REGISTERED NUMBER: 01372857 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Roger Simpson Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Simpson

P C Jenkins

SECRETARY:

P J Simpson

REGISTERED OFFICE:

Simpsons Subaru

Blackworth Industrial Estate

Highworth

Swindon

Wiltshire

SN6 7NA

REGISTERED NUMBER:

01372857 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,266,340

1,304,245

CURRENT ASSETS

Stocks

5

558,614

2,526,387

Debtors

6

175,902

202,010

Investments

7

2,704

36,199

Cash at bank and in hand

231

16,120

737,451

2,780,716

CREDITORS

Amounts falling due within one year

8

1,289,924

1,896,993

NET CURRENT (LIABILITIES)/ASSETS

(552,473

)

883,723

TOTAL ASSETS LESS CURRENT LIABILITIES

713,867

2,187,968

CREDITORS

Amounts falling due after more than one year

9

-

(26,042

)

PROVISIONS FOR LIABILITIES

-

(36,529

)

NET ASSETS

713,867

2,125,397

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

26,711

26,711

Revaluation reserve

876,022

876,022

Capital redemption reserve

316

316

Retained earnings

(190,182

)

1,221,348

SHAREHOLDERS' FUNDS

713,867

2,125,397

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 3 September 2025 and were signed on its behalf by:

P J Simpson - Director

P C Jenkins - Director

1.	STATUTORY INFORMATION

Roger Simpson 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

Summary of significant accounting policies

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparing the financial statements

These financial statements are prepared on a going concern basis, under the historical cost convention.

Functional and presentation currency

The company's functional and presentation currency is the pound sterling.

Going Concern

The company meets its day-to-day working capital requirements through cash reserves and borrowings. The company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves and borrowings. On this basis, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and specifics of each arrangement.

The company recognises revenue when the following conditions are satisfied:

i.

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

ii.

the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

iii.

the amount of revenue can be measured reliably;

iv.

it is probable that the economic benefits associated with the transaction can be measured reliably.

Sale of goods and services

Turnover from the sale of new and used cars and vehicle parts is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of good and services provided the amounts are recorded as other creditors and included as part of creditors due within one year.

Bonus Income

Bonuses for the sale of cars are based on an annual target for volume sold. The income is recognised once this annual target is met.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Land and buildings

- 2% on straight line basis

Short leasehold

- over period of the lease

Garage & workshop equipment

- 20% on reducing balance

Office fixtures & equipment

- 10% on reducing balance

Motor vehicles

- 33% on straight line basis and 25% on reducing balance

Repairs and maintenance costs are expensed as incurred.

Revaluation of properties

A full valuation of all freehold properties is carried out every five years and interim valuations are carried out as required. Surpluses arising from the professional valuation of properties are taken directly to the revaluation reserve.

Deficits arising from the revaluation of properties shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that property, the excess shall be recognised in profit or loss.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Employee benefits

The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments with related disclosures made in accordance with the requirements of Section 1A of FRS 102.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Listed investments in shares included at fair value with changes recognised in profit or loss.

Financial liabilities

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are

recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Garage &

Office

Land and

w'shop

fixtures

Motor

buildings

equipment

& equip't

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2024

1,350,000

169,895

441,788

48,692

2,010,375

Additions

-

7,115

6,472

-

13,587

At 31 December 2024

1,350,000

177,010

448,260

48,692

2,023,962

DEPRECIATION

At 1 January 2024

227,850

139,768

299,830

38,682

706,130

Charge for year

21,880

8,386

18,267

2,959

51,492

At 31 December 2024

249,730

148,154

318,097

41,641

757,622

NET BOOK VALUE

At 31 December 2024

1,100,270

28,856

130,163

7,051

1,266,340

At 31 December 2023

1,122,150

30,127

141,958

10,010

1,304,245

Included in cost or valuation of land and buildings is freehold land of £ 256,000 (2023 - £ 256,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Garage &

Office

Land and

w'shop

fixtures

Motor

buildings

equipment

& equip't

vehicles

Totals

£

£

£

£

£

Valuation in 2009

152,150

-

-

-

152,150

Valuation in 2014

20,000

-

-

-

20,000

Valuation in 2021

380,000

-

-

-

380,000

Cost

797,850

177,010

448,260

48,692

1,471,812

1,350,000

177,010

448,260

48,692

2,023,962

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

2024

2023

£

£

Cost

797,850

797,850

Aggregate depreciation

232,329

232,329

Value of land in freehold land and buildings

256,000

256,000

Freehold land and buildings were valued on an open market basis on 10 June 2022 by Alder King Property Consultants .

5.

STOCKS

2024

2023

£

£

Vehicles

320,209

2,291,274

Spares

238,405

235,113

558,614

2,526,387

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

141,422

148,617

Amounts owed by group undertakings

-

46,413

Corporation tax

34,016

-

Prepayments and accrued income

464

6,980

175,902

202,010

7.	CURRENT ASSET INVESTMENTS

2024

2023

£

£

Listed investments

2,704

36,199

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

486,209

121,413

Trade creditors

339,493

1,202,105

Amounts owed to group undertakings

7,187

-

Corporation tax

-

34,016

Social security and other taxes

335,894

529,385

Other creditors

1,840

2,376

Accrued expenses

8,301

7,698

Payments on account

111,000

-

1,289,924

1,896,993

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

-

26,042

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

454,959

58,913

Bank loans

31,250

88,542

486,209

147,455

The bank overdraft is secured by a fixed and floating charge over the company's assets.

In respect of the bank loan the UK government has provided the bank with a guarantee for 80% of the total loan value.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The entire share capital of the company is owned by RSL Holdings Limited company registered in England and Wales.The registered office address is Simpsons Subaru, Blackworth Industrial Estate, Highworth, Swindon, Wiltshire, SN6 7NA.