 2024 and moving forward into 2025.

 

We acknowledge with thanks, our supply chain including our subcontractors and suppliers, as working closely with them and ensuring their support has in turn meant that they have been confident and comfortable working with a safe and secure construction business that will be around at the start and at the completion of projects.

 

I remain convinced that the complexities and experiences that we’ve collectively worked through this year have created the opportunities to work collaboratively with both clients and subcontractors to show how we can work flexibly together and certainly helped Simpson demonstrate that our focus is not just about profitability, but on delivering safely and in a supportive and timely manner.

 

The coming year will globally bring its own challenges, as we are already experiencing. Simpson remains resilient and flexible in order to respond to these demands.

 

I also express our thanks to our Bankers, and our trusted Financial and Legal Advisors who have all continued to provide us with support and guidance through these challenging times.

 

We all continue to work as a team to support and enhance our delivery and have helped maintain our position as “the preferred choice to our Clients.

Mr R C Gatenby FCIOB
Chairman
24 April 2025
SIMPSON (YORK) HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The Directors present their Strategic Report for Simpson (York) Holdings Limited for the year ended 31 December 2024.

 

Our Directors continued to deliver a profitable business as we successfully navigate the continued political and economic uncertainty. The team remain committed and skilled in terms of delivering projects in a safe, sustainable and enjoyable manner. We maintain our environmental standards/commitments and have achieved a re-certification/accreditation for:

    

 

We remain a recognised Contractor in both the fit-out and construction marketplace with our established reputation for delivering Heritage schemes, following successful completion of projects at Hull Maritime Museum and York Minster, and continuing works at Salford Cathedral. This is achieved importantly through our 152 direct employees who enable us to maintain our strong long-term relationships with our key Clients as well as assisting in developing new Client relationships. The foundation of these relationships is based on our collaborative approach with our Clients and their Professionals to enable them to achieve their own goals whilst in parallel sustainably delivering our projects.

 

The training, development and wellbeing of our employees remains a high priority to the business, and we continue to invest in supporting our employees mental health by training a number of staff to be “Mental Health First Aiders” both in the offices and on site. These individuals are a point of contact should anyone in the business be experiencing mental health distress and they are trained to provide initial support/ direct the individual to/or help engage further support if required. Furthermore, we have partnered with an external provider who provides 24-hour helplines, counselling sessions and general pastoral care.

 

We continue to conduct our business in an ethical manner with commitment to the highest standards of Health & Safety for our workforce whilst maintaining the ethos of our core values:

 

Passionate

Responsible

Integrity

Dedicated

Engaging

 

Simpson continue to be a debt free business whilst being accountable to all our Stakeholders.

SIMPSON (YORK) HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Review of the business

I appreciate and acknowledge with thanks, the commitment of the Simpson team at all site levels and locations, at our Head Office, in the Joinery workshop, as well as our satellite office in Portsmouth, which supports our works in Southern England.

Our valued long-term relationships continue to prosper in fit-out, with particular focus on retail, leisure and veterinary care. We enjoy a continuing stream of workload nationwide with our Framework partners, M&S and Sainsbury’s.

The construction team have been busy with workload from a number of clients including the completion of factory extension works for Roberts Mart (Leeds), and works for Land Securities at the Trinity Centre (completed) and White Rose Centre (ongoing) in Leeds, as well as Kala Sangam Arts Centre in Bradford.

Guests continue to leave positive reviews for our holidays lets at Belle House in Filey, which has now been operating for over three years. Bookings for 2025 are up on the “like for like” basis and our repeat booking rate is higher than other comparable properties.

We have continued success with our Heritage workload, successfully delivering Hull Maritime Museum for Kingston-upon-Hull City Council and in our home city for York Minster, on their Centre of Excellence “Heritage Quad and Technology Hub”, where they aim to ensure the skills needed to preserve heritage buildings are maintained and shared, whilst works continue at Salford. We are delighted to have secured works at the Grade-2 listed South Ormsby Hall in Lincolnshire, as well as further heritage works in York at the church of St Michael le Belfrey.

Our development opportunities have continued, and we have our first tenant at Compass House next to our head office in Dunnington. We have now completed conversion of Endsleigh Convent in Filey, and the five luxury apartments are now on the market with views overlooking the sea. A few miles away, preparatory works have begun for our planned Business Park in Hunmanby where we aim to support local businesses with 23 industrial units, to be built as required. Our second Joint Venture, Bramham House, is currently progressing through a pre-application process with Leeds City Council prior to a new Planning Application being submitted.

The percentage of employees who have been with the business for over 5 years is 60%, which has remained stable over the last twelve months, and reflects on our commitment to staff training, morale and welfare. Our accident and incident rate for Simpson employees continues to be consistently below the HSE quoted industry average.

Awards secured for the year include:

 

The Simpson business was again recognised within the Top 100 in the York St John College in York Press business review being ranked in twelfth position.

Principal risks and uncertainties

Our financial stability remains strong, and our cash reserves underpins this position; all of which is demonstrated by the Dun & Bradstreet rating of 3A to Simpson (York) Holdings Limited. This rating and assessment give continued comfort and assurance to both our existing clients and new potential clients, as well as our supply chain. This provides further confidence that we remain a solid business and one to trade with, both now and in the future.

 

Remaining profitable with substantial financial reserves and no debt helps illustrate the robust operational and financial systems that Simpson has in place. Our strategic focus remains with the growth and success of the business, through both our contracting business operations and development works. We feel confident that we are well placed to succeed, particularly with a strong secured forward workload for 2025.

SIMPSON (YORK) HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Development and performance

Our construction activity for 2024 was at a turnover level of £28,902,911 and our fit-out works totalled £38,813,724. Non-construction work, including lettings at Belle House, combined to give us a turnover of £67,873,304 which has generated a profit before tax of £2,112,629.

 

Hassacarr Close our Business Park remains fully let at the year-end, and we are look forward to attracting further tenants for the newly refurbished Compass House development next to our head office.

Key performance indicators

The Directors use a range of performance measures to monitor and manage the business. These are split in to financial and non-financial Key Performance Indicators as set out below:

 

Profit retentions    Gross profit margin, Net profit margin, Return on capital employed

Liquidity ratios    Current ratio

Activity ratios    Debtor days, Creditor days

Capital ratios    Gearing

Non-financial    Accident incident rate, Staff turnover, Client and public complaints, Client satisfaction, Insurance claims

Sustainability, People Planning and Prosperity

People

Planet

Prosperity

SIMPSON (YORK) HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Summary

The entire Simpson team remain committed to and are passionate regarding our business objective to be “the preferred choice” for our Clients’ project works, and to provide a quality, competitive, safe and sustainable delivery to all projects.

 

We, like many businesses, have faced new challenges posed by the worldwide political and economic uncertainty over the last few of years, which has continued into 2025, and with the ever-changing prices of materials within the construction sector. Nevertheless, throughout this our priority has remained with the safety, health and welfare of our people, clients, the public and all those involved in our projects. We feel that by working collaboratively with our clients and our team, we have and will continue to overcome these challenges.

 

To conclude, we remain a debt free business with significant financial strength and a substantial forward workload spread between our construction, fit-out and development activities. This helps ensure we are in a strong position to overcome any future challenges and we look forward to the opportunity of continuing to work with our Clients to deliver their activity.

 

Directors' statement of compliance with duty to promote the success of the Company

The Directors believe in building long-term, strong and sustainable relationships with our Clients and Suppliers. This approach has enabled the business to continue to grow and is evident in every project we undertake, and further demonstrated by the high levels of business we enjoy.

 

Simpson is part of the local community through its employment and engagement with its suppliers, its training and Charitable donations.

On behalf of the board

Mr A Gatenby
Director
24 April 2025
SIMPSON (YORK) HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of a parent company providing management services to subsidiaries. Additionally, the company lets out property.

 

The principal activity of the group is that of fitting out, construction and property development.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid during the year. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Gatenby
Mrs B Gatenby
Mr R C Gatenby
Business relationships

The Directors believe in building long term, strong and sustainable relationships with our customers and suppliers. This approach has enabled us to win long term contracts with our customers. The company is an equal opportunities employer. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. All disabled employees are eligible for training and promotion and, within the limits of their disabilities, are given equal consideration with other applicants.

Future developments

The Directors are not expecting to make any significant changes in the nature of the business in the near future.

 

Matters covered in the Group Strategic Report

Information is not shown in the director's report because it is shown in the strategic report instead under s414C (11). The strategic report includes a business review, principal risk and uncertainties and financial key performance indicators.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services Limited be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

Greenhouse gas emissions, energy consumption and energy efficiency action

 

The company has chosen to report energy and carbon data in its Annual Reporting in line with the UK Government Streamlined Energy and Carbon Reporting (SECR) legislation. Following a full analysis of the relevant Scopes & Categories of emissions, relating to Direct & Indirect emissions, the following Carbon Emissions have been calculated for the company in the reporting year.

 

Carbon Emissions for the Reporting Year were 513.3 tonnes, which has fallen by 11.9% from the baseline in 2022.

 

 

SECR Energy & Carbon Emissions (kWh & tonnes CO2e)

 

The data contained in the table below represents total emissions calculated and is consistent with SECR requirements.  All sources of emissions that have been measured are included in the totals below. 

SIMPSON (YORK) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

 

Benchmark Reporting Year Jan 22 – Dec 22

Current Reporting Year Jan 24 – Dec 24

Energy consumption used to calculate emissions Electricity Scope 2 - UK and Offshore (kWh)

438,264

273,836

Energy consumption used to calculate emissions – Global, excluding UK and Offshore (kWh)

N/A

N/A

Basis of Energy reporting (Location or Market)*

Market

Market

% of total energy sourced from certified renewable sources

17.20%

100%

Emissions associated with energy consumption

70.2

0

- UK, Offshore and Global (tCO2e)

 

 

Emissions from activities for which the company is responsible including combustion of fuel and operation of facilities - Scope 1 (tCO2e)

381.1

261.8

Emissions from purchase of electricity, heat, steam and cooling purchased for own use - Scope 2 (tCO2e)

70.2

0

Total Scope 1 and 2 Emissions (tCO2e)

451.3

261.8

Emissions from upstream activities out of operational control - Scope 3 (tCO2e)

131.4

251.4

Emissions from use of sold products and services out of operational control - Scope 3 (tCO2e)

None included

None included

Total Gross Scope 3 Emissions (tCO2e)

131.4

251.4

Total Scope 1, 2 and 3 Emissions (tCO2e)

582.7

513.3

Intensity ratio tCO2e (gross Scope 1, 2 and 3) per employee

3.6

3.3

Carbon offsets (tCO2e)

0

0

Total Annual Net Emissions (tCO2e)

582.7

513.3

* A location-based method reflects the average emissions intensity of grids on which energy consumption occurs (using mostly grid-average emission factor data).  A market-based method reflects emissions from electricity that companies have purposefully chosen.
Matters covered in the Group Strategic Disclosure

Information is not shown in the director's report because it is shown in the strategic report instead under s414C (11). The strategic report includes a business review, principal risk and uncertainties and financial key performance indicators. true

 

Statement of disclosure to auditor

Under section 487(2) of the Companies Act 2006, Azets Audit Services Limited will be reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

 

This report was approved by the board and signed on its behalf.
Mr A Gatenby
Director
24 April 2025
SIMPSON (YORK) HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SIMPSON (YORK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIMPSON (YORK) HOLDINGS LIMITED
- 9 -
Opinion

We have audited the financial statements of Simpson (York) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SIMPSON (YORK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIMPSON (YORK) HOLDINGS LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SIMPSON (YORK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIMPSON (YORK) HOLDINGS LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Chris Woodroffe (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
24 April 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
SIMPSON (YORK) HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
67,873,304
87,332,189
Cost of sales
(62,468,335)
(80,644,165)
Gross profit
5,404,969
6,688,024
Administrative expenses
(3,696,270)
(3,868,113)
Other operating income
264,153
116,217
Operating profit
4
1,972,852
2,936,128
Interest receivable and similar income
8
163,751
37,533
Interest payable and similar expenses
9
(23,974)
(21,255)
Profit before taxation
2,112,629
2,952,406
Tax on profit
10
(523,864)
(736,506)
Profit for the financial year
1,588,765
2,215,900
Profit for the financial year is attributable to:
- Owners of the parent company
1,591,938
2,219,005
- Non-controlling interests
(3,173)
(3,105)
1,588,765
2,215,900
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,591,938
2,219,005
- Non-controlling interests
(3,173)
(3,105)
1,588,765
2,215,900

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SIMPSON (YORK) HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
(82,624)
(92,952)
Tangible assets
13
1,704,815
1,501,427
Investment property
12
6,681,913
5,140,000
Investments
14
1
1
8,304,105
6,548,476
Current assets
Stocks
17
5,120,986
4,763,383
Debtors
18
16,737,823
26,745,977
Cash at bank and in hand
3,869,245
7,164,024
25,728,054
38,673,384
Creditors: amounts falling due within one year
19
(17,622,043)
(30,630,622)
Net current assets
8,106,011
8,042,762
Total assets less current liabilities
16,410,116
14,591,238
Creditors: amounts falling due after more than one year
20
(184,973)
(229,960)
Provisions for liabilities
Deferred tax liability
22
258,000
102,000
(258,000)
(102,000)
Net assets
15,967,143
14,259,278
Capital and reserves
Called up share capital
24
450,000
450,000
Capital redemption reserve
50,000
50,000
Other reserves
90,631
(28,469)
Profit and loss reserves
15,386,872
13,794,934
Equity attributable to owners of the parent company
15,977,503
14,266,465
Non-controlling interests
(10,360)
(7,187)
15,967,143
14,259,278
SIMPSON (YORK) HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
24 April 2025
Mr A  Gatenby
Director
Company registration number 02916899 (England and Wales)
SIMPSON (YORK) HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
12
5,581,913
4,040,000
Investments
14
562,060
562,060
6,143,973
4,602,060
Current assets
Debtors falling due after more than one year
18
-
0
2,537,350
Debtors falling due within one year
18
3,779,850
1,108,076
Cash at bank and in hand
55,480
46,553
3,835,330
3,691,979
Creditors: amounts falling due within one year
19
(1,650,674)
(682,994)
Net current assets
2,184,656
3,008,985
Total assets less current liabilities
8,328,629
7,611,045
Provisions for liabilities
Deferred tax liability
22
114,000
-
0
(114,000)
-
Net assets
8,214,629
7,611,045
Capital and reserves
Called up share capital
24
450,000
450,000
Capital redemption reserve
50,000
50,000
Other reserves
90,631
(28,469)
Profit and loss reserves
7,623,998
7,139,514
Total equity
8,214,629
7,611,045

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £484,484 (2023 - £617,292 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
24 April 2025
Mr A  Gatenby
Director
Company registration number 02916899 (England and Wales)
SIMPSON (YORK) HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Capital redemption reserve
Share option reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
Balance at 1 January 2023
450,000
50,000
(28,469)
11,575,929
12,047,460
(4,082)
12,043,378
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,219,005
2,219,005
(3,105)
2,215,900
Balance at 31 December 2023
450,000
50,000
(28,469)
13,794,934
14,266,465
(7,187)
14,259,278
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,591,938
1,591,938
(3,173)
1,588,765
Transfers
-
-
119,100
-
119,100
-
119,100
Balance at 31 December 2024
450,000
50,000
90,631
15,386,872
15,977,503
(10,360)
15,967,143
SIMPSON (YORK) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
Share capital
Capital redemption reserve
Share option reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
450,000
50,000
(28,469)
6,522,222
6,993,753
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
617,292
617,292
Balance at 31 December 2023
450,000
50,000
(28,469)
7,139,514
7,611,045
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
484,484
484,484
Transfers
-
-
119,100
-
119,100
Balance at 31 December 2024
450,000
50,000
90,631
7,623,998
8,214,629
SIMPSON (YORK) HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(674,677)
6,384,305
Income taxes paid
(648,698)
(506,745)
Net cash (outflow)/inflow from operating activities
(1,323,375)
5,877,560
Investing activities
Purchase of tangible fixed assets
(429,848)
(306,471)
Proceeds from disposal of tangible fixed assets
68,634
107,200
Purchase of investment property
(1,541,913)
(1,130,000)
Interest received
93,751
37,533
Dividends received
70,000
-
0
Net cash used in investing activities
(1,739,376)
(1,291,738)
Financing activities
Payment of finance leases obligations
(208,054)
(178,009)
Interest paid
(23,974)
(21,255)
Net cash used in financing activities
(232,028)
(199,264)
Net (decrease)/increase in cash and cash equivalents
(3,294,779)
4,386,558
Cash and cash equivalents at beginning of year
7,164,024
2,777,466
Cash and cash equivalents at end of year
3,869,245
7,164,024

The notes on pages 19 to 38 form part of these financial statements.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
1
Accounting policies
Company information

Simpson (York) Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Hassacarr Close, Chessingham Park, Dunnington, York, North Yorkshire, YO19 5SN.

 

The group consists of Simpson (York) Holdings Limited, its subsidiaries and interests in a joint venture.

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.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Simpson (York) Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic and political climate creates both cashflow and profitability risks for the company and the group, the company and the group continue to trade profitably and are cash generative. Budgets and cashflows have been prepared using assumptions for capital expenditure, customer demand and supply chain costs. These budgets and cashflows indicate continuing profitability and cash generation, consequently the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the provision of construction contracts is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by assessing project costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

 

Holiday let income is recognised according to the date of the stay.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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.

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:

Freehold land and buildings
2% Straight line
Plant and equipment
10 - 20% Straight line
Fixtures and fittings
10 - 33% Straight line
Motor vehicles
20 - 40% 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 recognised in the profit and loss account.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Investments in subsidiaries and joint ventures are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 

Work in progress in respect of speculative developments is stated at cost to the extent that the development is expected to be profitable.  When it is probable that total development costs will exceed total turnover, the expected loss is recognised as an expense immediately.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
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 are expected to apply in the period when the liability is settled or the asset is realised. 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 if, and only if, there is 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.

1.16
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.

1.17
Retirement benefits

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

1.18
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

1.19
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 leased asset are consumed.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by the directors to identify possible amounts where a provision is required. Directors closely manage the collection of trade debtors and therefore are able to identify balances where there is uncertainty about recoverability, and determine what provision is required (if any).

Construction contracts

The majority of the group's activities are undertaken via long-term construction contracts which can span more than one accounting period. These contracts are accounted for in accordance with FRS 102 which requires estimates to be made for the contract costs and revenue.

 

Directors base their judgement of contract costs and revenue on the latest available information, which includes detailed contract valuations. Contract costs and revenue are affected by a variety of uncertainties that depend on the outcome of future events and often need to be revised as events unfold and uncertainties are resolved. The estimates are updated regularly and any impact reflected as appropriate.

Valuation of investment properties

Investment properties are professionally valued when appropriate with periodic reviews by the directors on an ongoing basis in accordance with the applicable standards.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Fitting out
38,813,724
61,511,527
Construction
28,902,911
25,660,605
Holiday lettings
156,669
160,057
67,873,304
87,332,189
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Other revenue
Interest income
93,751
37,533
Dividends received
70,000
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
238,442
183,647
Depreciation of tangible fixed assets held under finance leases
157,794
151,731
Profit on disposal of tangible fixed assets
(54,042)
(62,671)
Amortisation of intangible assets
(10,328)
(10,328)
Operating lease charges
275,452
267,374
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
4,700
Audit of the financial statements of the company's subsidiaries
30,100
26,380
35,100
31,080
For other services
Taxation compliance services
6,000
4,000
All other non-audit services
9,100
10,000
15,100
14,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
30
29
3
3
Production
127
130
-
-
Total
157
159
3
3
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 27 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,510,179
8,835,082
146,270
211,520
Social security costs
1,011,123
1,042,610
17,988
27,001
Pension costs
313,387
328,802
-
0
-
0
9,834,689
10,206,494
164,258
238,521
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
308,958
406,724
Company pension contributions to defined contribution schemes
9,003
8,557
317,961
415,281

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
153,426
188,750
Company pension contributions to defined contribution schemes
9,003
8,557
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
89,657
35,917
Other interest income
4,094
1,616
Total interest revenue
93,751
37,533
Income from fixed asset investments
Income from shares in group undertakings
70,000
-
0
Total income
163,751
37,533
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
5
-
Interest on finance leases and hire purchase contracts
23,969
21,255
Total finance costs
23,974
21,255
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
365,511
671,000
Adjustments in respect of prior periods
2,353
2,171
Total current tax
367,864
673,171
Deferred tax
Origination and reversal of timing differences
156,000
63,335
Total tax charge
523,864
736,506

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,112,629
2,952,406
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
528,157
693,815
Tax effect of expenses that are not deductible in determining taxable profit
7,860
36,522
Tax effect of income not taxable in determining taxable profit
(17,500)
-
0
Gains not taxable
(231)
-
0
Change in unrecognised deferred tax assets
4,133
35,238
Adjustments in respect of prior years
2,353
2,171
Effect of revaluations of investments
-
0
(32,788)
Other
(908)
1,548
Taxation charge
523,864
736,506
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
(103,280)
Amortisation and impairment
At 1 January 2024
(10,328)
Amortisation charged for the year
(10,328)
At 31 December 2024
(20,656)
Carrying amount
At 31 December 2024
(82,624)
At 31 December 2023
(92,952)
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
5,140,000
4,040,000
Additions through external acquisition
1,541,913
1,541,913
At 31 December 2024
6,681,913
5,581,913

The latest formal independent valuations were made by Howard Jenkins Property Consultancy Limited on 15 December 2023, a firm of external qualified professional valuers, on an open market value for existing use basis. The directors believe the balances per the last external valuation still represent the values of the properties at the current accounting year end.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
7,018,313
5,476,400
5,918,313
4,376,400
Accumulated depreciation
(357,663)
(251,784)
(282,312)
(194,784)
Carrying amount
6,660,650
5,224,616
5,636,001
4,181,616
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
390,000
644,304
737,202
1,828,359
3,599,865
Additions
-
0
12,310
138,286
463,620
614,216
Disposals
-
0
-
0
-
0
(205,087)
(205,087)
At 31 December 2024
390,000
656,614
875,488
2,086,892
4,008,994
Depreciation and impairment
At 1 January 2024
-
0
461,448
632,596
1,004,394
2,098,438
Depreciation charged in the year
-
0
34,062
75,588
286,586
396,236
Eliminated in respect of disposals
-
0
-
0
-
0
(190,495)
(190,495)
At 31 December 2024
-
0
495,510
708,184
1,100,485
2,304,179
Carrying amount
At 31 December 2024
390,000
161,104
167,304
986,407
1,704,815
At 31 December 2023
390,000
182,856
104,606
823,965
1,501,427
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
390,000
390,000
-
0
-
0

Freehold property is land which has been rented to another group entity and is not depreciated.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
75,665
91,702
-
0
-
0
Motor vehicles
447,115
468,291
-
0
-
0
522,780
559,993
-
-
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
562,059
562,059
Investments in joint ventures
16
1
1
1
1
1
1
562,060
562,060
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1
Carrying amount
At 31 December 2024
1
At 31 December 2023
1
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 January 2024 and 31 December 2024
562,060
Carrying amount
At 31 December 2024
562,060
At 31 December 2023
562,060
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Simpson (York) Limited
England and Wales
Fit out and construction
Ordinary
100.00
-
Simpson Shopfitting Limited
England and Wales
Dormant
Ordinary
100.00
-
Chessingham Park Management Limited
England and Wales
Dormant
Ordinary
100.00
-
Simpson (York) Est Trustee Limited
England and Wales
Dormant
Ordinary
100.00
-
Simpson (Belle House) Limited
England and Wales
Rental Income
Ordinary
100.00
-
Simpson (Public Works) Limited
England and Wales
Dormant
Ordinary
100.00
-
Bramham House Limited
England and Wales
Construction
Ordinary
60.00
-
Freely Lane Limited
England and Wales
Construction
Ordinary
0
60.00

The registered office of these companies is Unit 10 Hassacarr Close, Chessingham Park, Dunnington, York, YO19 5SN, with the exception of Bramham House Limited and Freely Lane Limited, which have the address of 12 Middlethorpe Business Park, Sim Balk Lane, Bishopthorpe, York, YO23 2BD.

 

Simpson (York) Holdings Limited has, in accordance with S479C of the Companies Act 2006, provided a guarantee over the liabilities of its subsidiary Simpson (Belle House) Limited (company registration number 13260628; registered in England & Wales) which permits the subsidiary to not obtain an audit of its individual financial statements for the period ended 31 December 2024, in accordance with the exemptions conferred by S479A Companies Act 2006. The registered office of the subsidiary is Unit 10 Hassacarr Close, Chessingham Park, Dunnington, York, YO19 5SN.

16
Joint ventures

Details of joint ventures at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Byre Homes (Yorkshire) Limited
32a Yorkersgate, Malton, England, YO17 7AB
House builder
Ordinary
50.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,095,652
2,098,222
-
-
Work in progress
3,025,334
2,665,161
-
-
5,120,986
4,763,383
-
-
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
13,093,284
21,429,895
26,787
90,478
Gross amounts owed by contract customers
1,925,939
3,540,650
-
0
-
0
Corporation tax recoverable
271,817
231,418
271,817
231,418
Amounts owed by group undertakings
-
-
2,652,249
75,000
Other debtors
883,330
819,942
828,470
711,001
Prepayments and accrued income
563,453
724,072
527
179
16,737,823
26,745,977
3,779,850
1,108,076
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
-
2,537,350
Total debtors
16,737,823
26,745,977
3,779,850
3,645,426

£2,577,350 (2023 - £2,537,350) of amounts owed by group undertakings represent secured loans that are repayable within one year.

 

The remaining amounts owed by group undertakings represent unsecured loans that are interest free and are repayable on demand.

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
234,989
213,688
-
0
-
0
Amounts owed on contracts
5,538,059
12,180,422
-
0
-
0
Trade creditors
8,233,843
10,422,796
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,472,806
364,826
Corporation tax payable
230,891
471,326
70,694
235,000
Other taxation and social security
2,174,561
5,358,570
15,330
534
Other creditors
250,283
168,817
1,299
1,501
Accruals and deferred income
959,417
1,815,003
90,545
81,133
17,622,043
30,630,622
1,650,674
682,994

The net obligations under finance lease and hire purchase creditors are secured over the assets they relate to. The amounts owed to group undertakings are interest free and repayable on demand.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
184,973
229,960
-
0
-
0

The net obligations under finance lease and hire purchase creditors are secured over the assets they relate to. There are no amounts which are repayable over five years.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
254,060
233,832
-
0
-
0
In two to five years
192,803
240,445
-
0
-
0
446,863
474,277
-
-
Less: future finance charges
(26,901)
(30,629)
-
0
-
0
419,962
443,648
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
258,000
102,000
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
114,000
-
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 35 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
102,000
-
Charge to profit or loss
156,000
114,000
Liability at 31 December 2024
258,000
114,000

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
313,387
328,802

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £55,573 (2023 - £82,966) were payable to the fund at the balance sheet date.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
3,250,000
3,250,000
325,000
325,000
Ordinary B shares of 10p each
675,000
675,000
67,500
67,500
Ordinary C shares of 1p each
5,750,000
5,750,000
57,500
57,500
9,675,000
9,675,000
450,000
450,000

The A and B Ordinary shares carry ten votes per share and the C ordinary shares have one vote per

share and dividends may be distributed at a differential rate between the classes of shareholders. There

are no restrictions on repayment of share capital between the different type of shareholders.

25
Financial commitments, guarantees and contingent liabilities

At December 2024, there were contingent liabilities in respect of performance bonds arranged with the insurance company which amounted to £4,250,000 (2023 - £3,287,120).

 

HSBC plc holds a fixed charge over book debts, goodwill, uncalled capital and intellectual property and a floating charge over the other assets of the group.

 

There are unlimited cross guarantees and a right of group set off between Simpson (York) Limited and Simpson (York) Holdings Limited in favour of HSBC plc.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
263,936
263,936
-
-
Between two and five years
461,267
655,734
-
-
In over five years
174,712
244,904
-
-
899,915
1,164,574
-
-
Lessor

The group is also a lessor and had the following minimum lease income under non-cancellable operating leases as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
264,159
244,271
264,159
244,271
Between two and five years
439,444
515,870
439,444
515,870
In over five years
122,836
82,504
122,836
82,504
826,439
842,645
826,439
842,645
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
52,034
-
-
-
SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
463,965
481,395
Transactions with related parties

During the year the company entered into the following transactions with related parties:

 

The group rents premises from R.C. & B. Gatenby, directors, under a formal lease agreement. Rent of £159,936 (2023 - £159,936) was paid during the year. Included within creditors, amounts falling due within one year, is an amount of £1,299 (2023 - £1,299) due to R C & B Gatenby. The balance is interest free and repayable on demand.

 

The company rents premises from Crescent Trustees Limited under a formal lease agreement. Crescent Trustees Limited are the professional trustees of the SIPP of R.C. & B. Gatenby. Rent of £104,000 (2023 - £98,321) was paid during the year.

 

Simpson (York) Holdings Limited has given a loan to its subsidiary company, Bramham House Limited and was owed at 31 December 2024, £2,577,350 (2023 - £2,537,350) No interest was charged on this loan in the current accounting year.

 

During the year Bramham House Limited paid Vincent & Partners Ltd, a connected company, for services amounting to £33,069 (2023 - £150,668). These amounts were included in stock at the year end.

 

The company has taken advantage of the exemption contained in Section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.

29
Directors' transactions

Included within debtors due within one year are amounts of £827,170 (2023 - £708,770) due from various directors and shareholders of Simpson (York) Limited. The balances are interest free and are repayable when their relative shareholdings are ultimately disposed of.

30
Controlling party

The company was under the control of R.C. and B. Gatenby, throughout the current and previous year.

SIMPSON (YORK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
31
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
1,588,765
2,215,900
Adjustments for:
Taxation charged
523,864
736,506
Finance costs
23,974
21,255
Investment income
(163,751)
(37,533)
Gain on disposal of tangible fixed assets
(54,042)
(62,671)
Fair value (gain)/loss on investment properties
-
0
139,400
Amortisation and impairment of intangible assets
(10,328)
(10,328)
Depreciation and impairment of tangible fixed assets
396,236
335,378
Movements in working capital:
Increase in stocks
(357,603)
(1,329,985)
Decrease/(increase) in debtors
10,167,653
(10,233,262)
(Decrease)/increase in creditors
(12,789,445)
14,609,645
Cash (absorbed by)/generated from operations
(674,677)
6,384,305
32
Analysis of changes in net funds - group
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
7,164,024
(3,294,779)
-
3,869,245
Obligations under finance leases
(443,648)
208,054
(184,368)
(419,962)
6,720,376
(3,086,725)
(184,368)
3,449,283

The inception of new finance leases above represent major non-cash transactions.

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