Acorah Software Products - Accounts Production 16.3.350 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 01399102 Mrs Claire Daniels Mrs Patricia Simpson Mrs Patricia Simpson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01399102 2023-12-31 01399102 2024-12-31 01399102 2024-01-01 2024-12-31 01399102 frs-core:CurrentFinancialInstruments 2024-12-31 01399102 frs-core:ComputerEquipment 2024-12-31 01399102 frs-core:ComputerEquipment 2024-01-01 2024-12-31 01399102 frs-core:ComputerEquipment 2023-12-31 01399102 frs-core:InvestmentPropertyIncludedWithinPPE 2024-12-31 01399102 frs-core:InvestmentPropertyIncludedWithinPPE 2024-01-01 2024-12-31 01399102 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 01399102 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01399102 frs-core:PlantMachinery 2024-12-31 01399102 frs-core:PlantMachinery 2024-01-01 2024-12-31 01399102 frs-core:PlantMachinery 2023-12-31 01399102 frs-core:ShareCapital 2024-12-31 01399102 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 01399102 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01399102 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 01399102 frs-bus:SmallEntities 2024-01-01 2024-12-31 01399102 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 01399102 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01399102 frs-bus:Director1 2024-01-01 2024-12-31 01399102 frs-bus:Director2 2024-01-01 2024-12-31 01399102 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 01399102 frs-countries:EnglandWales 2024-01-01 2024-12-31 01399102 2022-12-31 01399102 2023-12-31 01399102 2023-01-01 2023-12-31 01399102 frs-core:CurrentFinancialInstruments 2023-12-31 01399102 frs-core:ShareCapital 2023-12-31 01399102 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 01399102
Michael F. Simpson Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 01399102
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,032,638 841,292
1,032,638 841,292
CURRENT ASSETS
Debtors 5 20,000 21,325
Cash at bank and in hand 940,321 206,501
960,321 227,826
Creditors: Amounts Falling Due Within One Year 6 (1,243,613 ) (395,386 )
NET CURRENT ASSETS (LIABILITIES) (283,292 ) (167,560 )
TOTAL ASSETS LESS CURRENT LIABILITIES 749,346 673,732
NET ASSETS 749,346 673,732
CAPITAL AND RESERVES
Called up share capital 7 7,500 7,500
Profit and Loss Account 741,846 666,232
SHAREHOLDERS' FUNDS 749,346 673,732
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Claire Daniels
Director
8th May 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Michael F. Simpson Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01399102 . The registered office is 25 Househams Lane, Legbourne, Louth, LN11 8LG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 3
2 3
Page 2
Page 3
4. Tangible Assets
Investment Properties Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 841,292 6,098 1,215 848,605
Additions 191,346 - - 191,346
As at 31 December 2024 1,032,638 6,098 1,215 1,039,951
Depreciation
As at 1 January 2024 - 6,098 1,215 7,313
As at 31 December 2024 - 6,098 1,215 7,313
Net Book Value
As at 31 December 2024 1,032,638 - - 1,032,638
As at 1 January 2024 841,292 - - 841,292
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 1,325
Other debtors 20,000 20,000
20,000 21,325
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) -
Corporation tax 21,513 15,962
Other taxes and social security 910 680
Other creditors 1,615 10,456
Accruals and deferred income 510 510
Directors' loan accounts 1,219,066 367,778
1,243,613 395,386
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 7,500 7,500
Page 3