Registered number
10804507
Simply Chapters Limited
Filleted Accounts
31 July 2024
Simply Chapters Limited
Registered number: 10804507
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 386,750 416,500
Tangible assets 4 221,654 264,740
Investments 5 996 996
609,400 682,236
Current assets
Debtors 6 112,819 200,450
Cash at bank and in hand 5,513 10,673
118,332 211,123
Creditors: amounts falling due within one year 7 (118,786) (171,789)
Net current (liabilities)/assets (454) 39,334
Total assets less current liabilities 608,946 721,570
Creditors: amounts falling due after more than one year 8 (319,402) (455,214)
Net assets 289,544 266,356
Capital and reserves
Called up share capital 300 300
Profit and loss account 289,244 266,056
Shareholders' funds 289,544 266,356
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Faulstich
Director
Approved by the board on 10 March 2025
Simply Chapters Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 595,000
At 31 July 2024 595,000
Amortisation
At 1 August 2023 178,500
Provided during the year 29,750
At 31 July 2024 208,250
Net book value
At 31 July 2024 386,750
At 31 July 2023 416,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 325,809 475,200 801,009
At 31 July 2024 325,809 475,200 801,009
Depreciation
At 1 August 2023 97,740 438,529 536,269
Charge for the year 16,290 26,796 43,086
At 31 July 2024 114,030 465,325 579,355
Net book value
At 31 July 2024 211,779 9,875 221,654
At 31 July 2023 228,069 36,671 264,740
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 August 2023 996
At 31 July 2024 996
6 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 84,319 178,319
Other debtors 28,500 22,131
112,819 200,450
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 75,368 75,368
Taxation and social security costs 41,791 47,314
Other creditors 1,627 49,107
118,786 171,789
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 185,207 247,519
Other creditors 134,195 207,695
319,402 455,214
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 260,575 322,887
The bank loan is secured against the company leasehold property.
10 Other information
Simply Chapters Limited is a private company limited by shares and incorporated in England. Its registered office is: Unit 9, Hill Farm, Ford End.
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