Simwood Futures Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 13668414 (England and Wales)

Financial Statements for the Period 8 October 2021 to 30 November 2022

for

Simwood Futures Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S P Woodhead

C R Chance

REGISTERED OFFICE:

Simwood House

Cube M4 Business Park

Bristol

Gloucestershire

BS16 1FX

REGISTERED NUMBER:

13668414 (England and Wales)

AUDITORS:

Haines Watts Wolverhampton Limited

Statutory Auditors

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Tangible assets

4

192,435

CURRENT ASSETS

Stocks

141,612

Debtors

5

1,698

Cash at bank

332

143,642

CREDITORS

Amounts falling due within one year

6

913

NET CURRENT ASSETS

142,729

TOTAL ASSETS LESS CURRENT LIABILITIES

335,164

PROVISIONS FOR LIABILITIES

17,697

NET ASSETS

317,467

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

317,367

317,467

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2023 and were signed on its behalf by:

S P Woodhead - Director

1.	STATUTORY INFORMATION

Simwood Futures Limited 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Under Item 1, Group 5, Schedule 9 of the Value Added Tax Act 1994 the turnover derived from the sale of digital assets from which the company generates its turnover is exempt from VAT.

Tangible fixed assets

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

Land and buildings

-

at variable rates on reducing balance

Plant and machinery etc

-

25% on cost and 10% on reducing balance

Stocks

As at the period end date the company holds an assortment of digital cryptocurrencies. This holding is deemed to be held for the purpose of trade on the basis of regular trading, as a result it is being treated as a current asset within stock.

In accordance with FRS 102 section 13.3, on the basis that this stock is readily realisable and the group is operating in an active market where sale can be achieved at published prices, this stock is being held at Fair Value.

Any gain or loss recognised at the year end date on this holding is treated for taxation purposes on a deferred basis with actual taxation being recognised on crystalisation when the sale and purchase of the various currencies take place.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

Additions

56,205

155,108

211,313

At 30 November 2022

56,205

155,108

211,313

DEPRECIATION

Charge for period

3,031

15,847

18,878

At 30 November 2022

3,031

15,847

18,878

NET BOOK VALUE

At 30 November 2022

53,174

139,261

192,435

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

1,698

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Taxation and social security

913

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Geoffrey Hopwood BCOM ACA (Senior Statutory Auditor)

for and on behalf of Haines Watts Wolverhampton Limited

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Loans made to directors by subsidiaries

During the period a subsidiary company made a loan to a director, The amount outstanding at the year end was £1,598. The loan was interest free and repayable on demand.