Simmonds Ltd
Simmonds Ltd
Registered number: 07018339
Unaudited Financial Statements
For The Year Ended
30 March 2022
Ten Forward Accounting Ltd
Chartered Certified Accountants
1 Mountview Court
310 Friern Barnet Lane
London
N20 0LD
Simmonds Ltd
Unaudited Financial Statements
For The Year Ended
30 March 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Simmonds Ltd
Statement of Financial Position
As at
30 March 2022
Statement of Financial Position
Registered number:
07018339
For the year ending 30 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (1,101,185) | (1,094,921) | |||
Simmonds Ltd
Statement of Financial Position (continued)
As at
30 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Simmonds Ltd
Notes to the Financial Statements
For The Year Ended
30 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the director that he will continue to give financial support to the company for the foreseeable future.
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Fixtures & Fittings |
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| Computer Equipment |
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The company has adopted a non-depreciation policy on Land & Buildings on the grounds it is deemed immaterial because of the length of the remaining useful economic life and also due to the estimated residual value expected to be not markedly different from the carrying amount.
1.4.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2021: NIL)
Simmonds Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 March 2022
3.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Depreciation | ||||
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| Net Book Value | ||||
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4.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Other debtors |
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| VAT |
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| Amounts owed by group undertakings |
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5.
Current Asset Investments
| 2022 | 2021 | ||
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| £ | £ | ||
| Listed investments | 17,985 | 16,113 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Other creditors |
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| Amounts owed to group undertakings |
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Simmonds Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 March 2022
7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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| Redeemable £1 Preference Shares 4.5% |
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The Lloyds bank loans and overdraft facilities have been secured against the leasehold property, unlimited debenture from the company and the director, Mr C Simmonds' personal assets, which includes proceeds of a life insurance policy.
9.
Related Party Transactions
Simmonds Trading Ltd
Simmonds Holdings Ltd also controls Simmonds Trading Ltd.
During the year Simmonds Trading Ltd received NIL (2021: £273,008) from investments made by Simmonds Ltd and paid expenses of £3,000 (2021: £1,29,668) on behalf of Simmonds Ltd. At the year end, the company owed £1,080,288 (2021: £1,077,288) to Simmonds Trading Ltd.
10.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
Simmonds Holdings Ltd
.
Simmonds Holdings Ltd
was incorporated in United Kingdom. The ultimate controlling party is
Mr Christopher Simmonds
who controls 100% of the shares of Simmonds Holdings Ltd.
11.
General Information
Simmonds Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
07018339
. The registered office is 52a Whitmore Road, London, N1 5QG.