SUSTAINABLE GENIUS CIC

Company limited by guarantee

Company Registration Number:
SC654812 (Scotland)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

SUSTAINABLE GENIUS CIC

Contents of the Financial Statements

for the Period Ended 29 February 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

SUSTAINABLE GENIUS CIC

Profit And Loss Account

for the Period Ended 29 February 2024

2024 2023


£

£
Turnover: 0 0
Cost of sales: 0 0
Gross profit(or loss): 0 0
Distribution costs: 0 0
Administrative expenses: ( 13 ) ( 1,130 )
Other operating income: 0 0
Operating profit(or loss): (13) (1,130)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (13) (1,130)
Tax: 0 0
Profit(or loss) for the financial year: (13) (1,130)

SUSTAINABLE GENIUS CIC

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 5,500 5,500
Tangible assets: 4 329 329
Investments:   0 0
Total fixed assets: 5,829 5,829
Current assets
Stocks:   0 0
Debtors:   0 0
Cash at bank and in hand: 2,015 2,028
Investments:   0 0
Total current assets: 2,015 2,028
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year:   0 0
Net current assets (liabilities): 2,015 2,028
Total assets less current liabilities: 7,844 7,857
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 7,844 7,857
Members' funds
Profit and loss account: 7,844 7,857
Total members' funds: 7,844 7,857

The notes form part of these financial statements

SUSTAINABLE GENIUS CIC

Balance sheet statements

For the year ending 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 2 January 2025
and signed on behalf of the board by:

Name: Beatrice Ogedengbe
Status: Director

The notes form part of these financial statements

SUSTAINABLE GENIUS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

SUSTAINABLE GENIUS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

SUSTAINABLE GENIUS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 March 2023 5,500 0 5,500
Additions 0 0 0
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 29 February 2024 5,500 0 5,500
Amortisation
At 1 March 2023 0 0 0
Charge for year 0 0 0
On disposals 0 0 0
Other adjustments 0 0 0
At 29 February 2024 0 0 0
Net book value
At 29 February 2024 5,500 0 5,500
At 28 February 2023 5,500 0 5,500

The Intangible Asset is SGMart web platform which was valued at £5500 based on time, efforts and cash invested into the e-commerce platform in 2021.

SUSTAINABLE GENIUS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 329 329
Additions 0 0
Disposals
Revaluations
Transfers
At 29 February 2024 329 329
Depreciation
At 1 March 2023
Charge for year
On disposals
Other adjustments
At 29 February 2024
Net book value
At 29 February 2024 329 329
At 28 February 2023 329 329

The Tangible assets is the company Apple ipad which was purchased back in March 2023.

COMMUNITY INTEREST ANNUAL REPORT

SUSTAINABLE GENIUS CIC

Company Number: SC654812 (Scotland)

Year Ending: 29 February 2024

Company activities and impact

Sustainable Genius CIC operates SGMart, an online platform dedicated to selling unique items sourced from local charity shops, by showcasing such items to students primarily and the general public. Launched in March 2021, the e-commerce platform (https://sgmart.uk/) has continued to evolve with a focus on community impact. During the financial year from 1 March 2023 to 29 February 2024, Sustainable Genius CIC has made significant strides in supporting the community through various initiatives: The company is collaborating with Marketing & Branding Specialists to refine the website’s design and interface, enhance its SEO functionality, and improve communication via social media channels. These efforts aim to boost customer engagement on the platform. The updated website features a more attractive and interactive design, which has been positively received by the public. These enhancements have made the platform more user-friendly and appealing. The improved SGMart platform is being used for demonstration purposes to showcase its capabilities to potential partners and local charity shops. These demonstrations serve as a Proof of Concept, highlighting the benefits of joining the platform. Ongoing discussions are taking place with local charity shops to gain their participation in this initiative, as doing this does not only promote the e-commerce platform but also builds the network and impact of SGMart.

Consultation with stakeholders

The key stakeholders of the company are potential online shoppers with an interest in reusable products and supporting local charity shops. There have been ongoing conversations with international students, who expressed a strong desire to purchase affordable and reusable household items. This further emphasises the need for online retail platforms, with a growing potential for enhanced engagement with sustainability-focused organisations. Sustainable Genius CIC is proactively taking steps in continuously redesigning its digital platforms, including the website and social media channels to improve the customer’s experience and satisfaction.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
2 January 2025

And signed on behalf of the board by:
Name: David Anowu
Status: Director