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REGISTERED NUMBER: 05017817 (England and Wales)















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: K S Mattu
R Johal





REGISTERED OFFICE: 3 - 5 London Road
Rainham
Gillingham
Kent
ME8 7RG





BUSINESS ADDRESS: Laker Road
Rochester Airport Industrial Estate
Rochester
Kent
ME1 3QX





REGISTERED NUMBER: 05017817 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
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 4 140,472 175,733

CURRENT ASSETS
Inventories 501,273 330,326
Debtors 5 558,483 334,516
Cash at bank and in hand 482,698 428,260
1,542,454 1,093,102
CREDITORS
Amounts falling due within one year 6 695,439 511,578
NET CURRENT ASSETS 847,015 581,524
TOTAL ASSETS LESS CURRENT LIABILITIES 987,487 757,257

CREDITORS
Amounts falling due after more than one
year

7

(87,913

)

(131,166

)

PROVISIONS FOR LIABILITIES (19,892 ) (22,124 )
NET ASSETS 879,682 603,967

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 879,582 603,867
SHAREHOLDERS' FUNDS 879,682 603,967

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Simply DIY Limited (Registered number: 05017817)

Statement of Financial Position - continued
28 February 2022


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 25 July 2022 and were signed on its behalf by:




K S Mattu - Director



R Johal - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and Over the term of the lease

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 22 (2021 - 20 ) .

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 330,354
Additions 32,269
Disposals (31,650 )
At 28 February 2022 330,973
DEPRECIATION
At 1 March 2021 154,621
Charge for year 57,269
Eliminated on disposal (21,389 )
At 28 February 2022 190,501
NET BOOK VALUE
At 28 February 2022 140,472
At 28 February 2021 175,733

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 414,056 290,378
Other debtors 144,427 44,138
558,483 334,516

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 15,678 12,332
Hire purchase contracts and finance leases (see note 8)
48,409

52,597
Trade creditors 442,529 280,012
Taxation and social security 164,305 157,190
Other creditors 24,518 9,447
695,439 511,578

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 40,047 54,763
Hire purchase contracts and finance leases (see note 8)
47,866

76,403
87,913 131,166

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
107,833 146,095

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
£    £   
R Johal
Balance outstanding at start of year - -
Amounts advanced 45,701 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,701 -

K S Mattu
Balance outstanding at start of year - -
Amounts advanced 45,701 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,701 -

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.