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Registration number: 12066318

Simply Just One Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Simply Just One Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Simply Just One Ltd

Company Information

Director

Mr Michael Philip Jackson

Registered office

Office 15 Woodbine Farm Business Centre
Truro Business Park
Threemilestone
Truro
TR3 6BW

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus. Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Simply Just One Ltd

(Registration number: 12066318)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,952

2,462

Current assets

 

Stocks

5

24,834

23,084

Debtors

6

6,676

9,042

Cash at bank and in hand

 

1,653

5,136

 

33,163

37,262

Creditors: Amounts falling due within one year

7

(24,903)

(16,948)

Net current assets

 

8,260

20,314

Total assets less current liabilities

 

10,212

22,776

Creditors: Amounts falling due after more than one year

7

(26,122)

(30,831)

Net liabilities

 

(15,910)

(8,055)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(15,911)

(8,056)

Shareholders' deficit

 

(15,910)

(8,055)

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 September 2023
 

 

Simply Just One Ltd

(Registration number: 12066318)
Balance Sheet as at 30 June 2023

.........................................
Mr Michael Philip Jackson
Director

 

Simply Just One Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 15 Woodbine Farm Business Centre
Truro Business Park
Threemilestone
Truro
TR3 6BW

These financial statements were authorised for issue by the director on 27 September 2023.

2

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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.

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.

 

Simply Just One Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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 merchandise sold or 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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Simply Just One Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Simply Just One Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

3,150

750

326

4,226

Additions

141

-

-

141

At 30 June 2023

3,291

750

326

4,367

Depreciation

At 1 July 2022

1,388

188

188

1,764

Charge for the year

476

140

35

651

At 30 June 2023

1,864

328

223

2,415

Carrying amount

At 30 June 2023

1,427

422

103

1,952

At 30 June 2022

1,762

562

138

2,462

5

Stocks

2023
£

2022
£

Other inventories

24,834

23,084

6

Debtors

Current

2023
£

2022
£

Trade debtors

6,176

8,171

Other debtors

500

871

 

6,676

9,042

7

Creditors

Creditors: amounts falling due within one year

 

Simply Just One Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,765

4,000

Trade creditors

 

7,348

4,435

Taxation and social security

 

61

1,043

Accruals and deferred income

 

400

400

Other creditors

 

12,329

7,070

 

24,903

16,948

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,765

4,000

 

Simply Just One Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

26,122

30,831

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Related party transactions

Key management personnel

Mr M Jackson (director).

Summary of transactions with key management

Director's loan account.
 Interest free and repayable on demand of the Company. At the balance sheet date the amount due to the director was £2 (2021: -£371).
 

Transactions with the director

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Mr Michael Philip Jackson

Director's loan account

371

(371)

-

       
     

 

2022

At 1 July 2021
£

Advances to director
£

At 30 June 2022
£

Mr Michael Philip Jackson

Director's loan account

-

371

371