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Registered Number: 12631077
England and Wales

 

 

 

SIMPLY FINEST LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Director Arunkumaran VADIVELU
Registered Number 12631077
Registered Office Regus Centurion House
London Road
Staines-Upon-Thames
England
TW18 4AX
Accountants ASR Accountancy Ltd
18 Barking Road
East Ham
London
E6 3BP
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 May 2024.
Principal activities
Principal activity of the company during the financial year was of ...
Director
The director who served the company throughout the year was as follows:
Arunkumaran VADIVELU
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Arunkumaran VADIVELU
Director

Date approved: 31 July 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 May 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
ASR Accountancy Ltd
31 May 2024



....................................................
ASR Accountancy Ltd
18 Barking Road
East Ham
London
E6 3BP
31 July 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 30,541   
30,541   
Current assets      
Debtors 4 408   
Cash at bank and in hand 9,337    6,765 
9,745    6,765 
Creditors: amount falling due within one year 5 (54,362)   (43,018)
Net current assets (44,617)   (36,253)
 
Total assets less current liabilities (14,076)   (36,253)
Creditors: amount falling due after more than one year 6 (21,050)   (14)
Net assets (35,126)   (36,267)
 

Capital and reserves
     
Called up share capital 1   
Profit and loss account (35,127)   (36,267)
Shareholders' funds (35,126)   (36,267)
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 31 July 2024 and were signed by:


-------------------------------
Arunkumaran VADIVELU
Director
4
  Retained Earnings   Total
£ £
At 31 May 2022 (14,727) (14,727)
Profit for the year (21,540) (21,540)
Total comprehensive income for the year (21,540) (21,540)
Total investments by and distributions to owners
At 30 May 2023 (36,267) (36,267)
At 01 June 2023 (36,283) (36,282)
Profit for the year 1,156  1,156 
Total comprehensive income for the year 1,156  1,156 
Total investments by and distributions to owners
At 31 May 2024 (35,127) (35,126)
5
General Information
SIMPLY FINEST LTD is a private company, limited by shares, registered in England and Wales, registration number 12631077, registration address Regus Centurion House, London Road, Staines-Upon-Thames, England, TW18 4AX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Total
  £   £
At 01 June 2023  
Additions 30,541    30,541 
Disposals  
At 31 May 2024 30,541    30,541 
Depreciation
At 01 June 2023  
Charge for year  
On disposals  
At 31 May 2024  
Net book values
Closing balance as at 31 May 2024 30,541    30,541 
Opening balance as at 01 June 2023  

The net book value of Motor Vehicles includes £ 30,541 in respect of assets leased under finance leases or hire purchase contracts.

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
VAT 408   
408   

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 30   
Other Creditors 607    638 
Directors' Current Accounts 53,725    35,035 
VAT   7,345 
54,362    43,018 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Hire Purchase 14,036   
Loan from Other 7,014    14 
21,050    14 

6