Simmonds Ltd
Simmonds Ltd
Registered number: 07018339
Unaudited Financial Statements
For The Year Ended 31 March 2018
Ten Forward Finance Ltd
Certified Practising Accountants
Balfour House
741 High Road
London
N12 0BP
Simmonds Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—7 |
Simmonds Ltd
Statement of Financial Position
For The Year Ended 31 March 2018
Statement of Financial Position
Registered number:
07018339
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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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 ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (693,513) | 264,557 | |||
Page 1
Simmonds Ltd
Statement of Financial Position (continued)
For The Year Ended 31 March 2018
Director's responsibilities
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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. - 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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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Simmonds Ltd
Notes to the Financial Statements
For The Year Ended 31 March 2018
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
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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.
Page 3
Simmonds Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
1.6.
Current Asset Investments
Investments in subsidiary, associates and jointly controlled entities are included at fair value. The share of profit or loss from the Seafield Street LLP for its accounting period ending
within the accounting period of the company is included in the accounts of that period of the company as a value adjustment.
1.7.
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 as follows:
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| Office and administration |
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3.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Fixtures & Fittings | Computer Equipment | Total | |
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| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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Page 4
Simmonds Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
4.
Debtors
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Amounts owed by group undertakings |
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5.
Current Asset Investments
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| Other investments, held for sale |
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YE 31.03.18
- Stocks: £129,564
- Debtors: £7,510
- Bank: £279
- Less Creditors: £7,569
- Net Current Assets: £129,784
The director considers that, in order to show a true and fair view, the company's value adjustments to current asset investments are equivalent to its share of the results of the Seafield Street LLP,which should be accounted for as such in the Income Statement and its share of net assets should be shown within current assets on the balance sheet. These accounts have been prepared on that basis.
Page 5
Simmonds Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
6.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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| Amounts owed to group undertakings |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Bank loans |
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| Redeemable £1 Preference Shares 4.5% |
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The company discharged the debt due to Grimm Ltd Pension Scheme, in relation to director pension contributions, by issuing 386,020 £1 preference shares to Grimm Ltd Pension Scheme on 9 December 2011. The preference shares are redeemable after 5 years from the date of issue.
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.
Page 6
Simmonds Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
9.
Directors Advances, Credits and Guarantees
Included within Creditors is the following loan from the director:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr Christopher Simmonds |
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The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
| 2018 | 2017 | |
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| £ | £ | |
| Mr Christopher Simmonds | - | 7,500 |
10.
Related Party Transactions
Simmonds Holdings Ltd
The company is controlled by Simmonds Holdings Ltd.
There were a number of transactions during the year, and at year end the company was owed £19,760 from Simmonds Holdings Ltd
Simmonds Trading ltd
Simmonds Trading Ltd is also controlled by Simmonds Holdings Ltd
There were a number of transactions during the year, and at year end the company was owed £353,960 from Simmonds Trading Ltd.
11.
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 company shares were transferred to Simmonds Holdings Ltd on 28 April 2016 as part of a share for share exchange agreement. The ultimate controlling party is Mr Christopher Simmonds who controls 100% of the shares of Simmonds Holdings Ltd .
12.
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.
Page 7