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Registered number: 09405326









Simginuity Limited









Annual Report and Consolidated Financial Statements

For the Year Ended 30 December 2024

 
Simginuity Limited
 
 
Company Information


Directors
A Bermingham 
F Bird 
N J Randall 
S Ferguson (appointed 11 October 2024)




Company secretary
A Bermingham



Registered number
09405326



Registered office
1 Thorp Road
Newton Heath

Manchester

M40 5BJ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
Simginuity Limited
 

Contents



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated profit and loss account
 
10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 36


 
Simginuity Limited
 
 
Group Strategic Report
For the Year Ended 30 December 2024

Introduction
 
The Directors present their Strategic Report for the year ended 30 December 2024.

Business review
 
In 2024 the group achieved a turnover of £15,741,409 (2023: £15,383,550).  Growth was seen in EDM Ltd and SkyPeople Training Ltd, was partially offset by a drop in revenue from RGF Support Ltd. EBITDA was £1,237,576 (2023: £1,638,296).
Revenue within EDM Ltd increased 13.2% over 2023.  Sales in our civil aviation training products and defence product sectors have grown in 2024 as has our aviation machining product range.  2025 has started strongly, building on the growth seen in 2024, particularly within the defence sector, with large orders securing work for the next two years.
RGF Support Ltd saw revenue fall to £1,140,047
 (2023: £3,095,402), due to the airports and ground handlers now recovering their staffing positions and therefore no longer requiring the resilience support the business can provide.  Training was very strong, thereby increasing gross margin to 42% (2023: 32%).  New opportunities are being investigated to grow the business in 2025.
2024 was the first full year of trading for SkyPeople Training Ltd, with the business exceeding targets.  Partnerships with major airlines remained strong with some new airline clients won through the year.  The relationship with the education sector strengthened with 27 different colleges bringing students through our training centre, and indications show this could double in 2025.  During 2024, SkyPeople Training (EU) Ltd was set up in Ireland, and gained certification from the Irish Aviation Authority to deliver EASA Attestation courses, providing us with a unique position to be able to offer both UK, CAA and EASA attestation qualifications.
In 2024 46.7% of the Group’s sales were UK based.  Export sales comprising the USA, Canada, India and Europe, continue to be important, therefore there remains no significant dependency on any particular region. 

Page 1

 
Simginuity Limited
 

Group Strategic Report (continued)
For the Year Ended 30 December 2024

Principal risks and uncertainties
 
The management of the business and the nature of the group’s strategy are subject to a number of risks. The directors have set out below the principal risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.
Financial Risk Management Objectives and Policies
The group uses financial instruments comprising borrowings, cash and other liquid resources, derivatives and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group’s operations. The main risks arising from the group’s financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for management each of these risks and they are summarised below.
Interest Rate Risk
The group finances its operations through a mixture of retained profits, asset finance, bank borrowings and borrowing from group companies. The group’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Liquidity Risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably.
Revenue/Fixed and Variable Overhead Costs
There is always the risk that any significant changes in revenue may adversely affect profitability and therefore management closely monitor actual costs and investigate variations against budget on a regular basis.
Other risks and uncertainties
Contract Profitability
Management review all contracts on a monthly basis relevant to both actual and forecasted costs to complete and report against anticipated gross margin, investigating variances against budget.
Fluctuations in Currency Exchange Rates
A large proportion of future turnover will relate to overseas operations and the group is therefore exposed to foreign currency fluctuations. The group manages its foreign exchange exposure on a net basis and, where required, uses forward foreign exchange contracts and other derivatives/financial instruments to reduce its exposure.

Page 2

 
Simginuity Limited
 

Group Strategic Report (continued)
For the Year Ended 30 December 2024

Financial key performance indicators
 
The directors have monitored the progress of the overall group performance by reference to certain financial and non-financial key performance indicators. The underlying group results for the year relating to continuing operations only are shown below:
                                
2024              2023    2022
                                   £    £    £
Turnover                               15,741,409   15,383,550   11,537,274 
Profit (loss) after tax for the financial year                  688,211   1,048,013   (259,770)
Net profit margin                              4.4%
             6.8%    (2.3%)
Average number of employees                            208    239    185


This report was approved by the board and signed on its behalf.



................................................
A Bermingham
Director

Date: 21 July 2025

Page 3

 
Simginuity Limited
 
 
 
Directors' Report
For the Year Ended 30 December 2024

The directors present their report and the financial statements for the year ended 30 December 2024.

Principal activity

Simginuity is a private company incorporated in England and Wales. The address of its registered office is Brunel House, 1 Thorp Road, Newton Heath, Manchester, M40 5BJ.
The principal activity of the group is a global provider of world class training and simulation solutions for the commercial airline and defence aviation sectors.  The principal activity of the company is that of a holding company.

Directors

The directors who served during the year were:

A Bermingham 
F Bird 
N J Randall 
S Ferguson (appointed 11 October 2024)

Results and dividends

The profit for the year, after taxation, amounted to £688,211 (2023 - £1,048,013).

Dividends of £400,000 (2023: £360,000) were paid during the year. The directors do not recommend the payment of a final dividend.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Page 4

 
Simginuity Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 December 2024

Future developments

The continuation of the group’s strategy to trade internationally is enabling the Group to secure projects in the USA, Middle East, Africa, Far East, China and Mainland Europe.
The group is now established as a leading player in the niche market for providing simulators and training equipment for the commercial aircraft, defence sector and associated markets, and is planning to increase market share of this business. The group also plans to continue the development of its training equipment to meet growing customer expectations. The group‘s state-of-the-art production facilities, in association with the expansion of the management support services and labour force, has increased the group’s capability to expand its client base and range of services.

Research and development activities

The group continues to invest in research and development programmes for new products as well as new processes and technologies to improve overall operational effectiveness.

Matters covered in the Group Strategic Report

Financial risk management is considered to be of strategic importance and is therefore included in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A Bermingham
Director

Date: 21 July 2025

Page 5

 
Simginuity Limited
 
 
 
Independent Auditors' Report to the Members of Simginuity Limited
 

Opinion


We have audited the financial statements of Simginuity Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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.


Page 6

 
Simginuity Limited
 
 
 
Independent Auditors' Report to the Members of Simginuity Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
Simginuity Limited
 
 
 
Independent Auditors' Report to the Members of Simginuity Limited (continued)


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. 
Supporting documentation relating to the Group's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Group operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Group, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 

Page 8

 
Simginuity Limited
 
 
 
Independent Auditors' Report to the Members of Simginuity Limited (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our 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 Auditors' 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.





Mike Jackson (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

23 July 2025
Page 9

 
Simginuity Limited
 
 
Consolidated Profit and Loss Account
For the Year Ended 30 December 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,741,409
15,383,550

Cost of sales
  
(9,489,683)
(9,295,059)

Gross profit
  
6,251,726
6,088,491

Administrative expenses
  
(5,437,018)
(4,825,232)

Other operating income
 5 
-
5,421

Operating profit
 6 
814,708
1,268,680

Interest receivable and similar income
 10 
117,270
20,852

Interest payable and similar expenses
 11 
(237,773)
(250,653)

Profit before tax
  
694,205
1,038,879

Tax on profit
 12 
(5,994)
9,134

Profit for the financial year
  
688,211
1,048,013

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
Simginuity Limited
 

Consolidated Statement of Comprehensive Income
For the Year Ended 30 December 2024

2024
2023
Note
£
£


Profit for the financial year

  

688,211
1,048,013

Other comprehensive income
  


Revaluation of tangible fixed assets
  
-
375,000

Total comprehensive income for the year
  
688,211
1,423,013

  

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
Simginuity Limited
Registered number: 09405326

Consolidated Balance Sheet
As at 30 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
739,433
794,598

Tangible assets
 15 
8,514,401
8,571,517

  
9,253,834
9,366,115

Current assets
  

Stocks
 17 
1,520,127
1,967,853

Debtors: amounts falling due within one year
 18 
3,741,474
4,361,821

Cash at bank and in hand
 19 
5,120,665
3,426,500

  
10,382,266
9,756,174

Creditors: amounts falling due within one year
 20 
(4,865,339)
(5,393,961)

Net current assets
  
 
 
5,516,927
 
 
4,362,213

Total assets less current liabilities
  
14,770,761
13,728,328

Creditors: amounts falling due after more than one year
 21 
(2,150,451)
(1,402,223)

Provisions for liabilities
  

Deferred taxation
 23 
(596,949)
(590,955)

  
 
 
(596,949)
 
 
(590,955)

Net assets
  
12,023,361
11,735,150


Capital and reserves
  

Called up share capital 
 24 
5,955,928
5,955,928

Revaluation reserve
 25 
1,068,982
1,068,982

Merger reserve
 25 
(2,893,943)
(2,893,943)

Profit and loss account
 25 
7,892,394
7,604,183

  
12,023,361
11,735,150


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Bermingham
Director

Date: 21 July 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 12

 
Simginuity Limited
Registered number: 09405326

Company Balance Sheet
As at 30 December 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
9,565,128
9,565,127

Current assets
  

Debtors: amounts falling due within one year
 18 
4,371,941
4,371,941

Cash at bank and in hand
 19 
6,333
5,991

  
4,378,274
4,377,932

Creditors: amounts falling due within one year
 20 
(7,709,626)
(7,309,626)

Net current liabilities
  
 
 
(3,331,352)
 
 
(2,931,694)

Total assets less current liabilities
  
6,233,776
6,633,433

  

  

Net assets excluding pension asset
  
6,233,776
6,633,433


Capital and reserves
  

Called up share capital 
 24 
5,955,928
5,955,928

Profit and loss account carried forward
 25 
277,848
677,505

  
6,233,776
6,633,433


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
A Bermingham
Director

Date: 21 July 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
Simginuity Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 30 December 2024


Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2022
5,955,928
693,982
(2,893,943)
6,916,170
10,672,137


Comprehensive income for the year

Profit for the year
-
-
-
1,048,013
1,048,013

Surplus on revaluation of freehold property
-
375,000
-
-
375,000
Total comprehensive income for the year
-
375,000
-
1,048,013
1,423,013


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(360,000)
(360,000)



At 31 December 2023
5,955,928
1,068,982
(2,893,943)
7,604,183
11,735,150


Comprehensive income for the year

Profit for the year
-
-
-
688,211
688,211
Total comprehensive income for the year
-
-
-
688,211
688,211


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(400,000)
(400,000)


At 30 December 2024
5,955,928
1,068,982
(2,893,943)
7,892,394
12,023,361


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
Simginuity Limited
 

Company Statement of Changes in Equity
For the Year Ended 30 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2022
5,955,928
37,505
5,993,433


Comprehensive income for the year

Profit for the year
-
1,000,000
1,000,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(360,000)
(360,000)



At 31 December 2023
5,955,928
677,505
6,633,433


Comprehensive income for the year

Profit for the year
-
343
343


Other comprehensive income for the year
-
-
-


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


At 30 December 2024
5,955,928
277,848
6,233,776


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 
Simginuity Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 30 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
688,211
1,048,013

Adjustments for:

Amortisation of intangible assets
91,557
120,959

Depreciation of tangible assets
283,235
265,741

Profit on disposal of tangible assets
343
(934)

Interest charge
237,773
250,653

Interest income
(117,270)
(20,852)

Taxation charge
5,994
(9,134)

Increase in stocks
447,726
(94,180)

Decrease in debtors
567,171
386,131

Decrease in creditors
239,674
(331,256)

Corporation tax received
-
50,511

Net cash generated from operating activities

2,444,414
1,665,652


Cash flows from investing activities

Purchase of intangible fixed assets
(36,392)
(375,528)

Purchase of tangible fixed assets
(157,563)
(190,216)

Sale of tangible fixed assets
701
4,578

Interest received
117,270
20,852

Hire purchase interest paid
(5,598)
(8,188)

Net cash used in investing activities

(81,582)
(548,502)

Cash flows from financing activities

New secured loans
3,434,000
-

Repayment of loans
(3,439,593)
(732,976)

Repayment of finance leases
(31,483)
(33,762)

Dividends paid
(400,000)
(360,000)

Interest paid
(232,175)
(242,465)

Net cash used in financing activities
(669,251)
(1,369,203)

Net decrease in cash and cash equivalents
1,693,581
(252,053)

Cash and cash equivalents at beginning of year
3,426,500
3,678,553

Cash and cash equivalents at the end of year
5,120,081
3,426,500


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,120,665
3,426,500

Bank overdrafts
(584)
-

Page 16

 
Simginuity Limited
 


Consolidated Analysis of Net Debt
For the Year Ended 30 December 2024




At 31 December 2023
Cash flows
At 30 December 2024
£

£

£

Cash at bank and in hand

3,426,500

1,694,165

5,120,665

Bank overdrafts

-

(584)

(584)

Debt due after 1 year

(1,378,255)

1,378,255

-

Debt due within 1 year

(1,555,380)

(1,364,150)

(2,919,530)

Finance leases

(47,558)

(38,117)

(85,675)


445,307
1,669,569
2,114,876

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

1.


General information

Simginuity is a private company incorporated in England and Wales. The address of its registered office is Brunel House, 1 Thorp Road, Newton Heath, Manchester, M40 5BJ.
The principal activity of the group is a global provider of world class training and simulation solutions for the commercial airline and defence aviation sectors. The principal activity of the company is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. 

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion.
The Group has a profit before tax of £694,205 (2023 profit: £1,038,879) and net assets totalling £12,023,361 (2023: £11,735,150) at 30 December 2024.
The Group currently meets its working capital requirements through its cash balances and credit facilities.
Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade
through the next 12 month period.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 December 2024 on a going
concern basis and there will be no adverse effect on solvency for more than 12 months after the date of
approval of the financial statements.

Page 18

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue


When the outcome of contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period.
Reliable estimation of the outcome of contracts requires reliable estimates of the stage of completion, future costs, and collectability of billings.
The stage of completion is measured by surveys of work performed.
When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable.
When it is probable that the total contract costs will exceed total contract revenue on a contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer.
Where costs incurred plus recognised profits less recognised losses exceed progress billing, the balance is shown as due from customers on contracts within debtors.  Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on contracts within creditors.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 19

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

2.Accounting policies (continued)

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

2.Accounting policies (continued)

 
2.12

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 balance sheet 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.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

2.Accounting policies (continued)

 
2.14

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated profit and loss account over its useful economic life which is assessed to be 10 years.
Negative goodwill
Negative goodwill represents the difference between amounts paid on the cost of the trade and assets aquired and the acquirer’s interest in the fair value of those identifiable assets at the date of acquisition. Subsequent to initial recognition, negative goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is amortised on a straight-line basis in the entities profit and loss account over its useful economic life which is assessed to be 2 years
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets are amortised on a straight line basis over their useful economic lives, between 3 and 5 years.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Leasehold property
-
10%
straight line
Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Other fixed assets
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 22

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

2.Accounting policies (continued)

 
2.16

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

Stocks and work in progress contracts

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are reassessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Work in progress contracts
Costs associated with work in progress contracts are included in debtors as amounts recoverable on work in progress contracts to the extent that they cannot be matched with contract work accounted for as turnover. Work in progress contract balances included in debtors are stated after provision has been made for any foreseeable losses and the deduction of applicable payments on account.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Consolidated Statement of Cash Flows, cash is shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 23

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

2.Accounting policies (continued)

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Revenue and margin recognition - The Group's revenue recognition and margin recognition policies, which are set out in note 2.5, are central to how the Group values the work it has carried out in each financial year. These policies require forecasts to be made of contract outcomes, which require assessment and judgements to be made in respect of budgeted costs and final margins. The Group reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses.

Page 24

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

4.


Turnover

The whole of the turnover is attributable to the company's principal activity as described in note 1.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,347,760
9,029,032

Rest of Europe
1,390,498
960,412

Rest of the world
7,003,151
5,394,106

15,741,409
15,383,550



5.


Other operating income

2024
2023
£
£

Sundry income
-
5,421


Included in other operating income are amounts received in relation to interest on overdue debts.


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(10,611)
(48,163)

Other operating lease rentals
43,955
38,120

Page 25

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
43,225
49,350

Fees payable to the Company's auditors in respect of:

Taxation compliance services
5,975
7,200

All taxation advisory services not included above
11,150
10,500

All non-audit services not included above
-
7,400


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
7,753,370
8,005,624

Social security costs
850,578
801,961

Cost of defined contribution scheme
253,197
259,406

8,857,145
9,066,991


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
104
98



Administrative staff
24
22



Management staff
8
7



Service staff
24
64



Other staff
48
48

208
239

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)
Page 26

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
451,249
336,982


The highest paid director received remuneration of £395,175 (2023 - £316,982).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
117,270
20,852


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
232,175
242,465

Finance leases
5,598
8,188

237,773
250,653


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
2,668


Total current tax
-
2,668

Deferred tax


Origination and reversal of timing differences
5,994
(11,802)

Total deferred tax
5,994
(11,802)


Tax on profit
5,994
(9,134)
Page 27

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
694,205
1,038,879


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
173,551
259,720

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,145
1,705

Capital allowances for year in excess of depreciation
1,813
1,813

Super-deduction pool adjustment
-
(1,023)

Short term timing difference leading to an decrease in taxation
235
(2,150)

Research and development tax credit
(357,980)
(284,604)

Unrelieved tax losses carried forward
172,964
-

Other differences leading to an decrease in the tax charge
13,266
15,405

Total tax charge for the year
5,994
(9,134)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends on equity capital - £0.06 (2023: £0.06) per ordinary share
400,000
360,000

Page 28

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

14.


Intangible assets

Group





Development expenditure
Trademarks
Goodwill
Negative goodwill
Total

£
£
£
£
£



Cost


At 31 December 2023
864,895
269,379
531,270
(688,880)
976,664


Additions
36,392
-
-
-
36,392



At 30 December 2024

901,287
269,379
531,270
(688,880)
1,013,056



Amortisation


At 31 December 2023
655,650
17,959
137,245
(628,788)
182,066


Charge for the year
71,584
26,938
53,127
(60,092)
91,557



At 30 December 2024

727,234
44,897
190,372
(688,880)
273,623



Net book value



At 30 December 2024
174,053
224,482
340,898
-
739,433



At 30 December 2023
209,245
251,420
394,025
(60,092)
794,598



The Company holds no intangible assets.

Page 29

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

15.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£
£



Cost 


At 31 December 2023
7,700,000
215,062
2,728,423
1,773,035
610,473
13,026,993


Additions
-
58,681
116,537
51,945
-
227,163


Disposals
-
-
(9,995)
-
(7,890)
(17,885)



At 30 December 2024

7,700,000
273,743
2,834,965
1,824,980
602,583
13,236,271



Depreciation


At 31 December 2023
-
100,639
2,255,197
1,603,435
496,205
4,455,476


Charge for the year
-
20,651
141,285
55,518
65,781
283,235


Disposals
-
-
(9,994)
-
(6,847)
(16,841)



At 30 December 2024

-
121,290
2,386,488
1,658,953
555,139
4,721,870



Net book value



At 30 December 2024
7,700,000
152,453
448,477
166,027
47,444
8,514,401



At 30 December 2023
7,700,000
114,423
473,226
169,600
114,268
8,571,517

Freehold property was revalued as at 30th December 2023 by an independent valuer. 
Of the closing valuation as at 30 December 2024, £7,700,000 was still deemed appropriate by management. 
The carrying amount that would have been recognised had the asset been carried under the cost model at the balance sheet date would have been £4,604,665 (2023: £4,712,142).

Page 30

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 31 December 2023
9,565,127


Additions
1



At 30 December 2024
9,565,128





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

EDM Holdings Limited
Same as the company
Ordinary
100%
EDM Services Limited
Same as the company
Ordinary
100%
EDM Limited
Same as the company
Ordinary
100%
Engineering Design and Models (Manchester) Limited
Same as the company
Ordinary
100%
EDM Property Limited
Same as the company
Ordinary
100%
RGF Support Limited
Same as the company
Ordinary
100%
SkyPeople Training Limited
Same as the company
Ordinary
100%
Skypeople Ireland Limited
Same as the company
Ordinary
100%

All subsidiaries are included in the consolidation.


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
696,712
625,266

Finished goods and goods for resale
823,415
1,342,587

1,520,127
1,967,853


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,113,850
1,547,511
-
-

Amounts owed by group undertakings
-
-
4,371,941
4,371,941

Other debtors
292,492
313,905
-
-

Prepayments and accrued income
505,367
274,868
-
-

Amounts recoverable on long term contracts
829,765
2,219,933
-
-

Financial instruments
-
5,604
-
-

3,741,474
4,361,821
4,371,941
4,371,941


Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
5,120,665
3,426,500
6,333
5,991

Less: bank overdrafts
(584)
-
-
-

5,120,081
3,426,500
6,333
5,991


Page 32

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
584
-
-
-

Bank loans (see note 20)
810,853
1,546,690
-
-

Payments received on account
2,124,670
2,074,502
-
-

Trade creditors
676,610
521,874
-
-

Amounts owed to group undertakings
-
-
7,709,626
7,309,626

Corporation tax
13,582
66,761
-
-

Other taxation and social security
690,162
656,575
-
-

Obligations under finance lease and hire purchase contracts
43,723
23,590
-
-

Other creditors
80,797
97,760
-
-

Accruals and deferred income
380,060
406,209
-
-

Financial instruments
44,298
-
-
-

4,865,339
5,393,961
7,709,626
7,309,626


Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
2,108,499
1,378,255

Net obligations under finance leases and hire purchase contracts
41,952
23,968

2,150,451
1,402,223


Bank loans are secured by a first legal charge over the freehold property of the group, and a debenture over all assets of group. 
During the year, the group refinanced its existing borrowings through a new long-term facility of £3,434,000. The proceeds were used to settle previous bank loans. The new facility bears interest at 1.3% above the Bank of England base rate and is repayable over 4 years.
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

Page 33

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
810,853
1,546,690

Amounts falling due 1-2 years

Bank loans
865,587
963,145

Amounts falling due 2-5 years

Bank loans
1,242,912
415,110

2,919,352
2,924,945



23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(590,955)
(477,757)


Charged/(credited) to profit or loss
(5,994)
11,802


Charged to other comprehensive income
-
(125,000)



At end of year
(596,949)
(590,955)

Group
Group
2024
2023
£
£

Accelerated capital allowances
(124,881)
(120,692)

Revaluation reserve
(483,224)
(483,224)

Other short term timing differences
11,156
12,961

(596,949)
(590,955)

Page 34

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,488,982 (2023 - 1,488,982) Ordinary A shares of £1.00 each
1,488,982
1,488,982
4,466,946 (2023 - 4,466,946) Ordinary B shares of £1.00 each
4,466,946
4,466,946

5,955,928

5,955,928

Shares rank pari-passu in all respects.



25.


Reserves

Profit and loss account
The profit and loss account represents all current and prior period retained profits and losses.
Revaluation reserve
The revaluation reserve comprises the gains arising from increases in the revaluation of freehold property net of deferred tax liability.
Foreign exchange reserve 
Foreign exchange reserve includes all current and prior period foreign exchange differences. 


26.


Share options

The group operates an Enterprise Management Incentive ("EMI") scheme, which allows key management to acquire shares in the parent company. The directors consider the market value of the options to be immaterial at the point of issue and therefore there is no share-based payment expense.
Below is a summary of the options currently granted. 

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

.16

473,183

0.16
 
473,183
 
Outstanding at the end of the year

473,183

 
473,183
 




Page 35

 
Simginuity Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 December 2024

27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £279,559 (2023: £287,649) . Contributions totalling £44,621 (2023: £51,841) were payable to the fund at the balance sheet date and are included in other creditors.


28.


Commitments under operating leases

At 30 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
784,859
433,791

Later than 1 year and not later than 5 years
509,854
454,890

1,294,713
888,681

29.


Related party transactions

Key management remuneration totalled £945,945 (2023: £802,228). Key management also hold share options in the company, for which a charge of £Nil (2023: £Nil) has been recognised in these financial statements. This is discussed in more detail in note 26.


30.


Controlling party

The ultimate controlling party is A Bermingham by virtue of his majority shareholding.

Page 36