SimplicityDX Limited 13430099 false 2023-01-01 2024-02-29 2024-02-29 The principal activity of the company is software development and licences. Digita Accounts Production Advanced 6.30.9574.0 true true 13430099 2023-01-01 2024-02-29 13430099 2024-02-29 13430099 core:CurrentFinancialInstruments 2024-02-29 13430099 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13430099 core:Goodwill 2024-02-29 13430099 core:OtherResidualIntangibleAssets 2024-02-29 13430099 core:OfficeEquipment 2024-02-29 13430099 bus:SmallEntities 2023-01-01 2024-02-29 13430099 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-02-29 13430099 bus:FullAccounts 2023-01-01 2024-02-29 13430099 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-02-29 13430099 bus:RegisteredOffice 2023-01-01 2024-02-29 13430099 bus:Director3 2023-01-01 2024-02-29 13430099 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-02-29 13430099 core:Goodwill 2023-01-01 2024-02-29 13430099 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2024-02-29 13430099 core:OtherResidualIntangibleAssets 2023-01-01 2024-02-29 13430099 core:OfficeEquipment 2023-01-01 2024-02-29 13430099 core:ParentEntities 2023-01-01 2024-02-29 13430099 countries:EnglandWales 2023-01-01 2024-02-29 13430099 2022-12-31 13430099 core:Goodwill 2022-12-31 13430099 core:OtherResidualIntangibleAssets 2022-12-31 13430099 core:OfficeEquipment 2022-12-31 13430099 2022-01-01 2022-12-31 13430099 2022-12-31 13430099 core:CurrentFinancialInstruments 2022-12-31 13430099 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13430099 core:Goodwill 2022-12-31 13430099 core:OtherResidualIntangibleAssets 2022-12-31 13430099 core:OfficeEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13430099

SimplicityDX Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2023 to 29 February 2024

 

SimplicityDX Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

SimplicityDX Limited

(Registration number: 13430099)
Balance Sheet as at 29 February 2024

Note

2024
£

2022
£

Fixed assets

 

Intangible assets

4

22,816

37,440

Tangible assets

5

1,200

2,250

 

24,016

39,690

Current assets

 

Debtors

6

2,467

100

Cash at bank and in hand

 

9,182

82,080

 

11,649

82,180

Creditors: Amounts falling due within one year

7

(758,440)

(99,267)

Net current liabilities

 

(746,791)

(17,087)

Net (liabilities)/assets

 

(722,775)

22,603

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(722,875)

22,503

Shareholders' (deficit)/funds

 

(722,775)

22,603

For the financial period ending 29 February 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
C M Nicholls
Director

 

SimplicityDX Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 Alma Road
Windsor
Berkshire
SL4 3HJ
England

2

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.

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 from the US parent compant in relation to the provision of services in respect of software development.Turnover is shown net of sales, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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:

Asset class

Depreciation method and rate

Office Equipment

25% straight line basis

 

SimplicityDX Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Other intangible assets

10% straight line basis

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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2022 - 5).

 

SimplicityDX Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

1

46,799

46,800

Disposals

-

(11,699)

(11,699)

At 29 February 2024

1

35,100

35,101

Amortisation

At 1 January 2023

-

9,360

9,360

Amortisation charge

-

4,095

4,095

Amortisation eliminated on disposals

-

(1,170)

(1,170)

At 29 February 2024

-

12,285

12,285

Carrying amount

At 29 February 2024

1

22,815

22,816

At 31 December 2022

1

37,439

37,440

 

SimplicityDX Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

3,600

3,600

At 29 February 2024

3,600

3,600

Depreciation

At 1 January 2023

1,350

1,350

Charge for the period

1,050

1,050

At 29 February 2024

2,400

2,400

Carrying amount

At 29 February 2024

1,200

1,200

At 31 December 2022

2,250

2,250

6

Debtors

Current

2024
£

2022
£

Other debtors

2,467

100

7

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Trade creditors

1,627

36

Amounts owed to group undertakings and undertakings in which the company has a participating interest

746,307

77,318

Taxation and social security

7,649

18,043

Other creditors

2,857

3,870

758,440

99,267

 

SimplicityDX Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024

8

Related party transactions

Other transactions with directors

During the year SimplicityDX Limited had a loan with SDX Holding Limited, a company which S Brown and C Nicholls are also directors. At the balance sheet date the amount owed to SDX Holding Limited was £280,445 (2022 - £nil).

Interest is not payable on this loan.

Summary of transactions with parent



 During the year SimplicityDX Limited had a loan with SimplicityDX Inc, the parent company. SimplicityDX Inc owns 100% of the shareholding of SimplicityDX Limited. At the balance sheet date the amount owed to SimplicityDX Inc was £465,862 (2022 - £77,319).

Interest is not payable on this loan.

 

9

Going concern

The company has sufficient financial support from the directors and as a consequence, they believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.