Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity5649truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10795126 2022-04-01 2023-03-31 10795126 2021-04-01 2022-03-31 10795126 2023-03-31 10795126 2022-03-31 10795126 2021-04-01 10795126 2 2022-04-01 2023-03-31 10795126 2 2021-04-01 2022-03-31 10795126 3 2022-04-01 2023-03-31 10795126 3 2021-04-01 2022-03-31 10795126 1 2022-04-01 2023-03-31 10795126 e:CompanySecretary1 2022-04-01 2023-03-31 10795126 e:Director2 2022-04-01 2023-03-31 10795126 e:RegisteredOffice 2022-04-01 2023-03-31 10795126 d:OfficeEquipment 2022-04-01 2023-03-31 10795126 d:OfficeEquipment 2023-03-31 10795126 d:OfficeEquipment 2022-03-31 10795126 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10795126 d:ComputerEquipment 2022-04-01 2023-03-31 10795126 d:ComputerEquipment 2023-03-31 10795126 d:ComputerEquipment 2022-03-31 10795126 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10795126 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10795126 d:CurrentFinancialInstruments 2023-03-31 10795126 d:CurrentFinancialInstruments 2022-03-31 10795126 d:Non-currentFinancialInstruments 2023-03-31 10795126 d:Non-currentFinancialInstruments 2022-03-31 10795126 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10795126 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10795126 d:ShareCapital 2023-03-31 10795126 d:ShareCapital 2022-03-31 10795126 d:ShareCapital 2021-04-01 10795126 d:OtherMiscellaneousReserve 2023-03-31 10795126 d:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 10795126 d:OtherMiscellaneousReserve 3 2022-04-01 2023-03-31 10795126 d:OtherMiscellaneousReserve 2022-03-31 10795126 d:OtherMiscellaneousReserve 2021-04-01 10795126 d:OtherMiscellaneousReserve 2 2021-04-01 2022-03-31 10795126 d:OtherMiscellaneousReserve 3 2021-04-01 2022-03-31 10795126 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10795126 d:RetainedEarningsAccumulatedLosses 2023-03-31 10795126 d:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 10795126 d:RetainedEarningsAccumulatedLosses 3 2022-04-01 2023-03-31 10795126 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 10795126 d:RetainedEarningsAccumulatedLosses 2022-03-31 10795126 d:RetainedEarningsAccumulatedLosses 2021-04-01 10795126 d:RetainedEarningsAccumulatedLosses 2 2021-04-01 2022-03-31 10795126 d:RetainedEarningsAccumulatedLosses 3 2021-04-01 2022-03-31 10795126 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 10795126 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 10795126 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 10795126 e:FRS102 2022-04-01 2023-03-31 10795126 e:Audited 2022-04-01 2023-03-31 10795126 e:FullAccounts 2022-04-01 2023-03-31 10795126 e:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10795126 e:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 10795126 (England and Wales)














SIMPLISAFE LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
SIMPLISAFE LTD
 

 
COMPANY INFORMATION


Director
M H Fitzpatrick 




Company secretary
B Bloch



Registered number
10795126



Registered office
Bauhaus
27 Quay Street

Manchester

Greater Manchester

United Kingdom

M3 3GY




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
SIMPLISAFE LTD
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11



 
SIMPLISAFE LTD
REGISTERED NUMBER:10795126


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
8,912
9,706

  
8,912
9,706

Current assets
  

Stocks
 6 
3,127,501
2,225,500

Debtors: amounts falling due after more than one year
 7 
48,557
11,101

Debtors: amounts falling due within one year
 7 
681,075
576,039

Cash at bank and in hand
  
283,761
554,925

  
4,140,894
3,367,565

Creditors: amounts falling due within one year
 8 
(20,709,158)
(15,104,936)

Net current liabilities
  
 
 
(16,568,264)
 
 
(11,737,371)

Total assets less current liabilities
  
(16,559,352)
(11,727,665)

Provisions for liabilities
  

Provisions
 9 
(64,774)
(58,322)

  
 
 
(64,774)
 
 
(58,322)

Net liabilities
  
(16,624,126)
(11,785,987)

Page 1


 
SIMPLISAFE LTD
REGISTERED NUMBER:10795126

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
10
10

Capital contribution reserve
 10 
7,454,626
5,457,740

Profit and loss account
  
(24,078,762)
(17,243,737)

  
(16,624,126)
(11,785,987)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M H Fitzpatrick
Director

Date: 28 February 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2


 
SIMPLISAFE LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
10
2,818,583
(9,072,888)
(6,254,295)


Comprehensive income for the year

Loss for the year
-
-
(8,170,849)
(8,170,849)

Share based payment
-
164,157
-
164,157

Capital introduced
-
2,475,000
-
2,475,000



At 1 April 2022
10
5,457,740
(17,243,737)
(11,785,987)


Comprehensive income for the year

Loss for the year
-
-
(6,835,025)
(6,835,025)

Share based payment
-
91,886
-
91,886

Capital introduced
-
1,905,000
-
1,905,000


At 31 March 2023
10
7,454,626
(24,078,762)
(16,624,126)


Page 3


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

  
1.2

Going concern

SimpliSafe Ltd is in a net liability position of £16,624,126, which is primarily due to amounts owed to the parent company. Funding provided by the parent company has been received in order to aid growth in the Company and the local market. The Company has received written confirmation from its parent company, SimpliSafe, Inc., that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. 
Furthermore, the director has assessed the ability of SimpliSafe, Inc. to provide this support based upon their cash flow forecasts and has concluded that the parent will have sufficient working capital to provide the necessary support. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.

Page 4


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
 
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 5


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)


1.4
Foreign currency translation (continued)

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
1.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 
1.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)


1.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
5 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.10

Debtors

Debtors are measured at transaction price. 

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. 

  
1.12

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured and repayable on demand in USD.

Page 7


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware
of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.



2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities are addressed below.
Impairment of stock
The director reviews stock annually for any indication of impairment based on market conditions, and has concluded the carrying values are appropriate.
Provision for warranty sales
The director has reviewed the need for a provision in the accounts against his expectation for future probable economic outflows and has concluded the carrying value is appropriate.


3.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 28 February 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees

The average monthly number of employees, including directors, during the year was 56 (2022 - 49).

Page 8


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
12,522
7,426
19,948


Additions
3,087
-
3,087



At 31 March 2023

15,609
7,426
23,035



Depreciation


At 1 April 2022
3,965
6,277
10,242


Charge for the year on owned assets
3,019
862
3,881



At 31 March 2023

6,984
7,139
14,123



Net book value



At 31 March 2023
8,625
287
8,912



At 31 March 2022
8,557
1,149
9,706


6.


Stocks

2023
2022
£
£

Goods in transit
8,709
720,970

Finished goods and goods for resale
3,118,792
1,504,530

3,127,501
2,225,500



7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
48,557
11,101

48,557
11,101

Page 9


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.Debtors (continued)


2023
2022
£
£

Due within one year

Trade debtors
47,991
111,755

Other debtors
-
36,015

Prepayments and accrued income
633,084
428,269

681,075
576,039



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
577,172
982,431

Amounts owed to group undertakings
19,188,739
13,403,846

Other taxation and social security
226,633
107,420

Other creditors
4,585
7,998

Accruals and deferred income
712,029
603,241

20,709,158
15,104,936


During the year, interest was charged on intercompany loans between the rates of 3.25% - 4.75% per annum (2022: 3.25% - 4.75%). These loans are unsecured and repayable on demand in USD.


9.


Provisions





Warranty provision

£





At 1 April 2022
58,322


Charged to profit or loss
6,452



At 31 March 2023
64,774

Page 10


 
SIMPLISAFE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Capital contribution reserve




2023
2022
£
£


Share based payment
347,926
256,040

Capital contribution
7,106,700
5,201,700

7,454,626
5,457,740

Share based payment
Certain employees of the Company along with other group employees have been granted options over the shares in SimpliSafe, Inc. The options are granted at an independently determined fair value with 50% designated as Time Vested Options and 50% designated as Performance Vested Options. Of the Time Vested Options 20% are exercisable one year after the vesting commencement date and then 5% for each quarter thereafter. 
The options expire ten years after the date of grant and the employees are required to be an employee of the Company at the date they exercise any options. An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve.
Capital contribution
The capital contribution represents an injection of capital from the shareholder which is not repayable


11.


Controlling party

SimpliSafe, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 100 Summer St, Suite 300, Boston, MA 02110, US.


12.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 11