REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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SIMPLY SOURCING LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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SIMPLY SOURCING LTD |
SIMPLY SOURCING LTD (REGISTERED NUMBER: 05937779) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SIMPLY SOURCING LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
61 Station Road |
Sudbury |
Suffolk |
CO10 2SP |
SIMPLY SOURCING LTD (REGISTERED NUMBER: 05937779) |
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BALANCE SHEET |
31 MARCH 2020 |
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31.3.19 | 31.3.20 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
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Amounts falling due within one year | 7 |
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( |
) | NET CURRENT LIABILITIES | ( |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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PROVISIONS FOR LIABILITIES |
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( |
) | NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
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Called up share capital | 8 |
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) | Retained earnings | ( |
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( |
) | SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SIMPLY SOURCING LTD (REGISTERED NUMBER: 05937779) |
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BALANCE SHEET - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SIMPLY SOURCING LTD (REGISTERED NUMBER: 05937779) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Simply Sourcing Ltd is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of work completed during the year, by reference to invoiced sales and |
the movement between opening and closing work in progress and trade debtor balances. |
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Intangible assets - development costs |
Research and development costs relate to the development of a valve for the inflating of party |
balloons, which reduces the volume of helium required to inflate each balloon. |
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Unfortunately, in the opinion of the Directors, this development work is no longer considered an |
economically viable project and a decision has been taken to write off of this expenditure in full in |
this year given that no future income streams are anticipated in this regard. |
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Tangible fixed assets |
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Computer equipment | - |
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Financial instruments |
The company enters into basic financial instrument transactions, as appropriate and as and when |
required, that result in the recognition of financial assets and liabilities within the financial statements |
such as trade and other accounts receivable and payable, bank loans and hire purchase and lease |
contracts. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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SIMPLY SOURCING LTD (REGISTERED NUMBER: 05937779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Going concern |
These accounts have been prepared on the going concern basis, the validity of which is dependant |
upon the continued support of the directors. The directors have confirmed their support for a period of |
at least twelve months from the date of signing these financial statements. The going concern basis is |
therefore considered appropriate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2019 |
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Disposals | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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SIMPLY SOURCING LTD (REGISTERED NUMBER: 05937779) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary A | £1 | 100 | 100 |
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Ordinary B | £1 | 100 | 100 |
200 | 200 |