Simplicity Trading Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05201809

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2016

FOR

SIMPLICITY TRADING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr A P Bevan

SECRETARY:

Mrs A Bevan

REGISTERED OFFICE:

Links Avenue

Brundall

Norfolk

NR13 5LL

REGISTERED NUMBER:

05201809

ACCOUNTANTS:

LEES

Chartered Certified Accountants

Ingram House

Meridian Way

Norwich

Norfolk

NR7 0TA

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

3,740

5,643

3,740

5,643

CURRENT ASSETS

Stocks

86,696

86,995

Debtors

2,436

4,343

Cash at bank and in hand

6,876

37,096

96,008

128,434

CREDITORS

Amounts falling due within one year

4

40,937

42,857

NET CURRENT ASSETS

55,071

85,577

TOTAL ASSETS LESS CURRENT LIABILITIES

58,811

91,220

PROVISIONS FOR LIABILITIES

510

741

NET ASSETS

58,301

90,479

CAPITAL AND RESERVES

Called up share capital

5

200

Profit and loss account

58,101

90,279

SHAREHOLDERS' FUNDS

58,301

90,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 24 April 2016 and were signed by:

Mr A P Bevan - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its 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.

Improvements to property

-

20% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing

differences between the treatment of certain items for taxation and accounting purposes. In accordance with Financial

Reporting Standard 19, provision is made for deferred tax in respect of all timing differences that have originated but not

reversed by the balance sheet date. Deferred tax assets are only recognised when it is more likely than not that the

deferred tax asset will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantially

enacted by the balance sheet date. Deferred tax balances are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

and 31 January 2016

74,547

AMORTISATION

At 1 February 2015

and 31 January 2016

74,547

NET BOOK VALUE

At 31 January 2016

-

At 31 January 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

41,000

Additions

121

Disposals

(509

)

At 31 January 2016

40,612

DEPRECIATION

At 1 February 2015

35,357

Charge for year

1,906

Eliminated on disposal

(391

)

At 31 January 2016

36,872

NET BOOK VALUE

At 31 January 2016

3,740

At 31 January 2015

5,643

4.

CREDITORS

Creditors include an amount of £ 3,854 for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

200

Ordinary

£1

200

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2016 and 31 January 2015:

2016

2015

£

Mr A P Bevan

Balance outstanding at start of year

(1,228

)

6,389

Amounts advanced

56,208

208

Amounts repaid

(54,350

)

(7,825

)

Balance outstanding at end of year

630

(1,228

)