Company Registration No. 08080877 (England and Wales)
Simitive Limited
Unaudited accounts
for the year ended 31 December 2024
Simitive Limited
Unaudited accounts
Contents
Simitive Limited
Company Information
for the year ended 31 December 2024
Directors
Theodore Mason
Jaswinder Singh
Paul Sheppard
Company Number
08080877 (England and Wales)
Registered Office
Newminster House
27-29 Baldwin Street
Bristol
BS1 1LT
England
Simitive Limited
Statement of financial position
as at 31 December 2024
Intangible assets
315,000
-
Cash at bank and in hand
661,951
535,603
Creditors: amounts falling due within one year
(1,616,357)
(1,091,192)
Net current assets
91,939
376,994
Total assets less current liabilities
406,939
376,994
Creditors: amounts falling due after more than one year
(127,755)
(127,755)
Net assets
279,184
249,239
Called up share capital
806
806
Share premium
249,733
249,733
Capital redemption reserve
163
163
Profit and loss account
28,482
(1,463)
Shareholders' funds
279,184
249,239
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by
Theodore Mason
Director
Company Registration No. 08080877
Simitive Limited
Notes to the Accounts
for the year ended 31 December 2024
Simitive Limited is a private company, limited by shares, registered in England and Wales, registration number 08080877. The registered office is Newminster House, 27-29 Baldwin Street, Bristol, BS1 1LT, England.
2
Compliance with accounting standards
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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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. The fair value of
consideration takes into account trade discounts, settlement discounts and volume rebates.
The timing of revenue on long term contracts is recognised as the contractual obligations of the agreement are satisfied.
Research and development expenditure is written off against profits in the year in which it is incurred.
Intangible fixed assets (including software development) are included at cost less accumulated amortisation.
Simitive Limited
Notes to the Accounts
for the year ended 31 December 2024
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 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.
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is recognised on income and expenses from subsidiaries that will be assessed to or allow for tax in a future period except where the company is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when
that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
Simitive Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Intangible fixed assets
Goodwill
At 31 December 2024
315,000
At 31 December 2024
315,000
Software development costs are capitalised when they meet specific criteria showing they will generate future economic benefits. These costs are amortised over their useful life, usually 5 years. Costs that don’t meet the criteria are expensed as incurred. All intangible assets are reviewed for impairment if needed.
Amounts falling due within one year
Trade debtors
527,562
470,404
Deferred tax asset
518,783
462,179
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
47,540
2,394
Taxes and social security
73,683
96,772
Other creditors
102,072
50,290
Deferred income
1,393,062
941,736
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
127,755
127,755
8
Operating lease commitments
2024
2023
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
11,812
60,911
Later than one year and not later than five years
9,552
13,023
Simitive Limited
Notes to the Accounts
for the year ended 31 December 2024
9
Transactions with related parties
During the year the company purchased services from entities with control, joint control or significant influence over the company £109,819 (2023: £90,100).
10
Average number of employees
During the year the average number of employees was 55 (2023: 53).