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Company registration number: 12676459
Symplicity Foods Limited
Unaudited filleted financial statements
30 April 2024
Symplicity Foods Limited
Contents
Statement of financial position
Notes to the financial statements
Symplicity Foods Limited
Statement of financial position
30 April 2024
30/04/24 30/04/23
Note £ £ £ £
Fixed assets
Intangible assets 5 17,030 14,874
Tangible assets 6 217,422 263,954
_______ _______
234,452 278,828
Current assets
Stocks 133,164 81,728
Debtors 7 564,262 350,212
Cash at bank and in hand 35,226 25,243
_______ _______
732,652 457,183
Creditors: amounts falling due
within one year 8 ( 457,824) ( 519,257)
_______ _______
Net current assets/(liabilities) 274,828 ( 62,074)
_______ _______
Total assets less current liabilities 509,280 216,754
Creditors: amounts falling due
after more than one year 9 ( 921,066) -
_______ _______
Net (liabilities)/assets ( 411,786) 216,754
_______ _______
Capital and reserves
Called up share capital 269 249
Share premium account 3,649,801 2,799,825
Profit and loss account ( 4,061,856) ( 2,583,320)
_______ _______
Shareholders (deficit)/funds ( 411,786) 216,754
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Alan Wogan
Director
Company registration number: 12676459
Symplicity Foods Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 50 James Street, London, W1U 1HB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After the balance sheet date, the company has raised further equity funds to support the business. The directors continue to seek further investment, and together with improved business performance, believe that this will be sufficient for the company to meet its liabilities for a period of at least one year.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10-20 % straight line
Website - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 15 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 May 2023 18,938 18,938
Additions 4,500 4,500
_______ _______
At 30 April 2024 23,438 23,438
_______ _______
Amortisation
At 1 May 2023 4,064 4,064
Charge for the year 2,344 2,344
_______ _______
At 30 April 2024 6,408 6,408
_______ _______
Carrying amount
At 30 April 2024 17,030 17,030
_______ _______
At 30 April 2023 14,874 14,874
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Website Total
£ £ £ £ £
Cost
At 1 May 2023 66,234 163,704 80,809 15,644 326,391
Additions - 975 10,912 1,167 13,054
_______ _______ _______ _______ _______
At 30 April 2024 66,234 164,679 91,721 16,811 339,445
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 9,110 31,445 19,907 1,977 62,439
Charge for the year 6,623 32,936 18,344 1,681 59,584
_______ _______ _______ _______ _______
At 30 April 2024 15,733 64,381 38,251 3,658 122,023
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 50,501 100,298 53,470 13,153 217,422
_______ _______ _______ _______ _______
At 30 April 2023 57,124 132,259 60,902 13,667 263,952
_______ _______ _______ _______ _______
7. Debtors
30/04/24 30/04/23
£ £
Trade debtors 161,755 162,224
Other debtors 402,507 187,988
_______ _______
564,262 350,212
_______ _______
8. Creditors: amounts falling due within one year
30/04/24 30/04/23
£ £
Bank loans and overdrafts 2,311 -
Trade creditors 232,081 261,209
Social security and other taxes 100,891 105,045
Other creditors 122,541 153,003
_______ _______
457,824 519,257
_______ _______
9. Creditors: amounts falling due after more than one year
30/04/24 30/04/23
£ £
Other creditors 921,066 -
_______ _______
During the year the company received loans totalling £210,000 from a shareholder during the year. Interest is accruing on the loan at the rate of 20% p.a.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 30/04/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Alan Wogan ( 48,001) ( 610,000) ( 658,001)
_______ _______ _______
Period ended 30/04/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Alan Wogan - ( 48,001) ( 48,001)
_______ _______ _______
At the year end, the company owed £690,149 (2023 - £48,001) to the director, Mr Alan Wogan . This included interest charged at the rate of 20% pa.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Year Period Year Period
ended ended ended ended
30/04/24 30/04/23 30/04/24 30/04/23
£ £ £ £
Related companies ( 65,842) 41,174 40,247 106,089
_______ _______ _______ _______
At the year end, the company owed a total of £40,247 (2023 - £106,089) to companies controlled by the directors, Mr Alan Wogan and Mr Mark Wogan. These loans do not carry interest and are repayable on demand.
12. Controlling party
The company was controlled by the directors throughout the period.