Registration number:
The Simple Folk Ltd
for the Year Ended 31 December 2023
Pages for filing with Registrar
The Simple Folk Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Simple Folk Ltd
Company Information
Director |
R Nair |
Registered office |
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Registered number |
11487466 |
Accountant |
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The Simple Folk Ltd
(Registration number: 11487466)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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22,327 |
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Profit and loss account |
( |
(5,073,155) |
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Total equity |
( |
(5,050,828) |
The Simple Folk Ltd
(Registration number: 11487466)
Balance Sheet as at 31 December 2023
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
The Simple Folk Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The company continued to make losses whilst it builds up a market presence. There was further investment by the shareholders in 2023 and the shareholders will continue to support the company. The directors believe that the company is able to meet liabilities as they fall due, and the accounts have therefore been prepared on a 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 and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
The Simple Folk Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit and 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.
The current corporation 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
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are recognised at the transaction price.
The Simple Folk Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Debtors: amounts falling due within one year |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
71,544 |
120,831 |
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Prepayments |
64,179 |
25,309 |
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The Simple Folk Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
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Amounts falling due within one year |
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Other loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
127,002 |
127,332 |
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Accruals and deferred income |
53,238 |
436,600 |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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21,327 |
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1,000 |
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21,327 |
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1,000 |
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During the year, 5,748 VN shares with a nominal value of £1 were issued at par. Each VN share has rights in the company with respect to dividends and distributions, with no voting rights.
The Simple Folk Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Expenditure with and payables to related parties
2023 |
Entities with joint control or significant influence |
Settlement of liabilities |
( |
Amounts payable to related party |
74,928 |
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2022 |
Entities with joint control or significant influence |
Settlement of liabilities |
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Amounts payable to related party |
34,785 |
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Loans from related parties
2023 |
Parent |
Entities with joint control or significant influence |
At start of period |
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Repaid |
( |
( |
At end of period |
996,071 |
3,503,741 |
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2022 |
Parent |
Entities with joint control or significant influence |
At start of period |
|
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Advanced |
- |
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At end of period |
1,050,571 |
3,558,408 |
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Terms of loans from related parties