Sim Realisations Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07963010 (England and Wales)

Financial Statements

for the Year Ended 31st October 2019

for

SIM REALISATIONS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

G D Chilton

REGISTERED OFFICE:

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

REGISTERED NUMBER:

07963010 (England and Wales)

AUDITORS:

Simpson Wreford & Partners

Chartered Accountants & Statutory Auditors

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

BANKERS:

Lloyds Bank Plc

Attn Audits Team

Citymark

150 Fountainbridge

Edinburgh

EH3 9PE

FIXED ASSETS

Property, plant and equipment

4

115,656

137,456

Investments

5

1

1

115,657

137,457

CURRENT ASSETS

Debtors

6

237

65,278

CREDITORS

Amounts falling due within one year

7

1,159,434

1,165,697

NET CURRENT LIABILITIES

(1,159,197

)

(1,100,419

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,043,540

)

(962,962

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,043,640

)

(963,062

)

SHAREHOLDERS' FUNDS

(1,043,540

)

(962,962

)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 6th July 2020 and were signed by:

G D Chilton - Director

1.	STATUTORY INFORMATION

The principal activity of the company continued to be that of the operating of a motorsport entertainment

centre.

The company is a private company limited by shares and is registered in England and Wales. The address of its

registered office is Suffolk House, George Street, Croydon, Surrey, CR0 0YN. The address of the principal place

of business is 59/61 Brighton Road, Horley, Surrey, RH6 7HJ.

On 19 February 2020 the company changed its name from Capsicum Motorsport Simulation Limited to Sim

Realisations Limited.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

As a result of the decision taken by the directors following the year end to discontinue the operations of the

company, the company has ceased trading in February 2019. As a result, these financial statements have not

been prepared on the going concern basis.

Fixed assets are to be transferred to other group companies and companies under common control, and have

been restated at their recoverable amounts. The directors consider all current assets to be stated at their

recoverable amounts with no impairments necessary.

All intergroup loans payable and receivable have been formally written off at the year end as the directors do

not consider these are recoverable or payable by the company.

The company is itself a subsidiary company and is exempt from the requirement to prepare group financial

statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present

information about the company as an individual undertaking and not about its group.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of

Ireland'':

- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

- the requirements of Section 7 Statement of Cash Flows;

- the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48(c);

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Capsicum Motorsport Holdings Limited

as at 31st October 2018, which may be obtained from the company's registered office.

Turnover

Turnover comprises income recognised by the company in respect of the services provided at the motorsport

entertainment centre, exclusive of Value Added Tax.

Turnover from the entertainment services are recognised in the period in which the services are provided

when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the contract; and

- the stage of completion of the contract at the end of the reporting period can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the

asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

At each reporting date the company assesses whether there is any indication of impairment. If such indiction

exists, the recoverable amount of the asset is determined which is the higher of it's fair value less costs to see

and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable

amount.

Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful

lives, on the following basis:

Short leasehold

- 5% on cost

Plant and machinery

- 20% on cost

Computer equipment

- 20%/25% on cost

Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are

recognised in the statement of comprehensive income.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate of the recoverable amount, which is an

approximation of the amount that the company would receive for the asset if it were to be sold at the balance

sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on

notice of not more than 24 hours.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 18 ).

4.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1st November 2018

22,110

977,050

126,740

1,125,900

Disposals

-

(689,571

)

-

(689,571

)

At 31st October 2019

22,110

287,479

126,740

436,329

DEPRECIATION

At 1st November 2018

13,414

850,025

125,005

988,444

Charge for year

581

19,484

1,735

21,800

Eliminated on disposal

-

(689,571

)

-

(689,571

)

At 31st October 2019

13,995

179,938

126,740

320,673

NET BOOK VALUE

At 31st October 2019

8,115

107,541

-

115,656

At 31st October 2018

8,696

127,025

1,735

137,456

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st November 2018

and 31st October 2019

1

NET BOOK VALUE

At 31st October 2019

1

At 31st October 2018

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

-

1,720

VAT

237

800

Prepayments and accrued income

-

62,758

237

65,278

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts

628

7,430

Trade creditors

5,060

27,604

Social security and other taxes

-

2,653

Other creditors

332,118

20,929

Directors' loan accounts

821,628

1,073,488

Accruals and deferred income

-

33,593

1,159,434

1,165,697

8.	AUDITORS' INFORMATION

The audit report provided to the members of Capsicum Motorsport Simulation Limited on the financial

statements for the year ended 31 October 2019 was not qualified.

The audit report was signed by Deborah Wilkes (Senior Statutory Auditor) for and on behalf of Simpson

Wreford & Partners, Chartered Accountants and Statutory Auditor.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

G D Chilton, a director, continued to provide finance to the company during the year. The total balance owed

by the company at the year end was £821,628 (2018 - £818,148).

The loan is interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

No disclosure has been made of transactions and balances with the company's owned subsidiary in accordance

with FRS 102 Section 33 Paragraph 33.1A. This same exemption is not applicable to transactions between the

company and the wider Capsicum Motorsport Holdings Limited group as the company is not wholly owned by

its parent undertaking. Details of related party transactions and balances are described below:

Included within other creditors is £74,458 owed to Lets Explore Limited (2018 - £13,799), a company under

common control. The amount is interest free and repayable on demand.

11.	EVENTS AFTER THE REPORTING PERIOD

Within the year the company ceased to trade and following the year end the company went into liquidation.

The directors do not consider that intercompany loans owed to other group companies are repayable at the

year end and have formally written these off at the year end date. The financial impact to the company is a net

gain of £1,560.

12.	ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent undertaking continued to be Capsicum Motorsport Holdings

Limited, registered in England and Wales.

The ultimate controlling party is G D Chilton, by virtue of his shareholding.

Capsicum Motorsport Holdings Limited prepares consolidated financial statements and copies can be obtained

from Suffolk House, George Street, Croydon, Surrey, CR0 0YN.