Simply Pensions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04232354 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Simply Pensions Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S N McNeil

REGISTERED OFFICE:

Kingfisher Centre

Burnley Road

Rawtenstall

Rossendale

Lancashire

BB4 8EQ

REGISTERED NUMBER:

04232354 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Intangible assets

4

54,300

61,400

Tangible assets

5

714

352

55,014

61,752

CURRENT ASSETS

Debtors

-

367

Cash at bank

166,052

156,686

166,052

157,053

CREDITORS

Amounts falling due within one year

74,755

97,457

NET CURRENT ASSETS

91,297

59,596

TOTAL ASSETS LESS CURRENT LIABILITIES

146,311

121,348

PROVISIONS FOR LIABILITIES

136

67

NET ASSETS

146,175

121,281

CAPITAL AND RESERVES

Called up share capital

6

2

2

Retained earnings

146,173

121,279

SHAREHOLDERS' FUNDS

146,175

121,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 September 2021 and were signed by:

S N McNeil - Director

1.	STATUTORY INFORMATION

Simply Pensions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company offers retirement advice services to people planning for retirement. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Purchased goodwill are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Government grants

Covid-19 grants provided by the government are revenue-based grants and have been accounted for using the Accrual model. The grant has been recognised as income on a systematic basis over the period in which the entity recognises the related loss for which the grant is intended to compensate.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

and 31 March 2021

76,000

AMORTISATION

At 1 April 2020

14,600

Amortisation for year

7,100

At 31 March 2021

21,700

NET BOOK VALUE

At 31 March 2021

54,300

At 31 March 2020

61,400

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

3,672

Additions

953

Disposals

(2,264

)

At 31 March 2021

2,361

DEPRECIATION

At 1 April 2020

3,320

Charge for year

591

Eliminated on disposal

(2,264

)

At 31 March 2021

1,647

NET BOOK VALUE

At 31 March 2021

714

At 31 March 2020

352

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/21

31/3/20

value:

£

£

2

Ordinary

£1

2

2