Simtor Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01794125 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2022

for

Simtor Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S T J Long

Mrs L V Jardine

Mrs M Long

SECRETARY:

Mrs L V Jardine

REGISTERED OFFICE:

Warwick Mill Business Centre

Warwick Bridge Business Park

Carlisle

Cumbria

CA4 8RR

REGISTERED NUMBER:

01794125 (England and Wales)

ACCOUNTANTS:

James W A Cruickshank & Co

Chartered Accountants

Chartered Tax Advisers

Inglewood

Wreay

Carlisle

Cumbria

CA4 0RL

SOLICITORS:

Cartmell Shepherd

Viaduct House

Carlisle

CA3 8EZ

FIXED ASSETS

Tangible assets

4

2,555,426

3,803,881

CURRENT ASSETS

Stocks

507,080

517,080

Debtors

5

77,587

91,278

Cash at bank and in hand

89,503

343,829

674,170

952,187

CREDITORS

Amounts falling due within one year

6

163,963

235,676

NET CURRENT ASSETS

510,207

716,511

TOTAL ASSETS LESS CURRENT LIABILITIES

3,065,633

4,520,392

PROVISIONS FOR LIABILITIES

90,274

324,916

NET ASSETS

2,975,359

4,195,476

CAPITAL AND RESERVES

Called up share capital

249,654

249,654

Share premium

1,454,528

1,454,528

Other reserves

326,536

1,274,386

Retained earnings

944,641

1,216,908

SHAREHOLDERS' FUNDS

2,975,359

4,195,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2023 and were signed on its behalf by:

S T J Long - Director

1.	STATUTORY INFORMATION

Simtor 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 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 modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of value added tax. Invoices for services are accounted for pro - rata on a time basis.

Tangible fixed assets

All fixed assets are initially recorded at cost. Four properties previously revalued up until 30th November 2011 are now shown at historic cost. One of the properties was sold on 1st December 2011. The directors no longer revalue properties in the company's ownership.

Depreciation

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

Freehold Property - 1% straight line

Motor Vehicles - 25% reducing balance

Plant & Equipment - 25% reducing balance

Office Equipment & Furniture - 15% to 30% reducing balance and 20% straight line

Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 December 2021

3,778,770

555,953

165,145

Additions

1

-

444

Impairments

(1,170,185

)

-

-

At 30 November 2022

2,608,586

555,953

165,589

DEPRECIATION

At 1 December 2021

171,877

433,262

160,649

Charge for year

17,127

36,969

1,574

At 30 November 2022

189,004

470,231

162,223

NET BOOK VALUE

At 30 November 2022

2,419,582

85,722

3,366

At 30 November 2021

3,606,893

122,691

4,496

Scaffolding

Motor

& Joinery

vehicles

Plant

Totals

£

£

£

COST OR VALUATION

At 1 December 2021

123,067

6,695

4,629,630

Additions

-

-

445

Impairments

-

-

(1,170,185

)

At 30 November 2022

123,067

6,695

3,459,890

DEPRECIATION

At 1 December 2021

53,266

6,695

825,749

Charge for year

23,045

-

78,715

At 30 November 2022

76,311

6,695

904,464

NET BOOK VALUE

At 30 November 2022

46,756

-

2,555,426

At 30 November 2021

69,801

-

3,803,881

Cost or valuation at 30 November 2022 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2022

403,132

-

-

Cost

2,205,454

555,953

165,589

2,608,586

555,953

165,589

Scaffolding

Motor

& Joinery

vehicles

Plant

Totals

£

£

£

Valuation in 2022

-

-

403,132

Cost

123,067

6,695

3,056,758

123,067

6,695

3,459,890

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 December 2021

and 30 November 2022

69,002

DEPRECIATION

At 1 December 2021

44,131

Charge for year

12,921

At 30 November 2022

57,052

NET BOOK VALUE

At 30 November 2022

11,950

At 30 November 2021

24,871

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade debtors

12,939

20,478

Prepayments

12,231

70,800

Tax

52,417

-

77,587

91,278

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Other loans

36,327

45,833

Trade creditors

9,368

16,538

Tax

-

77,178

Social security and other taxes

15,662

11,042

VAT

16,744

4,067

Amounts due to Tenants

678

678

Tenant Deposits - 18 Fisher St

4,320

4,125

Tenants Deposits - WMBC

27,122

24,564

Tenants Deposits - W/Mill

20,524

20,648

Key Deposits

5,820

5,130

Accrued expenses

12,074

9,930

Rents Paid in Advance

15,324

15,943

163,963

235,676

7.	FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual agreement, 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.

8.	ULTIMATE CONTROLLING PARTY