Registration number:
SimplicityDX Limited
for the Period from 1 January 2023 to 29 February 2024
SimplicityDX Limited
(Registration number: 13430099)
Balance Sheet as at 29 February 2024
Note |
2024 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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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:
• |
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• |
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
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SimplicityDX Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
SimplicityDX Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024
Intangible assets |
Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
- |
( |
( |
At 29 February 2024 |
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Amortisation |
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At 1 January 2023 |
- |
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Amortisation charge |
- |
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Amortisation eliminated on disposals |
- |
( |
( |
At 29 February 2024 |
- |
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Carrying amount |
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At 29 February 2024 |
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At 31 December 2022 |
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SimplicityDX Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 29 February 2024 |
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Depreciation |
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At 1 January 2023 |
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Charge for the period |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 31 December 2022 |
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Debtors |
Current |
2024 |
2022 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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SimplicityDX Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 29 February 2024
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.
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.