Company registration number 09785083 (England and Wales)
ITSIMPLE CAPITAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ITSIMPLE CAPITAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ITSIMPLE CAPITAL LTD (REGISTERED NUMBER: 09785083)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,827
7,881
Investment property
4
2,329,431
2,152,851
2,341,258
2,160,732
Current assets
Debtors
5
27,520
19,959
Cash at bank and in hand
40,988
70,156
68,508
90,115
Creditors: amounts falling due within one year
6
(1,196,237)
(1,067,765)
Net current liabilities
(1,127,729)
(977,650)
Total assets less current liabilities
1,213,529
1,183,082
Creditors: amounts falling due after more than one year
7
(836,366)
(862,499)
Provisions for liabilities
(95,479)
(81,068)
Net assets
281,684
239,515
Capital and reserves
Called up share capital
10
10
Non-distributable profits reserve
8
292,199
314,357
Distributable profit and loss reserves
(10,525)
(74,852)
Total equity
281,684
239,515
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ITSIMPLE CAPITAL LTD (REGISTERED NUMBER: 09785083)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Ms A Savvidou
Director
ITSIMPLE CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
itSimple Capital Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Perrys Chartered Accountants, The Square, Wrotham, Kent, TN15 7AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the rental income provided in the normal course of business. The following criteria must also be met before turnover is recognised.
Turnover from a contract to provide services is recognised in the period in which the rental services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably
It is probable that the company will receive the consideration due under the contract
The stage of completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and the costs to complete the contract can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ITSIMPLE CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment property is not subject to depreciation.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
ITSIMPLE CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 October 2023
8,506
633
9,139
Additions
6,856
6,856
At 30 September 2024
15,362
633
15,995
Depreciation and impairment
At 1 October 2023
775
483
1,258
Depreciation charged in the year
2,872
38
2,910
At 30 September 2024
3,647
521
4,168
Carrying amount
At 30 September 2024
11,715
112
11,827
At 30 September 2023
7,731
150
7,881
4
Investment property
2024
£
Fair value
At 1 October 2023
2,152,851
Additions
184,327
Revaluations
(7,747)
At 30 September 2024
2,329,431
Investment property comprises of rental properties. The fair value of the investment property of £2,329,431 has been arrived at on the basis of a valuation carried out by the director.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,364
9,442
Other debtors
7,156
10,517
27,520
19,959
ITSIMPLE CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
23,836
21,547
Trade creditors
13,897
10,948
Other creditors
1,158,504
1,035,270
1,196,237
1,067,765
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
836,366
862,499
The bank loans are secured by way of a fixed and floating charge against the investment properties.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
752,492
784,111
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
314,357
339,266
Non distributable profits in the year
(22,158)
(24,909)
At the end of the year
292,199
314,357
9
Related party transactions
Within other debtors is a balance of £0 (2023: £1,196) owed by a connected company.
Within other creditors is a balance of £833,876 (2023: £742,850) owed to a connected company.