Company Registration No. 04214713 (England and Wales)
MADE SIMPLE GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
MADE SIMPLE GROUP LIMITED
COMPANY INFORMATION
Directors
H Graham
R M E Clacher
(Appointed 2 January 2018)
E J B Reeves
(Appointed 2 January 2018)
Company number
04214713
Registered office
20-22 Wenlock Road
London
N1 7GU
Accountants
Haines Watts (Westbury) LLP
145-157 St. John Street
London
EC1V 4PY
MADE SIMPLE GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MADE SIMPLE GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
77,709
1,876,527
Investments
5
-
60,102
77,709
1,936,629
Current assets
Debtors
6
192,453
353,212
Cash at bank and in hand
1,831,744
888,536
2,024,197
1,241,748
Creditors: amounts falling due within one year
7
(799,364)
(735,202)
Net current assets
1,224,833
506,546
Total assets less current liabilities
1,302,542
2,443,175
Creditors: amounts falling due after more than one year
8
-
(540,551)
Provisions for liabilities
(11,428)
(63,249)
Net assets
1,291,114
1,839,375
Capital and reserves
Called up share capital
9
10,000
10,000
Share premium account
40,630
40,630
Profit and loss reserves
1,240,484
1,788,745
Total equity
1,291,114
1,839,375
MADE SIMPLE GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have 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.
The financial statements were approved by the board of directors and authorised for issue on 7 June 2018 and are signed on its behalf by:
H Graham
Director
Company Registration No. 04214713
MADE SIMPLE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2015
10,000
40,630
1,690,106
1,740,736
Period ended 31 October 2016:
Profit and total comprehensive income for the period
-
-
248,639
248,639
Dividends
-
-
(150,000)
(150,000)
Balance at 31 October 2016
10,000
40,630
1,788,745
1,839,375
Period ended 31 December 2017:
Profit and total comprehensive income for the period
-
-
2,851,739
2,851,739
Dividends
-
-
(3,400,000)
(3,400,000)
Balance at 31 December 2017
10,000
40,630
1,240,484
1,291,114
MADE SIMPLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information
Made Simple Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
20-22 Wenlock Road, London, N1 7GU.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2017
are the
first
financial statements of Made Simple Group Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Reporting period
The directors have extended the financial year end from 31 October 2017 to 31 December 2017 and consequently the financial statements presented are for a period of 14 months.
The directors decided to lengthen the period of accounts as a change of ownership of the company had been agreed to take place on 1 January 2018.
As a result of this amendment 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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
2% Straight Line
Leasehold improvements
10% Straight Line
Fixtures, fittings & equipment
20% Straight Line
Computer equipment
25% Straight Line
MADE SIMPLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
MADE SIMPLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MADE SIMPLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 7 -
2
Exceptional costs/(income)
2017
2016
£
£
Profit or loss on sale of tangible assets
(1,985,601)
-
In 2017 the company transferred a freehold property to its parent company at market value. Although a book profit of £1,985,601 is reflected as an exceptional item in the Profit and Loss account for the period a dividend of £3,200,000 was also paid to the parent company to finance the transaction.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was 48 (2016 - 53).
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2016
1,973,177
122,055
2,095,232
Additions
-
48,165
48,165
Disposals
(1,973,177)
-
(1,973,177)
At 31 December 2017
-
170,220
170,220
Depreciation and impairment
At 1 November 2016
167,667
51,038
218,705
Depreciation charged in the period
89,432
41,473
130,905
Eliminated in respect of disposals
(257,099)
-
(257,099)
At 31 December 2017
-
92,511
92,511
Carrying amount
At 31 December 2017
-
77,709
77,709
At 31 October 2016
1,805,510
71,017
1,876,527
5
Fixed asset investments
2017
2016
£
£
Investments
-
60,102
MADE SIMPLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 8 -
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
148,267
92,926
Other debtors
44,186
260,286
192,453
353,212
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
46,706
Trade creditors
158,164
177,175
Other taxation and social security
385,544
279,296
Other creditors
255,656
232,025
799,364
735,202
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
-
540,551
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
36,000 Ordinary-A of 10p each of 10p each
3,600
3,600
8,000 Ordinary-B of 10p each of 10p each
800
800
16,000 Ordinary-C of 10p each of 10p each
1,600
1,600
32,000 Ordinary-F of 10p each of 10p each
3,200
3,200
8,000 Ordinary-G of 10p each of 10p each
800
800
10,000
10,000
MADE SIMPLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 9 -
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 November
31 October
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,761,736
1,860,375
Adjustments arising from transition to FRS 102:
Accrued Holidays
(21,000)
(21,000)
Equity reported under FRS 102
1,740,736
1,839,375
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
248,639
2017-12-31
2016-11-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
07 June 2018
H Graham
K Graham
N H Minsky
L J Graham
M D Graham
M Carvill
R M E Clacher
E J B Reeves
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