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REGISTERED NUMBER: 03988665 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Simply Foam Products Limited

Simply Foam Products Limited (Registered number: 03988665)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Simply Foam Products Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: M F Bashir





REGISTERED OFFICE: Unit 20 Barton Industrial Estate
Etruria Way
Bilston
West Midlands
WV14 7LH





REGISTERED NUMBER: 03988665 (England and Wales)





ACCOUNTANTS: SRC Accountancy Services Limited
3 The Mill
Stuart Works
High Street
Wordsley
West Midlands
DY8 4FA

Simply Foam Products Limited (Registered number: 03988665)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,197,110 926,546
Investment property 5 122,543 122,543
1,319,653 1,049,089

CURRENT ASSETS
Stocks 31,500 24,000
Debtors 6 4,281,816 1,148,125
Cash at bank 3,126,337 5,394,253
7,439,653 6,566,378
CREDITORS
Amounts falling due within one year 7 819,738 563,231
NET CURRENT ASSETS 6,619,915 6,003,147
TOTAL ASSETS LESS CURRENT LIABILITIES 7,939,568 7,052,236

PROVISIONS FOR LIABILITIES 8 58,850 40,236
NET ASSETS 7,880,718 7,012,000

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 7,880,618 7,011,900
7,880,718 7,012,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 6 March 2024 and were signed by:





M F Bashir - Director


Simply Foam Products Limited (Registered number: 03988665)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Simply Foam Products 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 21 ) .

Simply Foam Products Limited (Registered number: 03988665)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2022 970,275 228,302 2,702 85,029 1,286,308
Additions 75,000 175,000 - 108,349 358,349
At 31 August 2023 1,045,275 403,302 2,702 193,378 1,644,657
DEPRECIATION
At 1 September 2022 286,361 60,362 2,410 10,629 359,762
Charge for year 30,356 34,294 292 22,843 87,785
At 31 August 2023 316,717 94,656 2,702 33,472 447,547
NET BOOK VALUE
At 31 August 2023 728,558 308,646 - 159,906 1,197,110
At 31 August 2022 683,914 167,940 292 74,400 926,546

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 122,543
NET BOOK VALUE
At 31 August 2023 122,543
At 31 August 2022 122,543

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 60,957 933,339
Other debtors 4,220,859 214,786
4,281,816 1,148,125

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 283,452 171,937
Taxation and social security 397,397 380,761
Other creditors 138,889 10,533
819,738 563,231

8. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 58,850 40,236

Simply Foam Products Limited (Registered number: 03988665)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 40,236
Provided during year 18,614
Balance at 31 August 2023 58,850

9. ULTIMATE CONTROLLING PARTY

The controlling party is M F Bashir.