Registration number: 07263160

Simig Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Simig Ltd

Company Information

Director

Mr S Gloster

Registered office

Bridge House 41 Wincolmlee Hull East Yorkshire HU2 8AG

Simig Ltd

(Registration number: 07263160)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	33,000	38,500
Tangible assets	5	38,223	46,098
		71,223	84,598
Current assets
Stocks	6	2,500	2,500
Debtors	7	3,317	19,723
Cash at bank and in hand		2,619	3,569
		8,436	25,792
Creditors: Amounts falling due within one year	8	(194,322)	(172,915)
Net current liabilities		(185,886)	(147,123)
Total assets less current liabilities		(114,663)	(62,525)
Creditors: Amounts falling due after more than one year	8	(5,269)	(15,643)
Net liabilities		(119,932)	(78,168)
Capital and reserves
Called up share capital		100	100
Retained earnings		(120,032)	(78,268)
Shareholders' deficit		(119,932)	(78,168)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2025
 

Simig Ltd

(Registration number: 07263160)
Balance Sheet as at 31 March 2025

......................................... Mr S Gloster Director

Simig Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG
United Kingdom

The principal place of business is:
26 Town Street
Duffield
Derbyshire
DE56 4EH

These financial statements were authorised for issue by the director on 31 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company’s net current liabilities exceeded its net current assets. The company has received assurance from the director that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company’s accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company’s assets or liabilities that might be necessary should this basis not continue to be appropriate.

Simig Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Computer equipment	33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Simig Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Simig Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 3).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	70,000	70,000
At 31 March 2025	70,000	70,000
Amortisation
At 1 April 2024	31,500	31,500
Amortisation charge	5,500	5,500
At 31 March 2025	37,000	37,000
Carrying amount
At 31 March 2025	33,000	33,000
At 31 March 2024	38,500	38,500

Simig Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	9,588	58,971	58,999	127,558
At 31 March 2025	9,588	58,971	58,999	127,558
Depreciation
At 1 April 2024	9,373	49,380	22,707	81,460
Charge for the year	33	2,398	5,444	7,875
At 31 March 2025	9,406	51,778	28,151	89,335
Carrying amount
At 31 March 2025	182	7,193	30,848	38,223
At 31 March 2024	215	9,591	36,292	46,098

6

Stocks

	2025 £	2024 £
Other inventories	2,500	2,500

7

Debtors

	2025 £	2024 £
Prepayments	1,240	825
Other debtors	2,077	18,898
	3,317	19,723

Simig Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	177,308	148,768
Trade creditors		7,472	5,517
Taxation and social security		5,430	14,597
Accruals and deferred income		4,112	3,865
Other creditors		-	168
		194,322	172,915

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	5,269	15,643

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	5,269	15,643

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,375	10,119
Other borrowings	166,933	138,649
	177,308	148,768

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £352,450 (2024 - £358,348).