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Registration number: 11487466

The Simple Folk Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

The Simple Folk Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Simple Folk Ltd

Company Information

Director

R Nair

Registered office

20-22 Wenlock Road
London
N1 7GU

Registered number

11487466

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

The Simple Folk Ltd

(Registration number: 11487466)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

432,806

1,466,268

Debtors

4

381,206

398,947

Cash at bank and in hand

 

16,461

29,665

 

830,473

1,894,880

Creditors: Amounts falling due within one year

5

(6,292,118)

(6,945,708)

Net liabilities

 

(5,461,645)

(5,050,828)

Capital and reserves

 

Called up share capital

6

28,075

22,327

Profit and loss account

(5,489,720)

(5,073,155)

Total equity

 

(5,461,645)

(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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 on 8 May 2025
 

.........................................

R Nair
Director

 

The Simple Folk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

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

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Debtors: amounts falling due within one year

Note

2023
£

2022
£

Trade debtors

 

95,625

103,771

Amounts owed by group undertakings

7

149,858

149,036

Other debtors

 

71,544

120,831

Prepayments

 

64,179

25,309

 

381,206

398,947

 

The Simple Folk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Note

2023
£

2022
£

Amounts falling due within one year

 

Other loans and overdrafts

1,188,433

1,200,206

Trade creditors

 

151,617

341,074

Amounts owed to group undertakings

7

4,771,828

4,840,496

Other creditors

 

127,002

127,332

Accruals and deferred income

 

53,238

436,600

 

6,292,118

6,945,708

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

10,000,000

21,327

10,000,000

1,000

VN shares of £1 each

27,075

21,327

21,327

1,000

 

10,027,075

28,075

10,021,327

22,327

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

7

Related party transactions

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Settlement of liabilities

(40,143)

Amounts payable to related party

74,928

2022

Entities with joint control or significant influence
£

Settlement of liabilities

50,098

Amounts payable to related party

34,785

Loans from related parties

2023

Parent
£

Entities with joint control or significant influence
£

At start of period

1,050,571

3,558,409

Repaid

(54,500)

(54,668)

At end of period

996,071

3,503,741

2022

Parent
£

Entities with joint control or significant influence
£

At start of period

1,050,571

3,122,460

Advanced

-

435,948

At end of period

1,050,571

3,558,408

Terms of loans from related parties

The loans have no repayment terms and no interest is charged.