Simon and Dean Limited Filleted accounts for Companies House (small and micro)

SIMON AND DEAN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00717138

Simon and Dean Limited

Filleted Unaudited Financial Statements

30 April 2020

Simon and Dean Limited

Financial Statements

Year ended 30 April 2020

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 10

Simon and Dean Limited

Officers and Professional Advisers

The board of directors	Mr M D Simon
	Mrs J A Simon
	Mr P Hoy
	Mrs A J Milton

Company secretary	P S Hoy

Registered office	Castle Works
	Brickyard Lane
	Studley
	Warwickshire
	B80 7EE

Accountants	BSN Associates Limited
	Chartered Accountants
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

Simon and Dean Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Simon and Dean Limited

Year ended 30 April 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simon and Dean Limited for the year ended 30 April 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Simon and Dean Limited, as a body, in accordance with the terms of our engagement letter dated 6 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Simon and Dean Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simon and Dean Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Simon and Dean Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Simon and Dean Limited. You consider that Simon and Dean Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Simon and Dean Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BSN Associates Limited Chartered Accountants

3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG

16 November 2020

Simon and Dean Limited

Statement of Financial Position

30 April 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		498,037	511,144

Current assets

Stocks		76,236	61,558
Debtors	6	103,380	152,558
Cash at bank and in hand		249,372	345,771
		---------	---------
		428,988	559,887

Creditors: amounts falling due within one year	7	90,233		185,529
		---------		---------
Net current assets			338,755	374,358
			---------	---------
Total assets less current liabilities			836,792	885,502

Provisions

Taxation including deferred tax	8	8,499	9,229
		---------	---------
Net assets		828,293	876,273
		---------	---------

Simon and Dean Limited

Statement of Financial Position (continued)

30 April 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	10	30,668	30,668
Share premium account	11	99	99
Capital redemption reserve	11	15,333	15,333
Profit and loss account	11	782,193	830,173
		---------	---------
Shareholders funds		828,293	876,273
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 November 2020 , and are signed on behalf of the board by:

P S Hoy Director

Company registration number: 00717138

Simon and Dean Limited

Notes to the Financial Statements

Year ended 30 April 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castle Works, Brickyard Lane, Studley, Warwickshire, B80 7EE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant estimates or judgements have been made by management when preparing these accounts.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buldings	-	2% straight line
Plant & Machinery	-	10% reducing balance
Furniture & Fixtures	-	33% straight line
Office Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Revenue grants are recognised in the period to which they relate.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 15 (2019: 15 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 May 2019	612,676	202,542	5,970	16,313	837,501
Additions	–	3,381	–	374	3,755
Other movements	–	( 1,389)	–	–	( 1,389)
	---------	---------	-------	--------	---------
At 30 April 2020	612,676	204,534	5,970	16,687	839,867
	---------	---------	-------	--------	---------
Depreciation
At 1 May 2019	136,960	172,092	2,975	14,330	326,357
Charge for the year	9,002	3,244	1,970	1,257	15,473
	---------	---------	-------	--------	---------
At 30 April 2020	145,962	175,336	4,945	15,587	341,830
	---------	---------	-------	--------	---------
Carrying amount
At 30 April 2020	466,714	29,198	1,025	1,100	498,037
	---------	---------	-------	--------	---------
At 30 April 2019	475,716	30,450	2,995	1,983	511,144
	---------	---------	-------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	70,660	129,177
Prepayments and accrued income	24,523	23,381
Other debtors	8,197	–
	---------	---------
	103,380	152,558
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	54,138	110,770
Accruals and deferred income	15,904	17,790
Corporation tax	–	8,197
Social security and other taxes	20,191	48,223
Other creditors	–	549
	--------	---------
	90,233	185,529
	--------	---------

8. Provisions

	Deferred tax (note 9)
	£
At 1 May 2019	9,229
Additions	( 730)
	-------
At 30 April 2020	8,499
	-------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions (note 8)	8,499	9,229
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	8,889	9,229
Unused tax losses	( 390)	–
	-------	-------
	8,499	9,229
	-------	-------

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	30,668	30,668	30,668	30,668
	--------	--------	--------	--------

11. Reserves

The company maintains the following reserves: Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.