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REGISTERED NUMBER: 09747447 (England and Wales)










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: C Shah
H D Cunitz
J Freeman





REGISTERED OFFICE: 85 Great Portland Street
London
W1W 7LT





REGISTERED NUMBER: 09747447 (England and Wales)





ACCOUNTANTS: SKS Business Services Ltd
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.

C Shah
H D Cunitz
J Freeman

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:





C Shah - Director


3 January 2025

Simfoni Limited (Registered number: 09747447)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 1,303,366 1,282,996

Cost of sales (1,605,702 ) (1,732,646 )
GROSS LOSS (302,336 ) (449,650 )

Administrative expenses (654,057 ) (705,735 )
(956,393 ) (1,155,385 )

Other operating income 274,144 460,533
OPERATING LOSS (682,249 ) (694,852 )


Interest payable and similar expenses - (47,117 )
LOSS BEFORE TAXATION 5 (682,249 ) (741,969 )

Tax on loss 6 1,268 1,002
LOSS FOR THE FINANCIAL YEAR (680,981 ) (740,967 )

Simfoni Limited (Registered number: 09747447)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 7 1 1
Tangible assets 8 3,099 9,795
Investments 9 25 25
3,125 9,821

CURRENT ASSETS
Debtors: amounts falling due within one year 10 1,858,604 1,552,343
Debtors: amounts falling due after more than
one year

10

8,243,474

9,000,708
Cash at bank 35,123 25,370
10,137,201 10,578,421
CREDITORS
Amounts falling due within one year 11 (2,417,241 ) (2,160,176 )
NET CURRENT ASSETS 7,719,960 8,418,245
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,723,085

8,428,066

CREDITORS
Amounts falling due after more than one
year

12

(112,346

)

(111,592

)

PROVISIONS FOR LIABILITIES (593 ) (1,861 )
NET ASSETS 7,610,146 8,314,613

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 13 10,023,043 10,023,043
Retained earnings 13 (2,412,901 ) (1,708,434 )
7,610,146 8,314,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2025 and were signed on its behalf by:





C Shah - Director


Simfoni Limited (Registered number: 09747447)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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 565,072 609,575

The average number of employees during the year was as follows:
2023 2022

Director 1 1
Employees 11 14
12 15

2023 2022
£    £   
Directors' remuneration 216,000 227,260

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 216,000 227,260

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 6,696 8,402

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Deferred tax (1,268 ) (1,002 )
Tax on loss (1,268 ) (1,002 )

7. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

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 32,627
DEPRECIATION
At 1 January 2023 22,832
Charge for year 6,696
At 31 December 2023 29,528
NET BOOK VALUE
At 31 December 2023 3,099
At 31 December 2022 9,795

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 25
NET BOOK VALUE
At 31 December 2023 25
At 31 December 2022 25

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 898,310 532,778
Other Debtors- VAT (1,264 ) -
Amounts recoverable on contract 2,459 13,838
Rent deposit 556 585
Accrual of Income 186,989 168,214
Prepayments 26,585 14,778
Deferred expense 7,776 11,534
R&D tax credit receivable 737,193 810,616
1,858,604 1,552,343

Amounts falling due after more than one year:
Amounts owed by group undertakings 8,243,474 9,000,708

Aggregate amounts 10,102,078 10,553,051

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 2,019,254 1,959,014
Amounts owed to group undertakings 177,653 57,275
VAT 61,666 61,196
Deferred income 63,630 53,706
Accrued expenses 94,043 18,543
2,417,241 2,160,176

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
HSBC - Bounce back loan 26,386 26,386
Amounts owed to group undertakings 85,960 85,206
112,346 111,592

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (1,708,434 ) 10,023,043 8,314,609
Deficit for the year (680,981 ) (680,981 )
Foreign exchange reserve (23,486 ) - (23,486 )
At 31 December 2023 (2,412,901 ) 10,023,043 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.