REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
Simstrad Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
Simstrad Limited |
Simstrad Limited (Registered number: 12255416) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Simstrad Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 Purley Way |
Croydon |
Surrey |
CR0 0XZ |
Simstrad Limited (Registered number: 12255416) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Investment property reserve | 7 |
Retained earnings | 7 |
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. |
Simstrad Limited (Registered number: 12255416) |
Balance Sheet - continued |
31 October 2023 |
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 |
Simstrad Limited (Registered number: 12255416) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Simstrad Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company was that of buying and selling of own real estate. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents amounts receivable for rent. |
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. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
TAXATION |
The tax expense represents the sum of the tax currently payable. |
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 is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to income statement in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in Balance sheet. |
Simstrad Limited (Registered number: 12255416) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Revaluations | 20,000 |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2021 | 22,003 |
Valuation in 2022 | (306 | ) |
Valuation in 2023 | 20,000 |
Cost | 543,303 |
585,000 |
Investment property comprises of 3 properties. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties by directors. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
The directors consider the carrying value of trade and other receivables approximate to their fair value. |
Simstrad Limited (Registered number: 12255416) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
7. | RESERVES |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve. |
INVESTMENT PROPERTY RESERVES |
The Company uses the fair value model for the measurement of its investment properties. Investment property reserves consist of fair value adjustment of £20,000 (2022 - £306) add the corresponding deferred tax calculated on the fair value of £203 (2022- £3,539) in relation to investment properties. This is a non distributable reserve. |
8. | RELATED PARTY DISCLOSURES |
As at the balance sheet date included in other creditors were amounts of £544,663 (2022- £546,563) due to the director. |