Simpson Lynch and Co. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04069135 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

SIMPSON LYNCH AND CO. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Lynch

P A E Simpson

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

04069135 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

16,548

34,604

CURRENT ASSETS

Debtors

5

296,137

307,985

Cash at bank

204,532

173,617

500,669

481,602

CREDITORS

Amounts falling due within one year

6

160,498

221,301

NET CURRENT ASSETS

340,171

260,301

TOTAL ASSETS LESS CURRENT LIABILITIES

356,719

294,905

CREDITORS

Amounts falling due after more than one year

7

-

569

NET ASSETS

356,719

294,336

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

356,717

294,334

SHAREHOLDERS' FUNDS

356,719

294,336

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 7 March 2019 and were signed on its behalf by:

S P Lynch - Director

1.	COMPANY INFORMATION

Simpson Lynch and Co. 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for services provided in the normal course of business, net of discounts, VAT and other sales related

taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Bicycle

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

50% on cost

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets

and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest.

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

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. 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.

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.

Hire purchase and leasing commitments

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 operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

Bicycle

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

1,597

10,890

77,167

68,483

158,137

Additions

-

-

-

200

200

Disposals

(1,597

)

(10,350

)

(13,372

)

(55,765

)

(81,084

)

At 31 December 2018

-

540

63,795

12,918

77,253

DEPRECIATION

At 1 January 2018

1,566

10,380

45,269

66,318

123,533

Charge for year

31

180

15,949

2,096

18,256

Eliminated on disposal

(1,597

)

(10,350

)

(13,372

)

(55,765

)

(81,084

)

At 31 December 2018

-

210

47,846

12,649

60,705

NET BOOK VALUE

At 31 December 2018

-

330

15,949

269

16,548

At 31 December 2017

31

510

31,898

2,165

34,604

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

278,984

286,251

Other debtors

7,107

9,825

Staff loans

1,512

3,461

Prepayments and accrued income

8,534

8,448

296,137

307,985

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

569

14,163

Trade creditors

37,068

43,918

Tax

19,607

46,648

Social security and other taxes

26,197

23,056

VAT

68,837

80,763

Other creditors

604

4,728

Accruals and deferred income

7,616

8,025

160,498

221,301

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

-

569

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

569

14,163

Between one and five years

-

569

569

14,732

Non-cancellable

operating leases

2018

2017

£

£

Within one year

22,800

18,072

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

1

2

2

10.	RELATED PARTY DISCLOSURES

During the year Lynch Simpson Property Limited, a connected company with common shareholders obtained

an additional loan of £7,000 from the company.

On the 9 July 2018 the loan of £12,000 was repaid in full.