Simpson Carpenter Limited
Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 03533706 (England and Wales)
Simpson Carpenter Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 10
Simpson Carpenter Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
72,743
119,056
Current assets
Debtors
5
3,521,556
2,198,017
Investments
6
3,033,102
Cash at bank and in hand
2,221,151
5,682,216
8,775,809
7,880,233
Creditors: amounts falling due within one year
7
(2,750,767)
(2,325,378)
Net current assets
6,025,042
5,554,855
Total assets less current liabilities
6,097,785
5,673,911
Creditors: amounts falling due after more than one year
8
(4,456)
Provisions for liabilities
9
(34,955)
(41,346)
Net assets
6,062,830
5,628,109
Capital and reserves
Called up share capital
12
248
248
Capital redemption reserve
534
534
Profit and loss reserves
6,062,048
5,627,327
Total equity
6,062,830
5,628,109
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 May 2025
T Simpson
Director
Company Registration No. 03533706
Simpson Carpenter Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information
Simpson Carpenter Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tuition House, 27-37 St George's Road, Wimbledon, London SW19 4EU.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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 in respect of market research and consultancy services supplied during the year, excluding discounts, rebates, value added tax and other sales taxes. The turnover recognised in each period is calculated on a percentage completion basis for each individual project, dependent on the stage of completion for key milestones.
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.
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:
Fixtures and fittings
20% straight line
Computers
33% 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.
It is Simpson Carpenter Limited policy to capitalise assets purchased with a value over £1,000. Below this value, assets are expensed.
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company 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 company.
1.9
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.
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
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 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.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.14
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.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Current asset investments
Current asset investments are investments in short-term deposit accounts with original maturities of more than three months.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 6
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.
Project-based revenue recognition
The Director considers that the key accounting estimate that could give rise to a material change in the financial statements in the next year is in relation to revenue recognition policies in respect of contracts which straddle the year-end. The Company is required to make an estimate of the project completion levels in respect of contracts which straddle the year end for income recognition purposes. Estimates are based on expected total costs and revenues from each contract. This involves a level of judgement and therefore differences may arise between the actual and estimated result. Where immaterial differences arise they are recognised in the income statement for the following reporting period. Any material changes to these estimates would affect revenue recognised in the financial statements and the level of deferred or accrued income on the balance sheet.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
41
38
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
446,178
Additions
21,533
Disposals
(3,370)
At 31 December 2024
464,341
Depreciation and impairment
At 1 January 2024
327,122
Depreciation charged in the year
67,846
Eliminated in respect of disposals
(3,370)
At 31 December 2024
391,598
Carrying amount
At 31 December 2024
72,743
At 31 December 2023
119,056
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,115,700
1,873,356
Other debtors
55,615
19,160
Prepayments and accrued income
350,241
305,501
3,521,556
2,198,017
6
Current asset investments
2024
2023
£
£
Other investments
3,033,102
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,456
17,823
Trade creditors
609,025
350,067
Corporation tax
339,984
314,072
Other taxation and social security
342,035
245,766
Other creditors
277
Accruals and deferred income
1,454,990
1,397,650
2,750,767
2,325,378
Finance lease creditors totalling £4,456 (2023: £17,823) are secured over assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
4,456
Finance lease creditors totalling £nil (2023: £4,456) are secured over assets to which they relate.
9
Provisions for liabilities
2024
2023
£
£
Dilapidations provision
18,720
18,720
Deferred tax liabilities
10
16,235
22,626
34,955
41,346
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax
16,235
22,626
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
10
Deferred taxation
(Continued)
Page 9
2024
Movements in the year:
£
Liability at 1 January 2024
22,626
Credit to profit or loss
(6,391)
Liability at 31 December 2024
16,235
11
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
Granted
4,650
85.08
Outstanding at 31 December 2024
4,650
85.08
Exercisable at 31 December 2024
The options outstanding at 31 December 2024 had an exercise price of £85.08, and a remaining contractual life of up to 10 years.
No share-based payment expense relating to equity settled transactions was recognised in the year, due to the charge in the year being immaterial.
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
24,000
24,000
240
240
Ordinary B shares of 1p each
800
800
8
8
24,800
24,800
248
248
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Simpson Carpenter Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
13
Audit report information
(Continued)
Page 10
Senior Statutory Auditor:
Esther Carder
Statutory Auditor:
Moore Kingston Smith LLP
14
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
£
£
Within one year
138,422
138,093
Between two and five years
40,958
178,954
179,380
317,047
15
Related party transactions
At the year end the company was owed £4,861 (2023: £5,830) by a close family member of the director.
16
Controlling party
The company is controlled by the director.
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