REGISTERED NUMBER: 01976315 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SIMS ENGINEERING SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L P Sims

K D Sims

SECRETARY:

K D Sims

REGISTERED OFFICE:

Rae House

Dane Street

Bishop's Stortford

Herts

CM23 3BT

BUSINESS ADDRESS:

Unit F2

Riverway Industrial Estate

Harlow

Essex

CM20 2DP

REGISTERED NUMBER:

01976315 (England and Wales)

ACCOUNTANTS:

Barrow LLP

Rae House

Dane Street

Bishops Stortford

Herts

CM23 3BT

FIXED ASSETS

Tangible assets

5

95,476

121,732

CURRENT ASSETS

Debtors

6

2,581,942

1,739,724

Cash at bank

241,595

178,439

2,823,537

1,918,163

CREDITORS

Amounts falling due within one year

7

(2,757,935

)

(1,840,243

)

NET CURRENT ASSETS

65,602

77,920

TOTAL ASSETS LESS CURRENT LIABILITIES

161,078

199,652

CREDITORS

Amounts falling due after more than one year

8

(5,201

)

(51,140

)

NET ASSETS

155,877

148,512

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

155,777

148,412

SHAREHOLDERS' FUNDS

155,877

148,512

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 Profit and Loss Account and Retained Earnings has not been delivered.

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

K D Sims - Director

1.	STATUTORY INFORMATION

Sims Engineering Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

Income on each individual contract is recognised at the agreed stage of completion terms throughout the course of production taking into consideration any known fluctuations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements

-

over the term of the lease

Plant, fixtures & equipment

-

15% on reducing balance

Computer & office equipment

-

25% on cost

Motor vehicles

-

25% on reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred upon normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company pays contributions to staff member's personal pension schemes. Contributions payable for the year are charged in the profit and loss account.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

5.	TANGIBLE FIXED ASSETS

Plant,

Computer

Leasehold

fixtures

& office

Motor

improvements

& equipment

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

102,399

273,373

87,939

185,760

649,471

Additions

-

-

4,640

-

4,640

Disposals

-

-

(17,099

)

-

(17,099

)

At 31 December 2024

102,399

273,373

75,480

185,760

637,012

DEPRECIATION

At 1 January 2024

93,392

216,039

77,533

140,775

527,739

Charge for year

5,281

8,606

5,763

11,246

30,896

Eliminated on disposal

-

-

(17,099

)

-

(17,099

)

At 31 December 2024

98,673

224,645

66,197

152,021

541,536

NET BOOK VALUE

At 31 December 2024

3,726

48,728

9,283

33,739

95,476

At 31 December 2023

9,007

57,334

10,406

44,985

121,732

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

31,833

DEPRECIATION

At 1 January 2024

and 31 December 2024

11,191

NET BOOK VALUE

At 31 December 2024

20,642

At 31 December 2023

20,642

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

701,426

762,535

Accrued income

1,800,067

947,539

Other debtors

80,449

29,650

2,581,942

1,739,724

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

38,889

66,667

Hire purchase contracts

5,374

5,374

Trade creditors

52,572

16,833

Taxation and social security

29,835

32,946

Other creditors

2,631,265

1,718,423

2,757,935

1,840,243

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

-

38,889

Hire purchase contracts

5,201

12,251

5,201

51,140

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

10,575

17,625

The hire purchase liabilities are secured against the related assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

11.	RELATED PARTY DISCLOSURES