Simplicity AI Limited 06081516 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of developing software & hardware for measurement and automation Digita Accounts Production Advanced 6.30.9574.0 true true 06081516 2023-04-01 2024-03-31 06081516 2024-03-31 06081516 bus:OrdinaryShareClass1 2024-03-31 06081516 core:CurrentFinancialInstruments 2024-03-31 06081516 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06081516 bus:SmallEntities 2023-04-01 2024-03-31 06081516 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06081516 bus:FilletedAccounts 2023-04-01 2024-03-31 06081516 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06081516 bus:RegisteredOffice 2023-04-01 2024-03-31 06081516 bus:Director1 2023-04-01 2024-03-31 06081516 bus:Director2 2023-04-01 2024-03-31 06081516 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06081516 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06081516 core:FurnitureFittings 2023-04-01 2024-03-31 06081516 core:LeaseholdImprovements 2023-04-01 2024-03-31 06081516 core:OfficeEquipment 2023-04-01 2024-03-31 06081516 core:PlantMachinery 2023-04-01 2024-03-31 06081516 countries:AllCountries 2023-04-01 2024-03-31 06081516 2022-04-01 2023-03-31 06081516 2023-03-31 06081516 bus:OrdinaryShareClass1 2023-03-31 06081516 core:CurrentFinancialInstruments 2023-03-31 06081516 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06081516

Simplicity AI Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Simplicity AI Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Simplicity AI Limited

Company Information

Directors

Mr Simon Smith

Mr. P Rawlings

Registered office

Cody Technology Park
Old Ively Road
Farnborough
Hampshire
GU14 0LX

Accountants

EJ Business Consultants Limited
2 Toomers Wharf,
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Simplicity AI Limited

(Registration number: 06081516)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5,306

5,167

Investments

100

100

 

5,406

5,267

Current assets

 

Stocks

73,749

59,395

Debtors

35,606

80,043

Cash at bank and in hand

 

63,625

69,116

 

172,980

208,554

Creditors: Amounts falling due within one year

(80,001)

(85,764)

Net current assets

 

92,979

122,790

Net assets

 

98,385

128,057

Capital and reserves

 

Called up share capital

3

10,000

10,500

Retained earnings

88,385

117,557

Shareholders' funds

 

98,385

128,057

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

 

Simplicity AI Limited

(Registration number: 06081516)
Balance Sheet as at 31 March 2024

.........................................
Mr Simon Smith
Director

.........................................
Mr. P Rawlings
Director

 

Simplicity AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Simplicity AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Simplicity AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Property improvements

Straight line over 5 years

Plant & Machinery

33% reducing balance

Fixtures & fittings

33% reducing balance

Equipment

33% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Simplicity AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

3

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,500

10,500