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Registered number: 07447921
Sims Hilditch Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Lerica Tax Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07447921
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 36,543 29,016
36,543 29,016
CURRENT ASSETS
Stocks 6 14,111 24,111
Debtors 7 1,379,390 1,570,892
Cash at bank and in hand 1,022,869 432,171
2,416,370 2,027,174
Creditors: Amounts Falling Due Within One Year 8 (1,427,362 ) (977,152 )
NET CURRENT ASSETS (LIABILITIES) 989,008 1,050,022
TOTAL ASSETS LESS CURRENT LIABILITIES 1,025,551 1,079,038
Creditors: Amounts Falling Due After More Than One Year 9 - (80,208 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,140 ) (5,512 )
NET ASSETS 1,016,411 993,318
CAPITAL AND RESERVES
Called up share capital 10 100 100
Share premium account 4 -
Profit and Loss Account 1,016,307 993,218
SHAREHOLDERS' FUNDS 1,016,411 993,318
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Emma Sims-Hilditch
Director
16/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sims Hilditch Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07447921 . The registered office is 54d Frome Road, Bradford-On-Avon, BA15 1LA.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been amortised to profit and loss account over its estimated economic life to a nil value.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold 20% Straight line
Plant & Machinery 33% Straight line
Fixtures & Fittings 33% Straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 41)
39 41
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 1,200,000
As at 31 December 2024 1,200,000
Amortisation
As at 1 January 2024 1,200,000
As at 31 December 2024 1,200,000
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 217,398 475,164 38,686 731,248
Additions - 29,963 1,943 31,906
As at 31 December 2024 217,398 505,127 40,629 763,154
...CONTINUED
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Page 5
Depreciation
As at 1 January 2024 217,398 451,378 33,456 702,232
Provided during the period - 18,534 5,845 24,379
As at 31 December 2024 217,398 469,912 39,301 726,611
Net Book Value
As at 31 December 2024 - 35,215 1,328 36,543
As at 1 January 2024 - 23,786 5,230 29,016
6. Stocks
2024 2023
£ £
Stock 14,111 24,111
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 337,976 285,592
Prepayments and accrued income 97,856 97,666
Other debtors 339,600 433,242
775,432 816,500
Due after more than one year
Amounts owed by group undertakings 603,958 754,392
1,379,390 1,570,892
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 128,867 203,315
Bank loans and overdrafts 80,208 87,500
Corporation tax 176,921 7,011
Other taxes and social security 138,090 46,500
VAT 52,868 75,911
Other creditors 772,297 513,796
Accruals and deferred income 78,111 43,119
1,427,362 977,152
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 80,208
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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