Simav Limited
Registered number: 07528649
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 953 1,190
Current assets
Debtors 3 9,726 -
Cash at bank and in hand 17,597 43,826
27,323 43,826
Creditors: amounts falling due within one year 4 (28,541) (26,674)
Net current (liabilities)/assets (1,218) 17,152
Total assets less current liabilities (265) 18,342
Creditors: amounts falling due after more than one year 5 420 -
Net assets 155 18,341
Capital and reserves
Called up share capital 100 100
Profit and loss account 55 18,241
Shareholders' funds 155 18,341
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Satvinder Sondhi
Director
Approved by the board on 12 June 2018
Simav Limited
Notes to the Accounts
for the year ended 28 February 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2 Tangible fixed assets
Plant and machinery etc Fixture and fittings Total
£ £ £
Cost
At 1 March 2017 6,929 2,300 9,229
Additions - 476 476
At 28 February 2018 6,929 2,776 9,705
Depreciation
At 1 March 2017 6,037 2,003 8,040
Charge for the year 446 267 713
At 28 February 2018 6,483 2,270 8,753
Net book value
At 28 February 2018 446 507 953
At 28 February 2017 892 298 1,190
3 Debtors 2018 2017
£ £
Trade debtors 9,726 -
4 Creditors: amounts falling due within one year 2018 2017
£ £
Corporation tax - 600
Other taxes and social security costs 225 212
Other creditors 28,316 25,862
28,541 26,674
5 Creditors: amounts falling due after one year 2018 2017
£ £
Trade creditors (420) -
6 Controlling party
During the period, the company wholly under the control of the directors.
7 Other information
Simav Limited is a private company limited by shares and incorporated in England. Its registered office is:
116 Lynmouth Crescent
Furzton
Milton Keynes
Bucks
MK4 1LQ
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