Company registration number 12366483 (England and Wales)
CYMPLIFY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CYMPLIFY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CYMPLIFY LTD
BALANCE SHEET
- 1 -
29 June 2024
30 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,920
15,600
Tangible assets
5
723
1,719
11,643
17,319
Current assets
Debtors
6
136,691
89,537
Cash at bank and in hand
124,322
86,587
261,013
176,124
Creditors: amounts falling due within one year
7
(111,956)
(28,759)
Net current assets
149,057
147,365
Total assets less current liabilities
160,700
164,684
Provisions for liabilities
(2,200)
(3,300)
Net assets
158,500
161,384
Capital and reserves
Called up share capital
8
150,010
150,010
Profit and loss reserves
8,490
11,374
Total equity
158,500
161,384
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CYMPLIFY LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr C Hannett
Director
Company registration number 12366483 (England and Wales)
CYMPLIFY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
- 3 -
1
Accounting policies
Company information
Cymplify Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Reporting period
The financial statements are presented for the 18 month period from 31 December 2022 to 29 June 2024 as the accounting period was extended. As a result, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
CYMPLIFY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and other short-term liquid investments with original maturities of three months or less,
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CYMPLIFY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CYMPLIFY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2022
Number
Number
Total
1
1
3
Taxation
2024
2022
£
£
Current tax
UK corporation tax on profits for the current period
10,051
5,791
Deferred tax
Origination and reversal of timing differences
(1,100)
1,400
Total tax charge
8,951
7,191
4
Intangible fixed assets
Software
£
Cost
At 31 December 2022 and 29 June 2024
15,600
Amortisation and impairment
At 31 December 2022
Amortisation charged for the Period
4,680
At 29 June 2024
4,680
Carrying amount
At 29 June 2024
10,920
At 30 December 2022
15,600
CYMPLIFY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 7 -
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 31 December 2022
447
2,314
2,761
Additions
419
419
At 29 June 2024
447
2,733
3,180
Depreciation and impairment
At 31 December 2022
78
964
1,042
Depreciation charged in the Period
223
1,192
1,415
At 29 June 2024
301
2,156
2,457
Carrying amount
At 29 June 2024
146
577
723
At 30 December 2022
369
1,350
1,719
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
66,873
2,100
Other debtors
69,818
87,437
136,691
89,537
7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
1,104
Corporation tax
21,145
12,335
Other taxation and social security
20,050
1,659
Other creditors
70,761
13,661
111,956
28,759
CYMPLIFY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 8 -
8
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of less than 1p each
150,000
150,000
10
10
Ordinary A shares of £1 each
150,000
150,000
150,000
150,000
300,000
300,000
150,010
150,010
9
Directors' transactions
Loans have been granted by the company to a director as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
59,294
31,291
2,205
(40,624)
52,166
59,294
31,291
2,205
(40,624)
52,166