ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 06684654

USEFUL SIMPLE LIMITED

CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

USEFUL SIMPLE LIMITED

COMPANY INFORMATION

Directors	A Judd (appointed 10 May 2024)
	E Macnamara
	G Oates
	J Sykes
	P Winslow
	T Bowen (resigned 7 July 2025)


Registered number	06684654


Registered office	Temple Chambers
	3-7 Temple Avenue
	London
	EC4Y 0HP


Independent auditors	Haslers
	Senior Statutory Auditor & Chartered Accountants
	Old Station Road
	Loughton
	Essex
	IG10 5PL

USEFUL SIMPLE LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3
Directors' responsibilities statement	4
Independent auditors' report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 35

USEFUL SIMPLE LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

Useful Simple Ltd and its subsidiaries (“the Group”) continue to demonstrate resilience and growth in a challenging economic environment, maintaining its commitment to sustainability, innovation, and employee inclusion.

This strategic report summarises the Group’s performance, principal activities, risks, and future outlook, as required for statutory reporting under the Companies Act 2006.

Business review

The Group operates across the built environment sector with expertise in architecture, engineering, sustainability, and consultancy.

We are known for our independence, integrity and impactful solutions.

We are trusted advisors to leading clients that share our values and work with them to effectively deliver the UKs national infrastructure priorities, place regeneration and housing, and nature led solutions.

We also have a smaller but significant portfolio of international projects.

We have built a strong pipeline of client projects, with multi- year commissions, through a focus on high-value engineering and consultancy, and a commitment to ethical and sustainable practices.

Employee inclusion remains central to our working environment, fostering a motivated and skilled workforce.

Principal risks and uncertainties

Cyber-attacks: remain the top risk, with ongoing focus on digital strategy and skills development.

Sector reliance: There have been improvements in the commercial balance across the Group to diversify revenues, but we continue to monitor sector-specific risks.

Health & Safety compliance: Remains a key priority for the business, focussed areas of work to align with new industry requirements.

Retaining and recruiting talented staff: as a built environment consultancy, focussed on employee inclusion and a B Corp, we place particular emphasis on looking after and developing our staff.

We have active programmes in place to recruit, support, develop and retain staff, and this will continue to be a key priority for the Group on an ongoing basis.

Employee Inclusion and Culture

The Group is owned by an employee benefit trust which supports a culture of collaboration, innovation, and ethical practice.

Staff engagement, training, and benefits are regularly reviewed to ensure alignment with strategic goals and regulatory requirements.

Outlook and Future Strategy

The Group plan for the year ahead will focus on consolidating growth, investing in digital transformation, expanding our office space and growing the client base focussing on opportunities that are mission-aligned.

Page 1

USEFUL SIMPLE LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Continued emphasis on sustainability, compliance, and risk management will underpin future success.

The Group remains committed to its values of ethical business, employee inclusion, and delivering high-quality services to clients.

Financial key performance indicators

The Group is pleased with its financial performance which underpinned its sound position on the market.

Group Turnover for the year £12,479,957 (2024 - £10,530,321) YoY growth 18.5%

Group Profit for the year £613,777 (2024 - £574,174) YoY growth 6.9%

Current Ratio stands at 2.05 (2024 – 2.26)

Other key performance indicators

Overheads are expected to rise due to increased investment in training, central resources, cyber security and AI.
Future investment has been committed to expand our office space.

Directors’ Statement

The directors confirm that, to the best of their knowledge, this strategic report provides a fair, balanced, and understandable review of the Group’s business, performance, and principal risks for FY24/25.

This report was approved by the board on 23 December 2025 and signed on its behalf.

J Sykes

Director

Page 2

USEFUL SIMPLE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Results and dividends

The profit for the year, after taxation, amounted to £613,777 (2024 - £547,174).

Directors

The directors who served during the year were:

A Judd (appointed 10 May 2024)

E Macnamara

G Oates

J Sykes

P Winslow

T Bowen (resigned 7 July 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

This report was approved by the board on 23 December 2025 and signed on its behalf.

J Sykes

Director

Page 3

USEFUL SIMPLE LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

USEFUL SIMPLE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USEFUL SIMPLE LIMITED

Opinion

We have audited the financial statements of Useful Simple Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Page 5

USEFUL SIMPLE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USEFUL SIMPLE LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the 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 the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 6

USEFUL SIMPLE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USEFUL SIMPLE LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.

We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.

We discussed among the audit engagement team regarding the opportunities and incentives, including management override controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:

The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.

Page 7

USEFUL SIMPLE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USEFUL SIMPLE LIMITED (CONTINUED)

Procedures performed to address these were as follows:

• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,

• Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented.

Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries with no descriptions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Other matters

The comparative figures for the year ended 31st March 2024 are unaudited, as the company was exempt from the audit under s.477 of the Companies Act 2006.

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 Auditors' 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.

Page 8

USEFUL SIMPLE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USEFUL SIMPLE LIMITED (CONTINUED)

Laura Ambrose BA(Hons) FCA (Senior statutory auditor)

for and on behalf of

Haslers

Senior Statutory Auditor

Chartered Accountants

Old Station Road

Loughton

Essex

IG10 5PL

23 December 2025

Page 9

USEFUL SIMPLE LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	12,479,957	10,530,321
Gross profit		12,479,957	10,530,321
Administrative expenses		(11,714,427)	(9,936,825)
Operating profit	5	765,530	593,496
Interest receivable and similar income	9	2,824	2,509
Interest payable and similar expenses	10	(30,643)	(34,972)
Profit before taxation		737,711	561,033
Tax on profit	11	(123,934)	(13,859)
Profit for the financial year		613,777	547,174

Profit for the year attributable to:
Owners of the Parent Company	613,777	547,174
	613,777	547,174

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 17 to 35 form part of these financial statements.

Page 10

USEFUL SIMPLE LIMITED

REGISTERED NUMBER: 06684654

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Intangible assets	12		11,743		12,543
Tangible assets	13		140,820		129,352
			152,563		141,895
Current assets
Debtors: amounts falling due within one year	15	3,142,171		2,924,536
Cash at bank and in hand	16	2,175,605		855,458
		5,317,776		3,779,994
Creditors: amounts falling due within one year	17	(2,605,738)		(1,670,100)
Net current assets			2,712,038		2,109,894
Total assets less current liabilities			2,864,601		2,251,789
Creditors: amounts falling due after more than one year	18		(30,400)		(69,569)
Provisions for liabilities
Deferred taxation	21	(63,415)		(25,211)
			(63,415)		(25,211)
Net assets			2,770,786		2,157,009

Capital and reserves
Called up share capital	22	334	334
Capital redemption reserve	23	50	50
Profit and loss account	23	2,770,402	2,156,625
Equity attributable to owners of the Parent Company		2,770,786	2,157,009
		2,770,786	2,157,009

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

J Sykes

Director

The notes on pages 17 to 35 form part of these financial statements.

Page 11

USEFUL SIMPLE LIMITED

REGISTERED NUMBER: 06684654

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Investments	14		13,563		13,563
			13,563		13,563
Current assets
Debtors: amounts falling due within one year	15	749,961		1,189,519
Cash at bank and in hand	16	19,864		34,015
		769,825		1,223,534
Creditors: amounts falling due within one year	17	(504,576)		(1,283,567)
Net current assets/(liabilities)			265,249		(60,033)
Total assets less current liabilities			278,812		(46,470)


Net assets/(liabilities)			278,812		(46,470)

Capital and reserves
Called up share capital	22		334		334
Profit and loss account brought forward		(46,804)		(46,512)
Profit/(loss) for the year		325,282		(292)
Profit and loss account carried forward			278,478		(46,804)
			278,812		(46,470)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

J Sykes

Director

The notes on pages 17 to 35 form part of these financial statements.

Page 12

USEFUL SIMPLE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 April 2024	334	50	2,156,625	2,157,009	2,157,009
Comprehensive income for the year
Profit for the year	-	-	613,777	613,777	613,777
Total comprehensive income for the year	-	-	613,777	613,777	613,777
At 31 March 2025	334	50	2,770,402	2,770,786	2,770,786

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 April 2023	334	50	1,609,451	1,609,835	1,609,835
Comprehensive income for the year
Profit for the year	-	-	547,174	547,174	547,174
Total comprehensive income for the year	-	-	547,174	547,174	547,174
At 31 March 2024	334	50	2,156,625	2,157,009	2,157,009

The notes on pages 17 to 35 form part of these financial statements.

Page 13

USEFUL SIMPLE LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2024	334	(46,804)	(46,470)
Comprehensive income for the year
Profit for the year	-	325,282	325,282
Total comprehensive income for the year	-	325,282	325,282
At 31 March 2025	334	278,478	278,812

The notes on pages 17 to 35 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	334	(46,512)	(46,178)
Comprehensive income for the year
Loss for the year	-	(292)	(292)
Total comprehensive income for the year	-	(292)	(292)
At 31 March 2024	334	(46,804)	(46,470)

The notes on pages 17 to 35 form part of these financial statements.

Page 14

USEFUL SIMPLE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	613,777	547,174
Adjustments for:
Amortisation of intangible assets	15,498	-
Depreciation of tangible assets	129,530	128,225
Interest paid	30,643	34,972
Interest received	(2,824)	(2,509)
Taxation charge	123,934	13,859
(Increase) in debtors	(243,154)	(507,696)
Increase/(decrease) in creditors	591,598	(100,588)
Corporation tax received/(paid)	-	(13,859)
Net cash generated from operating activities	1,259,002	99,578

Cash flows from investing activities
Purchase of intangible fixed assets	(14,698)	-
Purchase of tangible fixed assets	(140,998)	(13,275)
Interest received	2,824	2,509
Net cash from investing activities	(152,872)	(10,766)
Cash flows from financing activities
Other new loans	247,383	20,098
Repayment of/new finance leases	(2,723)	69,160
Interest paid	(30,643)	(34,972)
Net cash used in financing activities	214,017	54,286
Net increase in cash and cash equivalents	1,320,147	143,098
Cash and cash equivalents at beginning of year	855,458	712,360
Cash and cash equivalents at the end of year	2,175,605	855,458

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,175,605	855,458
	2,175,605	855,458

Page 15

USEFUL SIMPLE LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	855,458	1,320,147	2,175,605
Debt due within 1 year	(243,912)	(247,383)	(491,295)
Finance leases	(69,160)	2,723	(66,437)
	542,386	1,075,487	1,617,873

The notes on pages 17 to 35 form part of these financial statements.

Page 16

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Useful Simple Limited is a private company, limited by shares incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is Temple Chambers, 3-7 Temple Avenue, London, England, EC4Y 0HP. The principal activities of the Company and the nature of its operations are set out in the strategic report.

2.Accounting policies

2.1

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 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2023.

Page 17

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue can be measured reliably;

∙it is probable that the Group 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.

Page 18

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Operating leases: the Group 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.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

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USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

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 20

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

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	-	33%	Straight line
				Computer equipment	-	33%	Straight line

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.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

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 measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 21

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Financial instruments

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 22

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

IIn applying the Company's accounting policies, the directors are required to mkae judgements, estimates and assumptions in determining the carrying amount of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the descisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements , estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision effects both current and future periods.

Page 23

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Sales	12,479,957	10,530,321
	12,479,957	10,530,321

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	12,122,932	9,723,991
Rest of the world	357,025	806,330
	12,479,957	10,530,321

Exchange differences	3,145	3,657
Other operating lease rentals	13,608	44,059
Depreciation and amortisation	145,028	128,225

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

26,000

15,010

Page 24

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	5,544,664	5,335,805	5,544,664	5,335,805
Social security costs	611,438	610,382	611,438	610,382
Cost of defined contribution scheme	600,223	522,701	600,223	522,701
	6,756,325	6,468,888	6,756,325	6,468,888

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Staff	88	88

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	558,575	644,735
Group contributions to defined contribution pension schemes	98,169	83,988
	656,744	728,723

	During the year retirement benefits were accruing to 5 directors (2024 - 7) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £165,448 (2024 - £152,722).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £31,213 (2024 - £29,568).

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	2,824	2,509
		2,824	2,509

Page 25

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Other loan interest payable	30,643	34,972
		30,643	34,972

Corporation tax
Current tax on profits for the year	85,730	13,859
	85,730	13,859

Total current tax	85,730	13,859

Deferred tax
Origination and reversal of timing differences	38,204	-
Total deferred tax	38,204	-


	Tax on profit	123,934	13,859

Page 26

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

737,711

561,033

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	184,428	140,258
Effects of:
Utilisation of tax losses	(21,465)	-
Other differences leading to an increase (decrease) in the tax charge	(39,029)	(126,399)
Total tax charge for the year	123,934	13,859

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Intangible assets
	Group and Company

		Computer software
		£
	Cost
	At 1 April 2024	70,511
	Additions	14,698
	Disposals	(70,511)
	At 31 March 2025	14,698
	Amortisation
	At 1 April 2024	57,968
	Charge for the year on owned assets	15,498
	On disposals	(70,511)
	At 31 March 2025	2,955
	Net book value
	At 31 March 2025	11,743
	At 31 March 2024	12,543

Page 28

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Tangible fixed assets
	Group

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	8,888	365,274	374,162
Additions	-	140,998	140,998
At 31 March 2025	8,888	506,272	515,160
Depreciation
At 1 April 2024	8,244	236,566	244,810
Charge for the year on owned assets	644	55,473	56,117
Charge for the year on financed assets	-	73,413	73,413
At 31 March 2025	8,888	365,452	374,340
Net book value
At 31 March 2025	-	140,820	140,820
At 31 March 2024	644	128,708	129,352

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Computer equipment	64,051	56,796
	64,051	56,796

Page 29

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	13,563
	At 31 March 2025	13,563

	Net book value
	At 31 March 2025	13,563
	At 31 March 2024	13,563

15.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,381,776	2,121,515	-	-
Amounts owed by group undertakings	-	-	747,959	1,183,267
Other debtors	48,519	52,769	2,002	6,252
Prepayments and accrued income	711,876	728,685	-	-
Tax recoverable	-	21,567	-	-
	3,142,171	2,924,536	749,961	1,189,519

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	2,175,605	855,458	19,864	34,015
	2,175,605	855,458	19,864	34,015

Page 30

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Other loans	491,295	243,912	-	-
Trade creditors	393,965	323,847	-	-
Amounts owed to group undertakings	-	-	18,421	767,232
Corporation tax	85,730	-	-	-
Other taxation and social security	729,262	567,292	161,908	175,313
Obligations under finance lease and hire purchase contracts	52,704	66,258	-	-
Other creditors	137,249	141,022	87,247	91,022
Accruals and deferred income	715,533	327,769	237,000	250,000
	2,605,738	1,670,100	504,576	1,283,567

The following liabilities were secured:
	Group	Group
	2025	2024
	£	£

	Bank Loan	50,000	50,000
		50,000	50,000

Details of security provided:

The loan is secured by an unlimited debenture granted by Useful Simple Group Limited.

Page 31

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	13,733	2,902
Other creditors	16,667	66,667
	30,400	69,569

The following liabilities were secured:
	Group	Group
	2025	2024
	£	£


Bank Loan	16,667	66,667
	16,667	66,667

Details of security provided:

The loan is secured by an unlimited debenture granted by Useful Simple Group Limited.

19.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	52,704	66,258
Between 1-5 years	13,733	2,902
	66,437	69,160

20.	Financial instruments
		Group	Group
		2025	2024
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	2,175,605	855,458

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 32

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

21.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(25,211)
	Charged to profit or loss	(38,204)
	At end of year	(63,415)


		Group	Group
		2025	2024
		£	£

	Tax losses carried forward	(63,415)	(25,211)
		(63,415)	(25,211)

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

334 (2024 - 334) Ordinary shares of £1.00 each	334	334

23.

Reserves

Capital redemption reserve

The capital redemption reserve account represents non distributable reserves arising on the repurchase of the company's own shares

Profit and loss account

The reserves represents accumulated comprehensive income of the year and all other net gains and losses and transactions with the owners (e.g dividends) not recognised elsewhere.

Page 33

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.	Prior year adjustment

During the year, it was determined that staff costs previously charged to the profit and loss account of
Useful Simple Group Limited should have been incurred by the parent company, Useful Simple Limited.

As a result, the comparative figures for the year ended 31 March 2024 have been restated to reflect the
correct allocation of these costs. This adjustment has no impact on the consolidated financial statement
but affects the individual entity’s profit and loss account and reserves.

25.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £600,223 (2024 - £522,701) . Contributions totalling £85,858 (2024 - £90,370) were payable to the fund at the balance sheet date and are included in creditors.

26.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

	Not later than 1 year	44,214	44,214
		44,214	44,214

27.	Related party transactions
	During the year there was a management charge from from Useful Simple Limited to Useful Simple Group Limited totaling £7,090,177 (2024: £6,465,232).

28.	Controlling party

The parent company is Useful Simple Trustee Limited, a company registered in the United Kingdom at Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0HP.

The ultimate controlling party is the Trustees of Useful Simple Trustee Limited.

Page 34

USEFUL SIMPLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


29.	Subsidiary undertakings
	Subsidiary undertakings
	The following were subsidiary undertakings of the Company:
	Name	Registered office	Class of shares	Holding

Thomas Matthews Limited	Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0HP	Ordinary	99%
Think Up Limited	Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0HP	Ordinary	99%
MustRD Limited	Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0HP	Ordinary	99%
Useful Simple Projects Limited	Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0HP	Ordinary	99%
Useful Simple Group Limited	Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0HP	Ordinary	99%

The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Thomas Matthews Limited	100	-
Think Up Limited	7,100	-
MustRD Limited	6,100	-
Useful Simple Projects Limited	18,623	-
Useful Simple Group Limited	2,473,816	288,495

Page 35