Registration number: 05668459

Simtek (UK) Ltd

Contents

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

Simtek (UK) Ltd

(Registration number: 05668459)
Balance Sheet as at 30 July 2024

	Note	2024 £	2023 £
Fixed Assets
Intangible assets	4	169,434	-
Tangible Assets	5	5,428	8,323
		174,862	8,323
Current assets
Stocks	6	125,409	130,644
Debtors	7	134,069	105,351
Cash at bank and in hand		137	130
		259,615	236,125
Creditors: Amounts falling due within one year	8	(199,028)	(188,708)
Net current assets		60,587	47,417
Total assets less current liabilities		235,449	55,740
Creditors: Amounts falling due after more than one year	8	(146,100)	(54,415)
Provisions for liabilities		-	33
Net assets		89,349	1,358
Capital and Reserves
Called up share capital		100	100
Retained Earnings		89,249	1,258
Shareholders' funds		89,349	1,358

Simtek (UK) Ltd

(Registration number: 05668459)
Balance Sheet as at 30 July 2024

For the financial period ending 30 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their 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 Board on 23 April 2026 and signed on its behalf by:
 

......................................... Mrs VR Simkins Director

Simtek (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 July 2024

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:
Unit 1 Daniel Street Ind Estate
Whitworth
Rochdale
Lancashire
OL12 8BX

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

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The company has the support of the directors, Mr JD Simkin and Mrs VR Simkin, who will also assist the company meet their financial liabilities for the next year. Thus the directors have therefore adopted the going concern basis of accounting in preparing the financial statements.

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.

Simtek (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 July 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 less estimated residual value, 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 basis
Fixtures and fittings	15% reducing balance basis
Motor vehicles	25% reducing balance basis
Office equipment	15% reducing balance basis

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Simtek (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 July 2024

Development costs

Development expenditure is capitalised only if all of the following conditions are met:
- The technical feasibility of completing the intangible asset exists
- Management intends to complete the intangible asset and use or sell it
- The ability to use or sell the intangible asset exists
- It is probable that the asset will generate future economic benefits
- There are adequate technical, financial, and other resources to complete the development
- The expenditure attributable to the asset during its development stage can be measured reliably

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
Development costs	straight line over 10 years

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.

Simtek (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 July 2024

Borrowings

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 directors) during the period, was 8 (2023 - 8).

Simtek (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 July 2024

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
Additions acquired separately	180,665	180,665
At 30 July 2024	180,665	180,665
Amortisation
Amortisation charge	11,231	11,231
At 30 July 2024	11,231	11,231
Carrying amount
At 30 July 2024	169,434	169,434

Capitalised development costs have been recognised by credit to research and development expense heading in the profit and loss account.

Development expenditure of £112,314 relating to 2023 has been identified by the directors, and is included within the 2024 adjustment.

Simtek (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 July 2024

5	Tangible Assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2023	21,414	12,996	14,451	48,861
Disposals	-	(12,996)	(7,024)	(20,020)
At 30 July 2024	21,414	-	7,427	28,841
Depreciation
At 1 August 2023	17,090	12,230	11,218	40,538
Charge for the period	648	191	485	1,324
Eliminated on disposal	-	(12,421)	(6,028)	(18,449)
At 30 July 2024	17,738	-	5,675	23,413
Carrying amount
At 30 July 2024	3,676	-	1,752	5,428
At 31 July 2023	4,324	766	3,233	8,323

6

Stocks

	2024 £	2023 £
Work in progress	24,735	26,725
Other inventories	100,674	103,919
	125,409	130,644