Registration number:
for the Year Ended
simplehuman (UK) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
simplehuman (UK) Limited
Company Information
|
Directors |
F S P Yang J R Dowdeswell K K Yen |
|
Company secretary |
J R Dowdeswell |
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Registered office |
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|
Auditors |
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simplehuman (UK) Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of the import and selling of tools for efficient living.
Fair review of the business
Turnover remained steady during 2024 at £ 26,897,995 (2023, £26,603,307) and profit before tax was 2024
£378,685 (2023 - £585,109). The company anticipates continued revenue growth in UK market in 2025.
Principal risks and uncertainties
The company has established risk review procedures to evaluate the company's risk appetite. The principle risks and uncertainties facing the company are broadly grouped as - economic, price, competitive and financial risk.
Economic Risks
The economic outlook in our principal markets remains uncertain. Difficult export conditions, tighter capacity in resources such as labour and property, and global shipping problems are all still dragging on profitability. Pricing and margins are monitored closely.
Price risks
Pricing is subject to three contributory factors; raw material cost, exchange rates and freight charges. These are
subject to regular internal reviews.
Competitive Risks
Risks to the brand are increasing due to the proliferation of design copies from the Far East and competitor incursion into simplehuman’s core product sectors. These are being actively managed by the company.
Financial Risks
The company continues to develop its risk and financial management framework. The objectives aim to ensure robust decision making and considered governance. The policies also determine the appropriate level of working capital exists and monitor the management of financial risk at a business unit level. This is achieved through proper levels of review and transactional authorisation. Additionally, simplehuman operates an IT security policy that mitigates conflict of interest.
Approved and authorised by the
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......................................... |
simplehuman (UK) Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company has established a risk and financial management framework whose primary objectives are to
protect the company from events that hinder the achievement of the company's performance objectives.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk arises on financial instruments because of changes in, for example commodity prices or equity
prices. Given that the company is privately owned and is funded entirely from its own reserves and parent
company loans and does not hold investments, the company is not exposed to significant financial instrument
price fluctuations.
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by
failing to discharge an obligation. Company policies are aimed at minimising such losses. The company's
policies require appropriate credit checks on potential customers and suppliers before sales or purchases are made. The amount of exposure to any individual counterparty is subject to a limit, which is reviewed periodically.
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial
liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and
applying cash collection targets. Management review is conducted monthly and monitors financial statements,
cash flow and commercial operations.
Cash flow risk is the risk of exposure to variability in cash flows. The company manages this risk through
monthly management reviews of financial statements, cash flow and commercial operations.
Future developments
The director's aim to maintain and improve the management policies which have resulted in the company's substantial growth in recent years. The director anticipates continued growth in the EMEA markets in the coming years as the brand recognition grows.
Directors' liabilities
The company has granted an indemnity to the director against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the director's report.
Disclosure of information to the auditors
simplehuman (UK) Limited
Directors' Report for the Year Ended 31 December 2024
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Sansum & Co Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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simplehuman (UK) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
simplehuman (UK) Limited
Independent Auditor's Report to the Members of simplehuman (UK) Limited
Opinion
We have audited the financial statements of simplehuman (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
simplehuman (UK) Limited
Independent Auditor's Report to the Members of simplehuman (UK) Limited
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
simplehuman (UK) Limited
Independent Auditor's Report to the Members of simplehuman (UK) Limited
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to employment law, pension regulation, health and safety regulation, general data protection regulation (GDPR), the waste electrical and electronic equipment directive (WEEE) and the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the potential for management to override controls and determined the principal risks were related to the over statement of revenue, the understatement of expenses, the inappropriate netting of current assets and current liabilities and the misappropriation of stock.
In response to such risks we have performed specific procedures which included:
- Discussions with those charged with governance and other senior management;
- Analytical review of the financial statements;
- Review of key assumptions and judgements made by management with regard to significant accounting estimates;
- Identifying and testing of unusual journal entries throughout the year and around the year end.
There are inherent limitations in the audit procedures described above. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one caused by error as fraud may be deliberately concealed through intentional misrepresentation or concealment.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
High Street
Burbage
Marlborough
SN8 3AF
simplehuman (UK) Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
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Gross profit |
|
|
|
|
Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
|
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Operating profit |
515,713 |
470,569 |
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Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
|
|
|
(137,028) |
114,540 |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
simplehuman (UK) Limited
(Registration number: 04896417)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
|
Current assets |
|||
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Stocks |
|
|
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Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
5,000 |
5,000 |
|
|
Retained earnings |
4,645,924 |
4,355,835 |
|
|
Shareholders' funds |
4,650,924 |
4,360,835 |
Approved and authorised by the
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simplehuman (UK) Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
At 31 December 2023 |
5,000 |
4,355,835 |
4,360,835 |
simplehuman (UK) Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Increase in trade debtors |
( |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Increase in provisions |
|
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes received/(paid) |
|
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
- |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
1,149,984 |
599,823 |
|
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants are accounted for using the the performance based model.
The company recognises grant income when:
The grant proceeds are received (or receivable) provided that the terms of the grant do not impose future performance-related conditions; or
performance-related conditions are met.
Any grants that are received before the revenue recognition criteria are met are recognised in the company's financial statements as a liability.
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
20% Straight line |
|
Plant and machinery |
20% Straight line |
|
Furniture, fittings and equipment |
20% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
In the director's opinion geographical analysis would be seriously prejudicial to the the company and therefore this analysis has been omitted.
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
Included within adminstration expenses are exceptional costs totalling £Nil (2023: £462,212). £247,212 was paid in 2023 and related to proprty rental increases that were agreed during the year but related to 2021 and 2022 financial years. As the directors could not reliably estimate the increases these had not previously been accrued.
During 2023, the remaining cost of £215,000 related to a settlement required to exit a contract. It is not expected to incur similiar costs in the future.
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
- |
|
Foreign exchange gains/losses |
|
( |
|
|
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
190,080 |
186,345 |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the statement of comprehensive income
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax decrease from other short-term timing differences |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Deferred tax expense from unrecognised tax loss or credit |
|
|
|
Total tax charge |
|
|
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Timing differences from the effect of capital allowances and depreciation |
- |
|
|
Unpaid pension contributions |
- |
( |
|
General provisions |
- |
( |
|
- |
|
|
2023 |
Asset |
Liability |
|
Timing differences from the effect of capital allowances and depreciation |
- |
|
|
Unpaid pension contributions |
|
- |
|
General provisions |
|
- |
|
Tax losses carried forward |
|
- |
|
|
|
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
|
|
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At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £59,847 (2023 - £5,605) in respect of short leasehold land and buildings.
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
- |
|
|
|
Income tax asset |
- |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
- |
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
64,774 |
- |
|
|
|
|
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Warranties |
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Increase (decrease) in existing provisions |
- |
- |
|
|
|
Provisions used |
- |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
||||
Warranties
A provision has been included for the potential return of goods under the companys various warranty schemes based on an analysis of returns in prior years.
Deferred Tax
A provision for tax is recognised due to timing differences between the accounting profit and profit chargeable to corporation tax caused by accelerated capital allowances.
Dilapidations
A provision has been made for the cost of returning the offices and warehousing to their original states when the leases expires. The cost will only be incurred at the point the leases are not renewed.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5,000 |
|
5,000 |
Rights, preferences and restrictions
|
Ordinary Shares have the following rights, preferences and restrictions: |
|
Loans and borrowings |
Other borrowings
The Intercompany loan of £1,500,000 (note 15) is denominated in GBP with a nominal interest rate of 7.2%. The carrying amount at year end is £1,500,000 (2023 - £Nil).
The loan is secured by way of a floating charge over all assets of the company.
Repayment is due on the 18 November 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Financial guarantee contracts |
The company provides a range of warranties at the time of sale to their customers. Under the terms of the contracts the company undertakes to make good, by repair or replacement, manufacturing defects that become apparent within one to ten years from the date of sale depending on the product sold.
The directors of the company have calculatated the expected outflow of resources to service warranty claims of products that are currently within their warranty period and have provided for the expected cost.
|
Related party transactions |
Loans to related parties
|
2024 |
Key management |
Total |
|
At start of period |
|
|
|
At end of period |
|
|
|
|
||
|
2023 |
Key management |
Total |
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans to related parties
Loans from related parties
|
2024 |
Parent |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
|
2023 |
Parent |
Total |
|
At start of period |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans from related parties
simplehuman (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is