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Registration number: SC285199

Simblox Technologies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Simblox Technologies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Simblox Technologies Limited

Company Information

Directors

Mr Mark Le Huray

Mrs Karen Le Huray

Registered office

Enterprise Centre
Exploration Drive
Aberdeen
AB23 8GX

Accountants

Mint Accounting Ltd
63 Dock Street
Dundee
DD1 3DU

 

Simblox Technologies Limited

(Registration number: SC285199)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

19,415

28,947

Current assets

 

Stocks

6

26,670

27,805

Debtors

7

251,713

189,444

Cash at bank and in hand

 

35,174

80,053

 

313,557

297,302

Creditors: Amounts falling due within one year

8

(142,795)

(128,934)

Net current assets

 

170,762

168,368

Total assets less current liabilities

 

190,177

197,315

Creditors: Amounts falling due after more than one year

8

(24,167)

(35,967)

Provisions for liabilities

(3,689)

(5,500)

Net assets

 

162,321

155,848

Capital and reserves

 

Called up share capital

100

100

Retained earnings

162,221

155,748

Shareholders' funds

 

162,321

155,848

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Simblox Technologies Limited

(Registration number: SC285199)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
Mr Mark Le Huray
Director

.........................................
Mrs Karen Le Huray
Director

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Enterprise Centre
Exploration Drive
Aberdeen
AB23 8GX

Was 1st year that had breached on 2 counts

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Fixtures and fittings

25% reducing balance

Office equipment

33% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

33% on cost

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.

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

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.

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 11).

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 June 2022

7,500

7,500

At 31 May 2023

7,500

7,500

Amortisation

At 1 June 2022

7,500

7,500

At 31 May 2023

7,500

7,500

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

44,960

24,990

69,950

Additions

1,873

-

1,873

Disposals

(7,086)

-

(7,086)

At 31 May 2023

39,747

24,990

64,737

Depreciation

At 1 June 2022

30,741

10,262

41,003

Charge for the year

7,723

3,682

11,405

Eliminated on disposal

(7,086)

-

(7,086)

At 31 May 2023

31,378

13,944

45,322

Carrying amount

At 31 May 2023

8,369

11,046

19,415

At 31 May 2022

14,219

14,728

28,947

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Stocks

2023
£

2022
£

Other inventories

26,670

27,805

7

Debtors

Current

2023
£

2022
£

Trade debtors

244,013

178,772

Prepayments

5,875

8,847

Other debtors

1,825

1,825

 

251,713

189,444

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,800

12,700

Trade creditors

 

66,988

56,580

Taxation and social security

 

40,484

39,712

Accruals and deferred income

 

49

575

Other creditors

 

23,474

19,367

 

142,795

128,934

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,800 (2022 - £2,700)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,167

35,967

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £0 (2022 - £1,800)

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,167

34,167

Hire purchase contracts

-

1,800

24,167

35,967

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

1,800

2,700

11,800

12,700

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

14,326

-

Later than one year and not later than five years

-

28,093

14,326

28,093

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,767 (2022 - £13,597).

11

Transition to FRS 102

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Balance Sheet at 1 June 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

35,873

-

-

35,873

Current assets

Stocks

9,376

-

-

9,376

Debtors

203,909

-

-

203,909

Cash at bank and in hand

51,386

-

-

51,386

264,671

-

-

264,671

Creditors: Amounts falling due within one year

(95,835)

-

-

(95,835)

Net current assets

168,836

-

-

168,836

Total assets less current liabilities

204,709

-

-

204,709

Creditors: Amounts falling due after more than one year

(48,667)

-

-

(48,667)

Provisions for liabilities

-

-

(6,668)

(6,668)

Net assets/(liabilities)

156,042

-

(6,668)

149,374

Capital and reserves

Called up share capital

(100)

-

-

(100)

Retained earnings

(155,942)

-

6,668

(149,274)

Total equity

(156,042)

-

6,668

(149,374)

 

Simblox Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Balance Sheet at 31 May 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

28,947

-

-

28,947

Current assets

Stocks

27,805

-

-

27,805

Debtors

189,444

-

-

189,444

Cash at bank and in hand

80,053

-

-

80,053

297,302

-

-

297,302

Creditors: Amounts falling due within one year

(128,934)

-

-

(128,934)

Net current assets

168,368

-

-

168,368

Total assets less current liabilities

197,315

-

-

197,315

Creditors: Amounts falling due after more than one year

(35,967)

-

-

(35,967)

Provisions for liabilities

-

-

(5,500)

(5,500)

Net assets/(liabilities)

161,348

-

(5,500)

155,848

Capital and reserves

Called up share capital

(100)

-

-

(100)

Retained earnings

(161,248)

-

5,500

(155,748)

Total equity

(161,348)

-

5,500

(155,848)