Company Registration No. 04620515 (England and Wales)
SIMPLY ACTIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SIMPLY ACTIVE LIMITED
COMPANY INFORMATION
Director
Mr D F Brown
Company number
04620515
Registered office
Unit 11
Shrub Hill Industrial Estate
Shrub Hill Road
Worcester
Worcestershire
WR4 9EL
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
4 The Cross
Worcester
Worcestershire
WR1 3PY
SIMPLY ACTIVE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SIMPLY ACTIVE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SIMPLY ACTIVE LIMITED FOR THE PERIOD ENDED 29 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simply Active Limited for the period ended 29 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Simply Active Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Simply Active Limited and state those matters that we have agreed to state to the Board of Directors of Simply Active Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simply Active Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Simply Active Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Simply Active Limited. You consider that Simply Active Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Simply Active Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
11 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SIMPLY ACTIVE LIMITED
BALANCE SHEET
AS AT 29 JUNE 2023
29 June 2023
- 2 -
2023
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
20
Tangible assets
4
5,570
5,590
Current assets
Stocks
-
1,087
Debtors
5
13,941
Cash at bank and in hand
24
24
24
15,052
Creditors: amounts falling due within one year
6
(77,309)
(63,925)
Net current liabilities
(77,285)
(48,873)
Total assets less current liabilities
(77,285)
(43,283)
Creditors: amounts falling due after more than one year
7
(7,308)
(15,327)
Net liabilities
(84,593)
(58,610)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(84,693)
(58,710)
Total equity
(84,593)
(58,610)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SIMPLY ACTIVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 JUNE 2023
29 June 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 11 January 2024.
Mr D F Brown
Director
Company Registration No. 04620515
SIMPLY ACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2023
- 4 -
1
Accounting policies
Company information
Simply Active Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Shrub Hill Industrial Estate, Shrub Hill Road, Worcester, Worcestershire, WR4 9EL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Copyright
10 years
SIMPLY ACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Plant and machinery
25% on reducing balance
Fixtures, fittings and equipment
25% on reducing balance
Computer equipment
33% on cost
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
SIMPLY ACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
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 lease asset are consumed.
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 5 (2021 - 5).
3
Intangible fixed assets
Copyright
£
Cost
At 31 December 2021 and 29 June 2023
200
Amortisation and impairment
At 31 December 2021
180
Amortisation charged for the period
20
At 29 June 2023
200
Carrying amount
At 29 June 2023
At 30 December 2021
20
SIMPLY ACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost
At 31 December 2021
65,843
15,523
709
82,075
Disposals
(65,843)
(15,523)
(709)
(82,075)
At 29 June 2023
Depreciation and impairment
At 31 December 2021
61,328
14,468
709
76,505
Depreciation charged in the period
1,555
365
1,920
Eliminated in respect of disposals
(62,883)
(14,833)
(709)
(78,425)
At 29 June 2023
Carrying amount
At 29 June 2023
At 30 December 2021
4,515
1,055
5,570
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
251
Other debtors
2,509
-
2,760
Deferred tax asset
11,181
13,941
6
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans and overdrafts
14,660
10,864
Trade creditors
18,184
3,706
Taxation and social security
474
6,475
Other creditors
43,991
42,880
77,309
63,925
SIMPLY ACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
7,308
15,327
8
Secured debts
The following secured debts are included within creditors:
2023
2021
£
£
Bank overdrafts
5,587
3,114
Bank loans
16,381
23,077
21,968
26,191
Bank loans are secured by way of a fixed and floating charge over all assets of the company and a government-backed guarantee.
9
Called up share capital
2023
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
10
Ultimate controlling party
The ultimate controlling party is Mr D F Brown.