Simara Developments Limited Filleted accounts for Companies House (small and micro)

SIMARA DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10804635

Simara Developments Limited

Filleted Unaudited Financial Statements

31 December 2020

Simara Developments Limited

Financial Statements

Period from 1 July 2019 to 31 December 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Simara Developments Limited

Statement of Financial Position

31 December 2020

	31 Dec 20	30 Jun 19
Note	£	£

Current assets

Stocks		186,898	78,687
Debtors	4	151,788	1,200
Cash at bank and in hand		2,353	788
		---------	--------
		341,039	80,675

Creditors: amounts falling due within one year	5	227,349	60,319
		---------	--------
Net current assets		113,690	20,356
		---------	--------
Total assets less current liabilities		113,690	20,356
		---------	--------
Net assets		113,690	20,356
		---------	--------

Capital and reserves

Called up share capital	26,398	26,398
Profit and loss account	87,292	( 6,042)
	---------	--------
Shareholders funds	113,690	20,356
	---------	--------

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 period ending 31 December 2020 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 period 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 .

These financial statements were approved by the board of directors and authorised for issue on 28 April 2021 , and are signed on behalf of the board by:

P A Roberts

Director

Company registration number: 10804635

Simara Developments Limited

Notes to the Financial Statements

Period from 1 July 2019 to 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 14 Marlowe Business Centre, 4-6 Orange Street, Canterbury, CT1 2JA, United Kingdom.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

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.

4. Debtors

	31 Dec 20	30 Jun 19
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	150,000	–
Other debtors	1,788	1,200
	---------	-------
	151,788	1,200
	---------	-------

5. Creditors: amounts falling due within one year

	31 Dec 20	30 Jun 19
	£	£
Trade creditors	–	7,529
Corporation tax	20,476	–
Other creditors	206,873	52,790
	---------	--------
	227,349	60,319
	---------	--------

6. Directors' advances, credits and guarantees

At the year end the company owed the directors £205,873 (2019: £0).

7. Related party transactions

At the year end the company were owed £150,000 by a group company.

8. Controlling party

The ultimate parent company is Urban Projects (North Lane) Limited, a company registered in England & Wales. The registered address of the ultimate controlling party is: Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.