Acorah Software Products - Accounts Production 15.0.500 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 09438371 Mr James Beazer Mr Oliver Lazarus Mr Oliver Lazarus iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09438371 2023-02-28 09438371 2024-02-29 09438371 2023-03-01 2024-02-29 09438371 frs-core:CurrentFinancialInstruments 2024-02-29 09438371 frs-core:Non-currentFinancialInstruments 2024-02-29 09438371 frs-core:ShareCapital 2024-02-29 09438371 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 09438371 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09438371 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 09438371 frs-bus:SmallEntities 2023-03-01 2024-02-29 09438371 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09438371 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09438371 frs-bus:Director1 2023-03-01 2024-02-29 09438371 frs-bus:Director2 2023-03-01 2024-02-29 09438371 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 09438371 frs-core:CurrentFinancialInstruments 1 2024-02-29 09438371 frs-core:Non-currentFinancialInstruments 3 2024-02-29 09438371 frs-countries:EnglandWales 2023-03-01 2024-02-29 09438371 2022-02-28 09438371 2023-02-28 09438371 2022-03-01 2023-02-28 09438371 frs-core:CurrentFinancialInstruments 2023-02-28 09438371 frs-core:Non-currentFinancialInstruments 2023-02-28 09438371 frs-core:ShareCapital 2023-02-28 09438371 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 09438371 frs-core:CurrentFinancialInstruments 1 2023-02-28 09438371 frs-core:Non-currentFinancialInstruments 3 2023-02-28
Registered number: 09438371
Simply Crafted Asset Management Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Bourne and Bargery Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09438371
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 961,422 961,422
961,422 961,422
CURRENT ASSETS
Debtors 5 142,707 95,290
Cash at bank and in hand 34,284 117,414
176,991 212,704
Creditors: Amounts Falling Due Within One Year 6 (34,982 ) (34,440 )
NET CURRENT ASSETS (LIABILITIES) 142,009 178,264
TOTAL ASSETS LESS CURRENT LIABILITIES 1,103,431 1,139,686
Creditors: Amounts Falling Due After More Than One Year 7 (936,204 ) (985,636 )
NET ASSETS 167,227 154,050
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 167,225 154,048
SHAREHOLDERS' FUNDS 167,227 154,050
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Beazer
Director
05/03/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Simply Crafted Asset Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09438371 . The registered office is 9 Newbury Street, London, EC1A 7HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 961,422
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,000 1,000
Prepayments and accrued income 143 187
1,143 1,187
Due after more than one year
Intercompany Loan - SCUM 141,564 94,103
141,564 94,103
142,707 95,290
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) -
Bank loans and overdrafts 25,474 24,054
Corporation tax 3,082 3,733
Deposits Held 2,283 2,333
Accruals and deferred income 4,144 4,320
34,982 34,440
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank Loan - Mortgage 597,429 623,863
Intercompany Loan -UM 160,415 163,415
Directors loan account 178,360 198,358
936,204 985,636
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
An intercompany loan exists where Simply Crafted Asset Management Ltd owes £160,415  (2023: £163,415 to Urban Mesh Ltd, which is payable on demand. This is included in other debtors figure.
An intercompany loan exists where Simply Crafted Asset Manangement Ltd is owed £141,564 (2023: £94,103 although this was owed to Simply Crafted Urban Mesh Developments Ltd in 2023) from Simply Urban Mesh Developments Ltd, which is payable on demand. This is included in other creditors figure.
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