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Registration number: 02642005

Simno Software Services Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Simno Software Services Limited

Contents

Company Information

1

Directors' Report

2 to 3

Independent Auditor's Report

4 to 6

Income Statement

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 14

 

Simno Software Services Limited

Company Information

Directors:

Mr J A F Conti

Mr S M Stillwell

Mr J R Scerri

Company secretary:

Mr S M Stillwell

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

02642005

Accountants:

Wem & Co Chartered Accountants
& Registered Auditors
Savoy House
Savoy Circus
London
W3 7DA

 

Simno Software Services Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the company is computer software services.

Directors of the company

The directors who held office during the year were as follows:

Mr J A F Conti

Mr S M Stillwell - Company secretary and director

Mr J R Scerri

Report of Director Responcibility

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Wem & Co Chartered Accountants as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 12 March 2025 and signed on its behalf by:
 

 

Simno Software Services Limited

Directors' Report for the Year Ended 30 June 2024 (continued)

.........................................
Mr J A F Conti
Director

 

Simno Software Services Limited

Independent Auditor's Report to the Members of Simno Software Services Limited

Opinion

We have audited the financial statements of Simno Software Services Limited (the 'company') for the year ended 30 June 2024, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

 

Simno Software Services Limited

Independent Auditor's Report to the Members of Simno Software Services Limited (continued)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the [set out on page ], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• Enquiring of management concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• Reading minutes of meetings of those charged with governance;
• In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.



 

Simno Software Services Limited

Independent Auditor's Report to the Members of Simno Software Services Limited (continued)

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Alistair Ian Wem BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Wem & Co Chartered Accountants, Statutory Auditor

Savoy House
Savoy Circus
London
W3 7DA

14 March 2025

 

Simno Software Services Limited

Income Statement for the Year Ended 30 June 2024

Note

30.06.24

01.01.20 to
30.06.23

   

£

£

£

£

TURNOVER

   

709,271

 

824,543

Cost of sales

   

(109,956)

 

(75,000)

GROSS PROFIT

   

599,315

 

749,543

Administrative expenses

 

502,884

 

519,388

 

Other operating expenses

 

-

 

834

 

   

(502,884)

 

(520,222)

Operating profit

   

96,431

 

229,321

Other interest receivable and similar income

 

643

 

326

 

Interest payable and similar expenses

 

-

 

-

 
     

643

 

326

Profit before tax

5

 

97,074

 

229,647

Tax on profit/(loss)

   

(23,647)

 

(42,778)

PROFIT/(LOSS) FOR FINANCIAL YEAR

   

73,427

 

186,869

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Simno Software Services Limited

(Registration number: 02642005)
Statement of Financial Position as at 30 June 2024

Note

30.06.24

30.06.23

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

6

 

797

 

781

CURRENT ASSETS

   

 

Debtors

7

476,017

 

209,480

 

Cash at bank and in hand

 

164,898

 

396,498

 

 

640,915

 

605,978

 

CREDITORS

   

 

Creditors within 1yr

8

97,092

 

135,617

 

Net current assets

   

543,823

 

470,361

Total assets less current liabilities

   

544,620

 

471,142

PROVISIONS FOR LIABILITIES

 

(200)

 

(149)

Net assets

   

544,420

 

470,993

CAPITAL AND RESERVES

   

 

Called up share capital

 

2

 

2

Profit and loss account

 

544,418

 

470,991

Shareholders' funds

   

544,420

 

470,993

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.

Approved and authorised by the Board on 12 March 2025

.........................................
Mr J A F Conti
Director

 

Simno Software Services Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earning
£

Total
£

At 1 July 2022

2

298,183

298,185

Changes in equity

-

-

-

Total comprehensive income

-

186,869

186,869

Dividends

-

(14,061)

(14,061)

At 30 June 2023

2

470,991

470,993

Share capital
£

Retained earning
£

Total
£

At 1 July 2023

2

470,991

470,993

Total comprehensive income

-

73,427

73,427

Dividends

-

-

-

At 30 June 2024

2

544,418

544,420

 

Simno Software Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1.

General information

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

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 12 March 2025.

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.

The presentational currency is Pound Sterling (£).

Group accounts not prepared

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..

Going concern

A significant proportion of the company's turnover is derived from one customer. The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Simno Software Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

33% straight line basis

Office equiptment

50% 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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Simno Software Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 year, was 0 (2023 - 6).

4.

Auditors' remuneration

30.06.24
£

30.06.23
£

Audit of the financial statements

3,500

4,050


 

5.

Profit before tax

Arrived at after charging/(crediting)

30.06.24
£

30.06.23
£

Depreciation expense

961

867

 

Simno Software Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

6.

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

2,848

31,300

34,148

Additions

-

978

978

At 30 June 2024

2,848

32,278

35,126

Depreciation

At 1 July 2023

2,848

30,519

33,367

Charge for the year

-

962

962

At 30 June 2024

2,848

31,481

34,329

Carrying amount

At 30 June 2024

-

797

797

At 30 June 2023

-

781

781

7.

Debtors

Current

30.06.24
£

30.06.23
£

Trade debtors

 

127,311

92,903

Amounts owed by related parties

343,800

111,849

Prepayments

 

2,143

1,965

Other debtors

 

2,763

2,763

   

476,017

209,480

 

Simno Software Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

8.

Creditors

Creditors: amounts falling due within one year

30.06.24
£

30.06.23
£

Due within one year

Trade creditors

1,974

2,143

Taxation and social security

87,005

117,605

Accruals and deferred income

6,392

15,869

Other creditors

1,721

-

97,092

135,617

9.

Parent and ultimate parent undertaking

The ultimate controlling party is Loqus Holdings P.L.C..
The parent of the smallest group in which these financial statements are consolidated is Loqus Holdings P.L.C.
The address of Loqus Holdings P.L.C. is:
SUB008A, Indutrial Estate, San Gwann SGN 3000, Malta