PA Simmonds Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07122985

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

PA SIMMONDS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

P A Simmonds

SECRETARY:

E L Simmonds

REGISTERED OFFICE:

19 Goldington Road

Bedford

MK40 3JY

REGISTERED NUMBER:

07122985

ACCOUNTANTS:

Steve Monico Limited

Chartered Accountants

19 Goldington Road

Bedford

MK40 3JY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,255

2,553

3,255

2,553

CURRENT ASSETS

Cash at bank and in hand

144,221

249,150

CREDITORS

Amounts falling due within one year

6

75,893

247,466

NET CURRENT ASSETS

68,328

1,684

TOTAL ASSETS LESS CURRENT LIABILITIES

71,583

4,237

PROVISIONS FOR LIABILITIES

618

485

NET ASSETS

70,965

3,752

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

70,865

3,652

SHAREHOLDERS' FUNDS

70,965

3,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 8 April 2022 and were signed by:

P A Simmonds - Director

1.	STATUTORY INFORMATION

PA Simmonds Limited is a private company, limited by shares, registered in England within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Turnover

Turnover represents commissions due in respect of the period.

Grants are accounted for in the period to which they relate.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of four years.

Intangible assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of 4 years. This period has been selected as the purchase of the asset in 2017 is expected to lead to increased income streams for 4 years.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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.

Deferred tax

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

Hire purchase and leasing commitments

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date rent is expected to be adjusted to the prevailing market rate.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 February 2021

and 31 January 2022

100,000

555,000

655,000

AMORTISATION

At 1 February 2021

and 31 January 2022

100,000

555,000

655,000

NET BOOK VALUE

At 31 January 2022

-

-

-

At 31 January 2021

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2021

4,906

19,133

24,039

Additions

-

2,166

2,166

At 31 January 2022

4,906

21,299

26,205

DEPRECIATION

At 1 February 2021

3,356

18,130

21,486

Charge for year

620

844

1,464

At 31 January 2022

3,976

18,974

22,950

NET BOOK VALUE

At 31 January 2022

930

2,325

3,255

At 31 January 2021

1,550

1,003

2,553

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

180,000

Trade creditors

1,268

147

Taxation and social security

71,522

65,038

Other creditors

3,103

2,281

75,893

247,466

7.	OTHER FINANCIAL COMMITMENTS

At the year end, the company had no financial commitments under operating leases (2021: £9,500) which are not included in the balance sheet.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PA Simmonds Ltd for the year ended 31 January 2022 which comprise the Profit and Loss Account, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of PA Simmonds Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PA Simmonds Ltd and state those matters that we have agreed to state to the director of PA Simmonds Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PA Simmonds Ltd and its director for our work or for this report.

It is your duty to ensure that PA Simmonds Ltd 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 profit of PA Simmonds Ltd. You consider that PA Simmonds Ltd 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 PA Simmonds Ltd. 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.

Steve Monico Limited

Chartered Accountants

19 Goldington Road

Bedford

MK40 3JY

8 April 2022