REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Simfoni Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Simfoni Limited |
Simfoni Limited (Registered number: 09747447) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Simfoni Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Sheen Road |
Richmond Upon Thames |
Surrey |
TW9 1AD |
Simfoni Limited (Registered number: 09747447) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was providing information technology service. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Director hold beneficial interest in the shares of company. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Simfoni Limited (Registered number: 09747447) |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS LOSS | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
(956,393 | ) | (1,155,385 | ) |
Other operating income |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses | ( |
) |
LOSS BEFORE TAXATION | 5 | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Simfoni Limited (Registered number: 09747447) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 10 |
Debtors: amounts falling due after more than one year |
10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 13 |
Retained earnings | 13 | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Simfoni Limited (Registered number: 09747447) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Simfoni Limited (Registered number: 09747447) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATEMENT OF COMPLIANCE |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
INTELLECTUAL PROPERTY |
Simfoni Group Limited has transferred its rights on intellectual property to the Simfoni Limited on 1st January 2019 in consideration of the sum of £1 and other good and valuable consideration as per agreement. |
TANGIBLE FIXED ASSETS |
Computer equipment | - |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
The average number of employees during the year was as follows: |
2023 | 2022 |
Director | 1 | 1 |
Employees | 11 | 14 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Simfoni Limited (Registered number: 09747447) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
4. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Legal fees for Investment | (32,286 | ) | (64,003 | ) |
5. | LOSS BEFORE TAXATION |
The loss is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
7. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Simfoni Limited (Registered number: 09747447) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other Debtors- VAT | (1,264 | ) | - |
Amounts recoverable on contract |
Rent deposit | 556 | 585 |
Accrual of Income |
Prepayments |
Deferred expense | 7,776 | 11,534 |
R&D tax credit receivable | 737,193 | 810,616 |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Simfoni Limited (Registered number: 09747447) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
HSBC - Bounce back loan | 995 | 10,442 |
Trade creditors |
Amounts owed to group undertakings |
VAT | 61,666 | 61,196 |
Deferred income |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
HSBC - Bounce back loan |
Amounts owed to group undertakings |
13. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | ( |
) | 8,314,609 |
Deficit for the year | ( |
) | ( |
) |
Foreign exchange reserve | (23,486 | ) | - | (23,486 | ) |
At 31 December 2023 | ( |
) | 7,610,142 |
14. | RELATED PARTY DISCLOSURES |
Simfoni Analytics Ltd |
Simfoni Analytics Limited is wholly owned subsidiary of Simfoni Limited. At the balance sheet date, included in creditors due within a year was £177,653 (2022: £57,275) to Simfoni Analytics Limited. Also, Simfoni Analytics has raised recharge invoice to company amount of £432,193 which has been paid before R & D claim. |
Simfoni USA Inc: |
Simfoni USA Inc is wholly owned subsidiary of Simfoni Limited. At the balance sheet date, included in debtors falling due after more than one year was £8,243,473 (2022: £9,000,708) to Simfoni USA Inc. Simfoni USA Inc has raised recharge invoice on company amount of £552,573 which has been paid before R & D claim. |
Simfoni Group Limited: |
Simfoni Group Limited is holding company of Simfoni Limited. At the balance sheet date, included in creditors falling due after more than one year was £85,206 (2022: £85,206 - which shown in creditors falling due more than one year) to Simfoni Group Ltd. |
15. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr. Chirag Shah, the director of Simfoni Group Limited.. |
Simfoni Limited (Registered number: 09747447) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | GOING CONCERN |
The director of holding company have confirmed that they will continue to give financial support to company until such time as its financial position improve.The financial statements do not include any adjustments that would result if the financial support were withdrawn. |
17. | R&D TAX CREDIT |
Holding company has transferred its rights on intellectual property to the company on 1st January 2019 hence, company has claimed R&D tax credit from the year 2020. Other subsidiaries have raised recharges invoice for qualifying costs to the company and which have been paid before R&D claim will be made. |