REGISTERED NUMBER: |
Simply DIY Limited |
Unaudited Financial Statements for the Year Ended 28 February 2022 |
REGISTERED NUMBER: |
Simply DIY Limited |
Unaudited Financial Statements for the Year Ended 28 February 2022 |
Simply DIY Limited (Registered number: 05017817) |
Contents of the Financial Statements |
for the Year Ended 28 February 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Simply DIY Limited |
Company Information |
for the Year Ended 28 February 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 London Road |
Rainham |
Gillingham |
Kent |
ME8 7RG |
Simply DIY Limited (Registered number: 05017817) |
Statement of Financial Position |
28 February 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Simply DIY Limited (Registered number: 05017817) |
Statement of Financial Position - continued |
28 February 2022 |
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 |
Simply DIY Limited (Registered number: 05017817) |
Notes to the Financial Statements |
for the Year Ended 28 February 2022 |
1. | STATUTORY INFORMATION |
Simply DIY Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income recognition |
Income represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. |
Income is recognised when the company becomes entitled to it, usually on the rendering of an invoice. |
Tangible fixed assets |
Plant and machinery etc | - |
Inventories |
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. |
In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion. |
Financial instruments |
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. Basic financial instruments are recognised at amortised cost. |
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 statement of financial position date. |
Simply DIY Limited (Registered number: 05017817) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Government grants |
Government grants in relation to COVID-19 are recognised on the accruals basis and credited to the Income Statement and any related expenditure is charged to the Income Statement. |
Going concern |
The financial statements have been prepared on a going concern basis. While the impact of the COVID-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response/financial support and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. |
During the year the company took advantage of the grants and support offered by the government due to the COVID-19 pandemic insofar far as claiming business rates relief and obtaining a bounce back loan. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Simply DIY Limited (Registered number: 05017817) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2021 |
Additions |
Disposals | ( |
) |
At 28 February 2022 |
DEPRECIATION |
At 1 March 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 February 2022 |
NET BOOK VALUE |
At 28 February 2022 |
At 28 February 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts and finance leases (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases (see note 8) |
Simply DIY Limited (Registered number: 05017817) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan due after 5 years | - | 4,167 |
8. | LEASING AGREEMENTS |
The company has total other operating lease commitments at 28 February 2022 of £655,143. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts and finance leases | 96,275 | 129,000 |
Bank loans | 11,558 | 17,095 |
Hire Purchase contracts and finance leases are secured against the relevant assets. The bank holds a fixed and floating charge over all property and assets present and future. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28 February 2022 and 28 February 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is charged at the official rate of interest set by HMRC on loans to directors that exceed the HMRC exempt amount. The loans are repayable on demand. |