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REGISTERED NUMBER: 00517599 (England and Wales)












Financial Statements

for the Year Ended 31 August 2024

for

Simplex Knitting Company Limited

Simplex Knitting Company Limited (Registered number: 00517599)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Simplex Knitting Company Limited

Company Information
for the year ended 31 August 2024







DIRECTORS: A A Stiegler
Miss A M Stiegler
C J Young
D Wilson



SECRETARY: N Redshaw



REGISTERED OFFICE: Bye Pass Road
Chilwell
Nottingham
Nottinghamshire
NG9 5HN



REGISTERED NUMBER: 00517599 (England and Wales)



AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR



BANKERS: National Westminster Bank plc
51 Market Place
Long Eaton
Nottingham
NG10 3FB

Simplex Knitting Company Limited (Registered number: 00517599)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,235,656 1,349,335
Investments 5 783,715 744,865
Investment property 6 641,000 641,000
2,660,371 2,735,200

CURRENT ASSETS
Inventories 898,325 836,532
Debtors 7 435,130 369,004
Cash at bank and in hand 2,030,579 2,260,774
3,364,034 3,466,310
CREDITORS
Amounts falling due within one year 8 232,129 310,023
NET CURRENT ASSETS 3,131,905 3,156,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,792,276

5,891,487

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Revaluation reserve 11 350,825 354,638
Fair value reserve 11 217,880 217,880
Retained earnings 5,183,571 5,278,969
SHAREHOLDERS' FUNDS 5,792,276 5,891,487

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





A A Stiegler - Director


Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Simplex Knitting Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The critical judgements that the directors have made in the process of applying the entity's entity accounting policies and have the most significant effect on the amounts recognised in the statutory financial statements are discussed below

1. Assessing indicators of Impairment

In assessing whether there have been any indicators of impairments of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and, where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial year.

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below

2. Recoverability of trade and other debtors

The entity establishes a provision for trade and other debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the ageing of the debtors, past experiences of recoverability, financial position of the other party and the credit profile of individual or groups of customers

3. Stock Provisioning

The entity reviews stock for non-moving and obsolete items, and determines whether a provision would be appropriate. The directors consider factors such as the age of the stock, the ability for sale, faults with items and any other indicators which may suggest that stock needs to be provided for.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

It is recognised when the risks and rewards of ownership are transferred by way of delivery.

Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% per annum straight line
Motor vehicles - Straight line over 4 years
Computer equipment - 20% on reducing balance

The freehold property is held at valuation, the fair value of the asset is considered at each period end.

The directors consider that this accounting policy results in the accounts giving a true and fair view. Depreciation or amortisation is only one of many factors affected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investment property
The investment property is valued at each balance sheet date using its fair value.

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. Financial assets classified as debtors within one year are not amortised and are therefore measured at transaction price plus transaction costs. Assets receivable after more than one year are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction. In this latter case, the transaction is measured at the present value of future receipts discounted at a market rate of interest.

We derecongise financial assets are in three scenarios. Firstly, when the contractual rights to the cash flows from the assets expire or are settled. Secondly, when all the risks and rewards of the ownership of the asset substantially transfer to another party. Thirdly, when control of the asset transfers to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, bank loans and intercompany loans, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probably that some or all of the facility will be drawn down. In this case, the fees is deferred until the draw-down occurs. To the extent that there is no evidence that it is probably that some or all of the facility will be drawn down, th fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. We classify trade creditors are 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.

The company does not apply hedge accounting for interest rate and foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or has expired.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Listed fixed asset investments are valued at the balance sheet date at market value. All changes in fair value are recognised through the profit and loss account during the year.

Unlisted fixed asset investments are valued at the lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 30 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 September 2023 820,000 4,389,692 117,461
Additions - 17,999 1,500
Disposals - (25,969 ) -
At 31 August 2024 820,000 4,381,722 118,961
DEPRECIATION
At 1 September 2023 57,400 3,858,209 95,309
Charge for year 8,200 108,687 3,661
Eliminated on disposal - (21,169 ) -
At 31 August 2024 65,600 3,945,727 98,970
NET BOOK VALUE
At 31 August 2024 754,400 435,995 19,991
At 31 August 2023 762,600 531,483 22,152

Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 45,865 75,032 5,448,050
Additions - 1,040 20,539
Disposals (17,995 ) - (43,964 )
At 31 August 2024 27,870 76,072 5,424,625
DEPRECIATION
At 1 September 2023 45,865 41,932 4,098,715
Charge for year - 8,870 129,418
Eliminated on disposal (17,995 ) - (39,164 )
At 31 August 2024 27,870 50,802 4,188,969
NET BOOK VALUE
At 31 August 2024 - 25,270 1,235,656
At 31 August 2023 - 33,100 1,349,335

Cost or valuation at 31 August 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2006 792,642 - -
Valuation in 2016 (411,313 ) - -
Cost 438,671 4,381,722 118,961
820,000 4,381,722 118,961

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2006 - - 792,642
Valuation in 2016 - - (411,313 )
Cost 27,870 76,072 5,043,296
27,870 76,072 5,424,625

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 438,671 438,671
Aggregate depreciation 50,682 50,682

The properties were valued on an open market basis on 13 September 2016 by Musson Liggins, a RICS accredited company .

Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 September 2023 744,865
Additions 1,048,159
Disposals (1,049,392 )
Revaluations 40,083
At 31 August 2024 783,715
NET BOOK VALUE
At 31 August 2024 783,715
At 31 August 2023 744,865

Cost or valuation at 31 August 2024 is represented by:

Other
investments
£   
Valuation in 2024 783,715

If the listed investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 738,026 717,751

The listed investments were valued on an open market basis on 31 August 2024 by Rathbones Investment Management .

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 641,000
NET BOOK VALUE
At 31 August 2024 641,000
At 31 August 2023 641,000

Investment property was valued on an open market basis on 31 August 2024 by the directors. The fair value was determined by reviewing estimations provided from reputable property listing websites.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 264,167 281,011
Other debtors 170,963 87,993
435,130 369,004

Simplex Knitting Company Limited (Registered number: 00517599)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 83,003 123,108
Amounts owed to group undertakings 60,467 60,384
Taxation and social security 35,463 38,781
Other creditors 53,196 87,750
232,129 310,023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,631 8,906
Between one and five years - 7,631
7,631 16,537

10. SECURED DEBTS



The NatWest Bank acts as guarantor for Simplex Knitting Company Limited's VAT and duty deferment account. Any monies owed by Simplex Knitting Company Limited to NatWest Bank under the terms of this guarantee are secured by:

A legal charge dated 11 September 1997 over freehold property known as 29 Kirk Close, Chilwell, Nottingham, NG9 5EY.

11. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 September 2023 354,638 217,880 572,518
Transfer to profit and loss (3,813 ) - (3,813 )

At 31 August 2024 350,825 217,880 568,705

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Douglas Perry FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.