BrightAccountsProduction v1.0.0 v1.0.0 2023-05-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the buying and selling of plant and machinery and the provision of finance for same. 30 January 2025 0 0 NI607176 2024-04-30 NI607176 2023-04-30 NI607176 2022-04-30 NI607176 2023-05-01 2024-04-30 NI607176 2022-05-01 2023-04-30 NI607176 uk-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI607176 uk-curr:PoundSterling 2023-05-01 2024-04-30 NI607176 uk-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI607176 uk-bus:AbridgedAccounts 2023-05-01 2024-04-30 NI607176 uk-core:ShareCapital 2024-04-30 NI607176 uk-core:ShareCapital 2023-04-30 NI607176 uk-core:RetainedEarningsAccumulatedLosses 2024-04-30 NI607176 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 NI607176 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-04-30 NI607176 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-04-30 NI607176 uk-bus:FRS102 2023-05-01 2024-04-30 NI607176 2023-05-01 2024-04-30 NI607176 uk-bus:Director1 2023-05-01 2024-04-30 NI607176 uk-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI607176
 
 
Simple Asset Finance Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 30 April 2024
Simple Asset Finance Limited
Company Registration Number: NI607176
ABRIDGED BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Current Assets
Stocks 73,163 22,500
Debtors 5,711,576 5,581,140
Cash and cash equivalents 1,269,953 555,014
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7,054,692 6,158,654
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Creditors: amounts falling due within one year (1,695,247) (1,452,533)
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Net Current Assets 5,359,445 4,706,121
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Total Assets less Current Liabilities 5,359,445 4,706,121
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Capital and Reserves
Called up share capital 100 100
Retained earnings 5,359,345 4,706,021
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Shareholders' Funds 5,359,445 4,706,121
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 30 January 2025
           
           
           
________________________________          
Jonathan Keys          
Director          
           



Simple Asset Finance Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
Simple Asset Finance Limited is a company limited by shares incorporated in Northern Ireland. 222 Clanabogan Road, Omagh, Co Tyrone, BT78 3EP is the registered office, which is also the principal place of business of the company. The principal activity of the company is the buying and selling of plant and machinery and the provision of finance for same. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 0, (2023 - 0).
       
4. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 April 2024.
   
5. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.