Simpson Judge Ltd - Period Ending 2023-06-30
Simpson Judge Ltd - Period Ending 2023-06-30
Registration number:
Simpson Judge Ltd
for the Year Ended 30 June 2023
Pages for filing with Registrar
Simpson Judge Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Simpson Judge Ltd
Company Information
Directors |
Mr B James Mr R J Simpson |
Company secretary |
Mr R J Simpson |
Registered office |
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Simpson Judge Ltd
(Registration number: 08405434)
Abridged Balance Sheet as at 30 June 2023
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2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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Simpson Judge Ltd
(Registration number: 08405434)
Abridged Balance Sheet as at 30 June 2023 (continued)
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Changes in accounting policy
The following have been applied for the first time from 1 July 2022 and have had an effect on the financial statements:
Re-statement of cost of sales
In previous years, staff wages and related costs were disclosed within cost of sales. The company has adopted new policies similar to other businesses in the sector and is now disclosing these costs with administrative expense.
Cost of sales now only includes remuneration costs of temporary staff for temporary placements, as disclosed in the accounting policies.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Cost of Sales | (1,822,214) | (773,121) | - |
Administrative expenses | 1,822,214 | 773,121 | - |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Turnover includes the consideration from both permanent and temporary placements.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cost of Sales
Cost of Sales represent the remuneration costs of temporary staff for temporary placements.
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Gross Profit
Gross profit represents the total placement fees of permanent candidates and the margin earned on placement of temporary candidates following the deduction of temporary remuneration in cost of sales.
Government grants
The company recognises government grants on the accruals model under FRS102.
Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
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Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to property |
20% Straight line |
Computer equipment |
25% Straight line |
Database content |
25% Straight line |
Fixtures & fittings |
20% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is either established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables or based on a fixed percentage of the debt when it becomes 90 days over due.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
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Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
Tangible assets |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £87,500 (2022 - £117,500). The outstanding loan contains a fixed and floating charge and is secured against the assets of the company.
Simpson Judge Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023 (continued)
Related party transactions |
Loans to related parties
2023 |
Key management |
At start of period |
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Advances and repayments |
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At end of period |
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2022 |
Key management |
At start of period |
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Advances and repayments |
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At end of period |
27,237 |
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Terms of loans to related parties