Simply Healing Retreats Ltd Filleted accounts for Companies House (small and micro)

SIMPLY HEALING RETREATS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07260227

Simply Healing Retreats Ltd

Filleted Unaudited Financial Statements

31 July 2023

Simply Healing Retreats Ltd

Financial Statements

Year ended 31 July 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Simply Healing Retreats Ltd

Statement of Financial Position

31 July 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5		29,222		6,638

Current assets

Stocks		8,550	4,347
Debtors	6	32,335	46,316
Cash at bank and in hand		48,829	119,219
		--------	----------
		89,714	169,882

Creditors: amounts falling due within one year	7	73,915		100,661
		--------		----------
Net current assets			15,799		69,221
			--------		--------
Total assets less current liabilities			45,021		75,859

Creditors: amounts falling due after more than one year	8	18,333	28,333
		--------	--------
Net assets		26,688	47,526
		--------	--------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		26,588	47,426
		--------	--------
Shareholders funds		26,688	47,526
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Simply Healing Retreats Ltd

Statement of Financial Position (continued)

31 July 2023

These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:

Mrs V Kay

Director

Company registration number: 07260227

Simply Healing Retreats Ltd

Notes to the Financial Statements

Year ended 31 July 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alliblaster House, Hill House Lane, Bucks Green, Rudgwick, Horsham, West Sussex, RH12 3BD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment, fixtures and fittings	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 August 2022	114,186	114,186
Additions	27,190	27,190
	----------	----------
At 31 July 2023	141,376	141,376
	----------	----------
Depreciation
At 1 August 2022	107,548	107,548
Charge for the year	4,606	4,606
	----------	----------
At 31 July 2023	112,154	112,154
	----------	----------
Carrying amount
At 31 July 2023	29,222	29,222
	----------	----------
At 31 July 2022	6,638	6,638
	----------	----------

6. Debtors

	2023	2022
	£	£
Prepayments and accrued income	–	26,875
Corporation tax repayable	12,660	–
Directors loan account	19,675	19,441
	--------	--------
	32,335	46,316
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	4,263	3,861
Accruals and deferred income	4,000	2,000
Corporation tax	–	3,678
Social security and other taxes	51,235	75,394
Other creditors	4,417	5,728
	--------	----------
	73,915	100,661
	--------	----------

The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	18,333	28,333
	--------	--------

The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2023	2022
	£	£
Miss C M Kay	9,734	9,734
Mrs V Kay	9,941	9,707
	--------	--------
	19,675	19,441
	--------	--------

The maximum amount outstanding on the directors loan account during the period was £19,675.