Simply Sustainable Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06633348 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

SIMPLY SUSTAINABLE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

N R A Stopps

REGISTERED OFFICE:

4 Fulwood Place

London

WC1V 6HG

REGISTERED NUMBER:

06633348 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

38,612

34,648

Investments

6

1

-

38,613

34,648

CURRENT ASSETS

Debtors

7

346,075

318,644

Prepayments and accrued income

63,660

43,270

Cash at bank

171,513

583,924

581,248

945,838

CREDITORS

Amounts falling due within one year

8

413,183

293,283

NET CURRENT ASSETS

168,065

652,555

TOTAL ASSETS LESS CURRENT LIABILITIES

206,678

687,203

CREDITORS

Amounts falling due after more than one year

9

(512,770

)

(97,917

)

PROVISIONS FOR LIABILITIES

-

(6,583

)

NET (LIABILITIES)/ASSETS

(306,092

)

582,703

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(306,192

)

582,603

(306,092

)

582,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 28th February 2024 and were signed by:

N R A Stopps - Director

1.	STATUTORY INFORMATION

Simply Sustainable Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06633348 and registered office is 4 Fulwood Place, London, WC1V 6HG.

The principal activity of the company is business and management consultancy.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Functional currency

The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

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.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company. It may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, stock, tangible fixed assets and provisions are its critical accounting policies.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Where a contract has only been partly completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Going concern

Agathos II LP (acting through its general partner Agathos II GP LLP, the ultimate controlling party of the company) has confirmed its intention to provide the group with financial support in order that the company can meet its past and future obligations as they fall due for a period of at least twelve months from the signature of these financial statements. The director believes that it is therefore appropriate to prepare the financial statements on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 14 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st June 2022

49,181

Additions

16,720

At 31st May 2023

65,901

DEPRECIATION

At 1st June 2022

14,533

Charge for year

12,756

At 31st May 2023

27,289

NET BOOK VALUE

At 31st May 2023

38,612

At 31st May 2022

34,648

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

Additions

1

At 31st May 2023

1

NET BOOK VALUE

At 31st May 2023

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

243,307

295,344

Other debtors

102,768

23,300

346,075

318,644

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

25,000

Trade creditors

75,123

59,804

Taxation and social security

69,810

192,060

Other creditors

268,250

16,419

413,183

293,283

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

-

97,917

Amounts owed to group undertakings

512,770

-

512,770

97,917

10.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £328,680 (2022 - £127,290).

11.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Simply Bidco Limited, registered number 14507483. The registered office of the company is at 4 Fulwood Place, London, WC1V 6HG.

The ultimate parent company is Simply Topco Limited, registered number 14504745. It has the same registered address.

The ultimate controlling party is Agathos II LP, a private equity fund which does not have a single controlling investor.