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Unaudited Financial Statements for the Year Ended 28 February 2017 |
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Simply Executive Contractors Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 28 February 2017 |
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for |
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Simply Executive Contractors Ltd |
Simply Executive Contractors Ltd (Registered number: 08914023) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Simply Executive Contractors Ltd |
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Company Information |
for the Year Ended 28 February 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Simply Executive Contractors Ltd (Registered number: 08914023) |
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Balance Sheet |
28 February 2017 |
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28.2.17 | 29.2.16 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Simply Executive Contractors Ltd (Registered number: 08914023) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2017 |
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1. | STATUTORY INFORMATION |
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Simply Executive Contractors Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Simply Executive Contractors Limited transitioned from previous UK GAAP to FRS 102 on 1 March 2016. |
Details of how FRS 102 has affected the reported financial position and financial performance is given in Note 6. |
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Significant judgements and estimates |
The preparation of the financial statements require 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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
Simply Executive Contractors Ltd (Registered number: 08914023) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Trade and other receivables |
Trade receivables are valued initially at fair value and subsequently measured at amortised cost using the |
effective interest method less provisions for impairment. A provision for impairment of trade receivables is |
established when there is objective evidence that the company will not be able to collect all amounts due |
according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that |
the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are |
considered indicators that the trade receivable is impaired. The amount of the provision is the difference between |
the carrying amount and the recoverable amount, being the present value of the expected cash flows, discounted |
at the market rate of interest for similar borrowers. The amount of the provision is recognised in the income |
statement. When a trade receivable is uncollectible, it is written off. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.17 | 29.2.16 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.17 | 29.2.16 |
£ | £ |
Trade creditors |
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Amounts owed to associates | 1,071,414 | - |
Taxation and social security |
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Other creditors |
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Included in other creditors are amounts totalling £504,953 (2016- £80,027) due to ABN Amro Commercial |
Finance PLC in respect of factored debts.This debt is secured by means of a fixed charge over the assets of the |
Company. |
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6. | TRANSITION TO FRS 102 |
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These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 ON 1 |
March 2016. |
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No transitional adjustments were required in equity or profit or loss for the year or the prior year. |