Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs N Hughes 01/08/2018 Mr A Platt 09/02/2022 09 October 2023 The principal activity of the company was that of insolvency practitioners. 11134946 2023-03-31 11134946 bus:Director1 2023-03-31 11134946 bus:Director2 2023-03-31 11134946 2022-03-31 11134946 core:CurrentFinancialInstruments 2023-03-31 11134946 core:CurrentFinancialInstruments 2022-03-31 11134946 core:Non-currentFinancialInstruments 2023-03-31 11134946 core:Non-currentFinancialInstruments 2022-03-31 11134946 core:ShareCapital 2023-03-31 11134946 core:ShareCapital 2022-03-31 11134946 core:RetainedEarningsAccumulatedLosses 2023-03-31 11134946 core:RetainedEarningsAccumulatedLosses 2022-03-31 11134946 core:FurnitureFittings 2022-03-31 11134946 core:ComputerEquipment 2022-03-31 11134946 core:FurnitureFittings 2023-03-31 11134946 core:ComputerEquipment 2023-03-31 11134946 2022-04-01 2023-03-31 11134946 bus:FullAccounts 2022-04-01 2023-03-31 11134946 bus:SmallEntities 2022-04-01 2023-03-31 11134946 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11134946 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11134946 bus:Director1 2022-04-01 2023-03-31 11134946 bus:Director2 2022-04-01 2023-03-31 11134946 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 11134946 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 11134946 2021-04-01 2022-03-31 11134946 core:FurnitureFittings 2022-04-01 2023-03-31 11134946 core:ComputerEquipment 2022-04-01 2023-03-31 11134946 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 11134946 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 11134946 (England and Wales)

SIMPLY CORPORATE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

SIMPLY CORPORATE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

SIMPLY CORPORATE LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
SIMPLY CORPORATE LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
DIRECTORS Mrs N Hughes
Mr A Platt
REGISTERED OFFICE The Town Hall
Burnley Road
Padiham
England
BB12 8BS
United Kingdom
COMPANY NUMBER 11134946 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
SIMPLY CORPORATE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
SIMPLY CORPORATE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,978 5,823
4,978 5,823
Current assets
Debtors 5 141,280 96,236
Cash at bank and in hand 112,547 60,463
253,827 156,699
Creditors: amounts falling due within one year 6 ( 95,466) ( 87,655)
Net current assets 158,361 69,044
Total assets less current liabilities 163,339 74,867
Creditors: amounts falling due after more than one year 7 ( 34,463) ( 35,491)
Provision for liabilities ( 1,244) ( 1,456)
Net assets 127,632 37,920
Capital and reserves
Called-up share capital 600 600
Profit and loss account 127,032 37,320
Total shareholders' funds 127,632 37,920

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Simply Corporate Limited (registered number: 11134946) were approved and authorised for issue by the Board of Directors on 09 October 2023. They were signed on its behalf by:

Mrs N Hughes
Director
Mr A Platt
Director
SIMPLY CORPORATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
SIMPLY CORPORATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Simply Corporate Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Town Hall, Burnley Road, , Padiham, England, BB12 8BS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or work in progress.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the year because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 6

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2022 3,675 7,767 11,442
Additions 288 1,368 1,656
At 31 March 2023 3,963 9,134 13,097
Accumulated depreciation
At 01 April 2022 1,442 4,177 5,619
Charge for the financial year 863 1,637 2,500
At 31 March 2023 2,305 5,814 8,119
Net book value
At 31 March 2023 1,658 3,320 4,978
At 31 March 2022 2,233 3,590 5,823

5. Debtors

2023 2022
£ £
Trade debtors 13,033 8,184
Amounts recoverable on contracts 111,055 74,667
Prepayments 9,183 7,455
Other debtors 8,009 5,930
141,280 96,236

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,514 10,000
Trade creditors 12,863 11,660
Accruals 9,450 197
Taxation and social security 52,818 42,035
Other creditors 14,821 23,763
95,466 87,655

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 34,463 35,491

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 14,865 25,754

9. Events after the Balance Sheet date

On 26 June 2023 the Company undertook a repurchase of ordinary shares. The number of ordinary shares being repurchased is 200, each with a nominal value of £1. The shares were subsequently cancelled on 26 June 2023.