REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Simfoni Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
Debtors: amounts falling due after more than one year |
7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
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 | ) |
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 |
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 |
Simfoni Limited (Registered number: 09747447) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATEMENT OF COMPLIANCE |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
Amounts recoverable on contract |
Rent - deposit | 585 | 523 |
Accrual of Income |
Prepayments |
Deferred expense | 11,534 | 78,932 |
R&D tax credit receivable | 810,616 | 346,784 |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
VAT | 61,196 | 47,929 |
Deferred income |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
HSBC - Bounce back loan |
Amounts owed to group undertakings |
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 | ( |
) | 7,120,731 |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 1,906,272 | 1,906,272 |
Currency Translation Reserves | 28,573 | - | 28,573 |
At 31 December 2022 | ( |
) | 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. |
3 Sheen Road |
Richmond Upon Thames |
Surrey |
TW9 1AD |
Date: ............................................. |