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REGISTERED NUMBER: 09747447 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Simfoni Limited

Simfoni Limited (Registered number: 09747447)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

Simfoni Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: C Shah
H D Cunitz
J Freeman





REGISTERED OFFICE: 85 Great Portland Street
London
W1W 7LT





REGISTERED NUMBER: 09747447 (England and Wales)





ACCOUNTANTS: SKS Business Services Ltd
3 Sheen Road
Richmond Upon Thames
Surrey
TW9 1AD

Simfoni Limited (Registered number: 09747447)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 9,795 15,068
Investments 6 25 25
9,821 15,094

CURRENT ASSETS
Debtors: amounts falling due within one year 7 1,552,343 1,010,543
Debtors: amounts falling due after more than
one year

7

9,000,708

7,987,840
Cash at bank 25,370 65,235
10,578,421 9,063,618
CREDITORS
Amounts falling due within one year 8 (2,160,176 ) (1,827,908 )
NET CURRENT ASSETS 8,418,245 7,235,710
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,428,066

7,250,804

CREDITORS
Amounts falling due after more than one
year

9

(111,592

)

(127,206

)

PROVISIONS FOR LIABILITIES (1,861 ) (2,863 )
NET ASSETS 8,314,613 7,120,735

CAPITAL AND RESERVES
Called up share capital 10 4 4
Share premium 11 10,023,043 8,116,771
Retained earnings 11 (1,708,434 ) (996,040 )
8,314,613 7,120,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Simfoni Limited (Registered number: 09747447)

Balance Sheet - continued
31 December 2022


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 Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





C Shah - Director


Simfoni Limited (Registered number: 09747447)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATEMENT OF COMPLIANCE

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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

INTELLECTUAL PROPERTY
Simfoni Group Limited has transferred its rights on intellectual property to the Simfoni Limited on 1st January 2019 in consideration of the sum of £1 and other good and valuable consideration as per agreement.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 16 ) .

Simfoni Limited (Registered number: 09747447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 1
NET BOOK VALUE
At 31 December 2022 1
At 31 December 2021 1

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2022 29,498
Additions 3,129
At 31 December 2022 32,627
DEPRECIATION
At 1 January 2022 14,430
Charge for year 8,402
At 31 December 2022 22,832
NET BOOK VALUE
At 31 December 2022 9,795
At 31 December 2021 15,068

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 25
NET BOOK VALUE
At 31 December 2022 25
At 31 December 2021 25

Simfoni Limited (Registered number: 09747447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 532,778 482,811
Amounts recoverable on contract 13,838 -
Rent - deposit 585 523
Accrual of Income 168,214 93,156
Prepayments 14,778 8,337
Deferred expense 11,534 78,932
R&D tax credit receivable 810,616 346,784
1,552,343 1,010,543

Amounts falling due after more than one year:
Amounts owed by group undertakings 9,000,708 7,987,840

Aggregate amounts 10,553,051 8,998,383

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
HSBC - Bounce back loan 10,442 8,000
Loan from Boost - 613,433
Trade creditors 1,959,014 1,068,710
Amounts owed to group undertakings 57,275 35,088
VAT 61,196 47,929
Deferred income 53,706 35,859
Accrued expenses 18,543 18,889
2,160,176 1,827,908

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
HSBC - Bounce back loan 26,386 42,000
Amounts owed to group undertakings 85,206 85,206
111,592 127,206

10. CALLED UP SHARE CAPITAL

** POSTING HAS BEEN MADE TO SHARE CAPITAL 1 ACCOUNT ON TRIAL BALANCE BUT NO CORRESPONDING ENTRY HAS BEEN MADE ON CLIENT SCREEN FOR SHARE CAPITAL 1
THIS NOTE WILL THEREFORE NOT AGREE TO AMOUNT SHOWN ON
BALANCE SHEET


** POSTING HAS BEEN MADE TO SHARE CAPITAL 2 ACCOUNT ON TRIAL BALANCE BUT NO CORRESPONDING ENTRY HAS BEEN MADE ON CLIENT SCREEN FOR SHARE CAPITAL 2
THIS NOTE WILL THEREFORE NOT AGREE TO AMOUNT SHOWN ON
BALANCE SHEET


Simfoni Limited (Registered number: 09747447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

10. CALLED UP SHARE CAPITAL - continued


Numbers

Class
Nominal
Value

2022

2021
38,122,778 Ordinary 0.0001p 4 4

The following shares were issued during the year:

1,141,778 ordinary shares issued @ £1.669565

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2022 (996,040 ) 8,116,771 7,120,731
Deficit for the year (740,967 ) (740,967 )
Cash share issue - 1,906,272 1,906,272
Currency Translation Reserves 28,573 - 28,573
At 31 December 2022 (1,708,434 ) 10,023,043 8,314,609

12. RELATED PARTY DISCLOSURES

Simfoni Analytics Ltd
Simfoni Analytics Limited is wholly owned subsidiary of Simfoni Limited. At the balance sheet date, included in creditors due within a year was £57,275 (2021: £35,088) to Simfoni Analytics Limited. Also, Simfoni Analytics has raised recharge invoice to company amount of £396,263 which has been paid before R & D claim.

Simfoni USA Inc:
Simfoni USA Inc is wholly owned subsidiary of Simfoni Limited. At the balance sheet date, included in debtors falling due after more than one year was £9,000,708 (2021: £7,987,840) to Simfoni USA Inc. Simfoni USA Inc has raised recharge invoice on company amount of £495,367 which has been paid before R & D claim.


Simfoni Group Limited:
Simfoni Group Limited is holding company of Simfoni Limited. At the balance sheet date, included in creditors falling due after more than one year was £85,206 (2021: £85,206 - which shown in creditors falling due more than one year) to Simfoni Group Ltd and paid in 2023.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr. Chirag Shah, the director of Simfoni Group Limited..

14. GOING CONCERN

The director of holding company have confirmed that they will continue to give financial support to company until such time as its financial position improve.The financial statements do not include any adjustments that would result if the financial support were withdrawn.

15. R&D TAX CREDIT

Holding company has transferred its rights on intellectual property to the company on 1st January 2019 hence, company has claimed R&D tax credit from the year 2020. Other subsidiaries have raised recharges invoice for qualifying costs to the company and which have been paid before R&D claim will be made.

Simfoni Limited (Registered number: 09747447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

16. RECLASSIFICATION OF PREVIOUS YEAR EXPENSES

We have reclassified certain expenses of previous years as when necessary to disclose proper presentation of Income Statement.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Simfoni Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simfoni Limited for the year ended 31 December 2022 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Simfoni 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 Simfoni Limited and state those matters that we have agreed to state to the Board of Directors of Simfoni Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simfoni Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Simfoni 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 Simfoni Limited. You consider that Simfoni Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Simfoni 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.

Shareholders’ fund of the company is negative as on balance sheet date. Director is aware that trading insolvent is an illegal. However, director of company is willing to support the business for the foreseeable future and hence it is assumed as a going concern.






SKS Business Services Ltd
3 Sheen Road
Richmond Upon Thames
Surrey
TW9 1AD


Date: .............................................