Registration number:
for the
Year Ended 31 March 2026
Keen Thinking Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Financial Statements |
Keen Thinking Limited
Company Information
|
Directors |
T Atkinson D Thornhill Simplicity Global Limited |
|
Company secretary |
T Atkinson |
|
Registered office |
|
|
Auditors |
|
Keen Thinking Limited
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the company is that of providing funding and accounting services to recruitment agencies and facilitating the provision of temporary staff on behalf of recruitment agencies.
Fair review of the business
The directors consider the results for the year to be satisfactory. Revenue increased to £6.0 million (2025: £5.8 million), with operating profit increasing to £1.5 million (2025: £1.4 million). The company continued to invest in its operational infrastructure and technology platform to support future growth, improve efficiency and enhance customer service.
The directors remain focused on strengthening the company's market position and are encouraged by the company's performance during the year. They believe that the investments made and the continued execution of the company's strategy position the business well for future development.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2026 |
2025 |
|
Turnover |
£ '000 |
6,014 |
5,805 |
|
Gross profit margin |
% |
63 |
60 |
|
Operating profit margin |
% |
25 |
24 |
|
Current assets as a percentage of current liabilities |
% |
108 |
112 |
Principal risks and uncertainties
The management of the company and the execution of its strategy are subject to a number of risks and uncertainties. These risks are regularly reviewed by the directors and appropriate measures are implemented to monitor and mitigate their impact where possible. The principal risks and uncertainties affecting the company are set out below:
Competition: The company operates in a competitive market and faces competition from a range of providers offering similar services. Increased competition may place pressure on pricing, margins and the company's ability to attract and retain customers.
People: The company's continued success depends upon its ability to recruit, retain and develop skilled employees. The loss of key personnel or difficulties in attracting suitably qualified individuals could adversely affect operational performance and future growth.
Economic Environment: The company is exposed to risks arising from changes in general economic conditions, including inflation, interest rates, levels of business confidence and overall market activity. Economic uncertainty may affect customer demand and profitability.
Financial Risks: The company is exposed to credit, liquidity and cash flow risks in the normal course of business. These risks are managed through established credit control procedures, regular monitoring of debtor balances, ongoing cash flow forecasting and the maintenance of appropriate cash resources and financing facilities.
Approved by the
Director
Keen Thinking Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The directors intend to continue investing in the company's operational infrastructure and technology platform to support future growth and improve service delivery. The directors remain confident in the company's strategy and believe that the business is well placed to build on its performance and further strengthen its position within the market.
Dividends
During the year, dividends totalling £300,000 were paid to shareholders (2025: £nil).
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to a variety of financial risks through its operations. The directors monitor these risks and implement appropriate measures to manage their impact.
Price risk: The company operates in a competitive market and is exposed to pricing pressures and changes in operating costs. The directors monitor market conditions and seek to maintain profitability through effective pricing and cost management.
Credit risk: Credit risk arises principally from trade receivables. The company manages this risk through established credit control procedures, regular review of customer balances and ongoing monitoring of collection performance.
Liquidity risk: The company seeks to maintain sufficient liquidity to meet its obligations as they fall due. This is achieved through cash flow forecasting, active working capital management and the maintenance of appropriate financing facilities.
Cash flow risk: The company is exposed to cash flow risk arising from the timing of customer receipts and supplier payments. This risk is managed through regular monitoring of cash flows and available funding resources.
Going concern
The directors have assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
In making their assessment, the directors have considered the company's trading performance, cash flow forecasts, available cash resources and financing facilities. The company continues to have access to its invoice discounting facility that provides sufficient headroom to support its working capital requirements.
Based on this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Keen Thinking Limited
Directors' Report for the Year Ended 31 March 2026
Disclosure of information to the auditors
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
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Keen Thinking 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:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
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.
Keen Thinking Limited
Independent Auditor's Report to the Members of Keen Thinking Limited
Opinion
We have audited the financial statements of Keen Thinking Limited (the 'company') for the year ended 31 March 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 March 2026 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.
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
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:
Keen Thinking Limited
Independent Auditor's Report to the Members of Keen Thinking Limited
|
• |
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; or |
|
• |
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
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’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; and |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations. |
Keen Thinking Limited
Independent Auditor's Report to the Members of Keen Thinking Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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 this 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
Staverton Court
Staverton
GL51 0UX
Keen Thinking Limited
Profit and Loss Account for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Share of (loss)/profit from partnership |
( |
( |
|
|
Interest payable and similar charges |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
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.
Keen Thinking Limited
(Registration number: 04012805(England and Wales))
Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investments |
- |
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Retained earnings |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Keen Thinking Limited
Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 31 March 2025 |
189 |
167,511 |
2,645,852 |
2,813,552 |
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 April 2025 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
United Kingdom
|
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The directors have taken advantage of the exemption in Financial Reporting Standards 102 from including a cash flow in the financial statements on the grounds that relevant disclosures will be made in the consolidated accounts by the ultimate parent company, Simplicity Global Limited.
Name of parent of group
These financial statements are consolidated in the financial statements of Simplicity Global Limited.
The financial statements of Simplicity Global Limited may be obtained from the company's registered office.
Going concern
The directors have reviewed the company's forecasts and projected cash flows for a period of at least twelve months from the date of approval of these financial statements. Having considered the company's available financial resources, including its invoice discounting facility, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 affects both current and future periods.
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover represents commissions and fees receivable, net of value added tax, for the provision of finance and administration services.
Fee income represents revenue earned under a wide variety of administrative services and for the provision of finance. Revenue is recognised at the point where the services provided are processed and completed.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets
The company capitalises costs related to the purchase of software developed by third parties. These costs include the purchase price and any directly attributable costs necessary to prepare the software for its intended use. Expenditure incurred after the software is ready for use, such as maintenance and training costs, are expensed as incurred. Capitalised software costs are amortised on a straight-line basis over their estimated useful life. The company assesses the carrying value of capitalised software costs for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Software development costs |
20% Straight line basis |
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 |
|
Plant and machinery |
25% Straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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.
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Financial instruments
Classification
Recognition and measurement
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Rendering of services |
|
|
The total turnover of the company has been derived from its principal activity wholly undertaken in the UK.
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Operating profit |
Arrived at after charging:
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Research and development cost |
- |
( |
|
Operating lease expense - property |
|
|
|
Profit on disposal of property, plant and equipment |
- |
(1,237) |
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of the financial statements |
|
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Administration and support |
|
|
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Key management remuneration |
The key management remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
428,209 |
411,307 |
|
Taxation |
Tax credited in the profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
UK corporation tax adjustment to prior periods |
- |
( |
|
47,092 |
(5,040) |
|
|
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 lower than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
( |
- |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
- |
( |
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
- |
|
Total tax charge |
|
|
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Deferred tax
Deferred tax assets and liabilities
|
2026 |
Liability |
|
Fixed asset timing difference |
|
|
Short term timing differences |
( |
|
|
|
2025 |
Liability |
|
Fixed asset timing difference |
|
|
Short term timing differences |
( |
|
|
|
Intangible assets |
|
Internally generated software development costs |
|
|
Cost or valuation |
|
|
At 1 April 2025 |
|
|
Additions acquired separately |
|
|
At 31 March 2026 |
|
|
Amortisation |
|
|
Amortisation charge |
|
|
At 31 March 2026 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 31 March 2025 |
|
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Tangible assets |
|
Furniture, fittings and equipment |
|
|
Cost |
|
|
At 1 April 2025 |
|
|
Additions |
|
|
Disposals |
( |
|
At 31 March 2026 |
|
|
Depreciation |
|
|
At 1 April 2025 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
|
At 31 March 2026 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 31 March 2025 |
|
|
Investments |
|
Interest in partnerships |
£ |
|
Cost |
|
|
At 1 April 2025 |
|
|
Net capital introduced and withdrawn |
( |
|
Share of profits (losses) |
( |
|
At 31 March 2026 |
- |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Associates |
||||
|
|
England and Wales |
Designated member |
|
|
|
|
England and Wales |
Designated member |
|
|
The registered office of both subsidiaries is the same as that of the parent.
The above associated entities ceased to trade before the end of March 2026.
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Debtors |
|
2026 |
2025 |
||
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
29,542,338 |
21,358,364 |
||
|
Less non-current portion |
- |
( |
|
|
Total current trade and other debtors |
|
|
|
Creditors |
|
2026 |
2025 |
|
|
Due within one year |
||
|
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
47,092 |
- |
|
|
|
|
|
Due after one year |
||
|
Loans and borrowings |
- |
|
Loans and borrowings
Loans and borrowings relate to an invoice discounting facility which is secured over the company's other debtors.
The prior year also included £11,973 in relation to the Coronavirus Bounce Back Loan which was fully repaid in the year.
|
Pension and other schemes |
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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
189 |
|
189 |
Keen Thinking Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Reserves |
Called up share capital
This represents the nominal value of the issued equity share capital of the company.
Capital redemption reserve
The capital redemption reserve represents amounts transferred from distributable profits in accordance with the Companies Act 2006 and is a non-distributable reserve.
Retained earnings
This represents the cumulative profits or losses of the company, net of dividends paid and other adjustments.
|
Obligations under leases |
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
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 £
|
Dividends |
|
2026 |
2025 |
|
|
Dividends paid |
300,000 |
- |
During the year, dividends totalling £300,000 were paid to shareholders. This represents a dividend of £1,587.30 per £1.00 ordinary share (189 ordinary shares in issue).
|
Related party transactions |
Summary of transactions with key management
The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and has therefore not disclosed transactions entered into with wholly owned members of the group.
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is Simplicity Global Limited, a company incorporated in England and Wales. Simplicity Global Limited is the smallest and largest group undertaking for which group financial statements are prepared and of which the company is a member. Copies of the consolidated financial statements of Simplicity Global Limited are available from Companies House.