Registration number:
for the
Year Ended
Simplicity Global Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Simplicity Global Limited
Company Information
|
Directors |
D S Thornhill A J Trigg |
|
Registered office |
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Auditors |
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Simplicity Global 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 a holding company. The principal activity of the group is the provision of a variety of services to the recruitment industry including funding facilities, back-office services and the provision of temporary staff.
Fair review of the business
The directors consider the results for the year to be satisfactory. During the year, the group continued to invest in its people, systems and operational infrastructure to support growth and improve efficiency across its businesses.
The directors remain focused on strengthening the group's market position and are encouraged by its performance during the year. They believe that the investments made and the continued execution of the group's strategy position the business well for future development.
During the year, the group acquired the remaining minority interests in certain subsidiary undertakings, resulting in those entities becoming wholly owned subsidiaries of the group. This simplifies the group's ownership structure and supports the continued alignment of its strategic and operational objectives.
The group's key financial and other performance indicators during the period were as follows:
|
Unit |
2026 |
2025 |
|
|
Turnover |
£'000 |
49,319 |
43,713 |
|
Gross profit margin |
% |
7.69 |
7.95 |
|
Operating profit margin |
% |
2.48 |
2.60 |
|
Current assets as a percentage of current liabilities |
% |
101.43 |
105.45 |
Principal risks and uncertainties
The management of the group 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 group are set out below:
Competition: The group operates in competitive markets and faces competition from a range of providers offering similar services. Increased competition may place pressure on pricing, margins and the group's ability to attract and retain customers.
People: The group'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 group 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 group 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.
Financial instruments
The group's financial instruments comprise cash and cash equivalents, trade debtors, trade creditors, borrowings and other items that arise directly from its operations. The principal purpose of these financial instruments is to support and finance the operations of the group.
The main risks arising from the group's financial instruments are price risk, credit risk, liquidity risk and cash flow risk, which are outlined below.
Simplicity Global Limited
Strategic Report for the Year Ended 31 March 2026
Price risk, credit risk, liquidity risk and cash flow risk
Financial risk management is an integral part of the way the group is managed. The overall objective of the group's financial risk management policies is to minimise the potential adverse effects of financial risks on the group's performance and financial position.
Price risk: The group operates in competitive markets 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 group manages this risk through established credit control procedures, regular review of customer balances and ongoing monitoring of collection performance. Where appropriate, the group also maintains credit insurance cover over significant customer exposures.
Liquidity risk: The group 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 group 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, available funding resources and financing arrangements, including the group's invoice financing facilities.
Future developments
The directors intend to continue investing in the group's systems, technology platforms and operational infrastructure to support future growth and enhance service delivery. The directors remain confident in the group's strategy and believe that it is well placed to build on its performance and further strengthen its position within its target markets.
Section 172 statement
The directors of the company must act in accordance with the duties detailed in Section 172 of the Companies Act 2006 which is summarised as follows:
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) The likely consequences of any decision in the long term.
The directors have acted in a way in which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its stakeholders. The company is headed by an experienced board of directors whose collective experience helps shape the company's strategy. The directors have approved a business plan which focuses on the company's future growth.
b) The interests of the company’s employees.
Our employees are a key resource. The directors are focused on recruiting, retaining and developing employees to ensure the company has the necessary high-level resources for the future. Our employees actively pursue opportunities for personal development and career progression with the support from management; a culture of inclusion and diversity; compensation and benefits; and the ability to make a difference.
c) The need to foster the company’s business relationships with suppliers, customers, and others.
The directors consider it necessary to ensure that strong relationships are harnessed with customers, suppliers and others to allow the company to facilitate delivery of product to the market. The company has several valuable long-term customer and supplier relationships.
d) The impact of the company’s operations on the community and the environment.
The directors consider the impact of the company’s operations on both the community and environment whenever decisions are made.
e) The desirability of the company maintaining a reputation for high standards of business conduct.
The directors' intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for our business. There is a low appetite for reputational risk given the presence of the company name in the marketplace.
Simplicity Global Limited
Strategic Report for the Year Ended 31 March 2026
f) The need to act fairly between members of the company.
As the board of directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.
Other major stakeholder groups include the company’s insurers, bankers, advisors, auditors, regulators and HMRC. With all these stakeholder groups, the directors maintain regular and open dialogue to ensure that all parties are kept informed. The directors believe this is essential to building strong working relationships.
Approved by the
Director
Simplicity Global Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the for the year ended 31 March 2026.
Directors of the company
The directors who held office during the year were as follows:
Dividends
During the year, dividends totalling £300,000 were paid to shareholders (2025: £nil).
Employment of disabled persons
The group's policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, where possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
The group's selection, training, development and promotion policies ensure equal opportunities for all colleagues regardless of factors such as gender, marital status, race, age, sexual preference and orientation, colour, creed, ethnic origin, religion or belief, disability or trade union affiliation. All of our decisions are based on merit.
Research and development
The group undertakes an element of research and development in development of new software products.
Employee involvement
The group strives to create a working environment where people enjoy working, give their best and deliver successful outcomes.
The group continues to invest in leadership, technical and safety training for all staff who have been identified as likely to benefit themselves and the group. Feedback from employees is also welcomed across the group.
Energy and emissions report
The table below summarises the group's carbon emissions as required by the environmental reporting guidelines.
|
2026 |
2025 |
||
|
Energy Consumption used to calculate emissions |
KwH |
61,179 |
62,939 |
|
Scope 1 emissions |
tonnes CO2e |
- |
- |
|
Scope 2 emissions |
tonnes CO2e |
10 |
10 |
|
Scope 3 emissions |
tonnes CO2e |
1 |
1 |
|
Total greenhouse gas emissions |
tonnes CO2e |
11 |
11 |
|
Greenhouse gas emissions per £1million of turnover |
tonnes CO2e |
0.22 |
0.25 |
Data is provided as tonnes of carbon dioxide equivalent (CO2e) for all operations. Scope 1 emissions are from directly purchased fuel and Scope 2 and 3 emissions are from purchased electricity and business travel.
The group’s chosen intensity measure is CO2e per £million of revenue.
The report data has been collated internally and CO2e have been calculated using average prices per kwh of energy and price per litre of fuel taken from supplier invoices. CO2e has been calculated using the National Energy Foundation Carbon Calculator.
We have reported on the emissions sources required under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013. The reported sources fall within our Financial Statements and are for emissions over which we have financial control. We do not have responsibility for any emissions sources that are not included in our financial statements.
Simplicity Global Limited
Directors' Report for the Year Ended 31 March 2026
Efficiency measures taken
As a responsible business, we strive to be as environmentally conscious as possible. The business operates from serviced offices so unfortunately has very little control over the efficiency of the building itself, although the entire office was refitted with LED lighting during the year. While we do incur a small amount emissions from travel costs, we encourage all staff to utilise video communication options wherever possible. We continually strive for business efficiencies, such as the introduction of electronic invoicing and timesheets to reduce both energy and paper usage. The business has a rolling schedule of computer and office equipment renewal and always look to replace with the most energy efficient options where possible.
Going concern
The directors have reviewed the group's forecasts and projected cash flows 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 group's trading performance, working capital requirements, available cash resources and financing arrangements, including its invoice discounting facilities. Based on this review, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern basis in preparing the consolidated financial statements.
Disclosure of information to the auditor
Each director has taken the 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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Simplicity Global Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' 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 group and company 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 and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Simplicity Global Limited
Independent Auditor's Report to the Members of Simplicity Global Limited
Opinion
We have audited the financial statements of Simplicity Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2026 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 auditor 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 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 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 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.
Simplicity Global Limited
Independent Auditor's Report to the Members of Simplicity Global Limited
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:
• | 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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.
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 group’s industry and its control environment and reviewed the group’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 group 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 group’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.
Simplicity Global Limited
Independent Auditor's Report to the Members of Simplicity Global Limited
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. |
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 our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Simplicity Global Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit/(loss) for the financial year |
|
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
( |
|
|
Minority interests |
- |
|
|
|
|
( |
The above results were derived from continuing operations.
Simplicity Global Limited
(Registration number: 12929881 (England & Wales))
Consolidated Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
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 |
|
|
|
|
Retained earnings |
( |
( |
|
|
Equity attributable to owners of the company |
|
|
|
|
Minority interests |
- |
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Simplicity Global Limited
(Registration number: 12929881 (England & Wales))
Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,679,511 |
1,679,511 |
|
|
Retained earnings |
101,301 |
88,206 |
|
|
Shareholders' funds |
1,780,812 |
1,767,717 |
The company made a profit after tax for the financial year of £313,095 (2025 - loss of £74,624).
Approved and authorised by the
Director
Simplicity Global Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2026
Equity attributable to the parent company
|
Share capital |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 April 2025 |
|
( |
|
|
|
|
Profit for the year |
- |
|
|
- |
|
|
Dividends |
- |
( |
( |
- |
( |
|
Acquisition of non-controlling interest, decrease in equity |
- |
( |
( |
( |
( |
|
At 31 March 2026 |
|
( |
|
- |
|
|
Share capital |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 April 2024 |
|
( |
|
|
|
|
(Loss)/profit for the year |
- |
( |
( |
|
( |
|
At 31 March 2025 |
1,679,511 |
(196,679) |
1,482,832 |
916,531 |
2,399,363 |
Simplicity Global Limited
Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2025 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Loss for the year |
- |
( |
( |
|
At 31 March 2025 |
1,679,511 |
88,206 |
1,767,717 |
Simplicity Global Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Cash flows from operating activities |
|||
|
Profit/(loss) for the year |
|
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
- |
|
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes received |
|
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
( |
|
|
Acquisition of remaining non-controlling interests |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Increase/(decrease) in invoice discounting facility |
|
( |
|
|
Dividends paid |
( |
- |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
267,629 |
402,004 |
|
Simplicity Global Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
|
Analysis of changes in net debt |
Group
|
At 1 April 2025 |
Cash flows |
At 31 March 2026 |
|
|
Cash and cash equivalents |
|||
|
Cash |
402,004 |
(134,375) |
267,629 |
|
Borrowings |
|||
|
Long term borrowings |
(1,769) |
1,769 |
- |
|
Short term borrowings |
(13,066,955) |
(3,572,003) |
(16,638,958) |
|
(13,068,724) |
(3,570,234) |
(16,638,958) |
|
|
|
|||
|
( |
( |
( |
|
Simplicity Global 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:
|
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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Going concern
The directors have reviewed the group'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 group's available financial resources and financing facilities, the directors have a reasonable expectation that the group 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.
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 recruitment, finance, payroll and administration services.
Revenue from finance, payroll and administration services is recognised as the services are provided.
Revenue from recruitment and placement services is recognised when the placement has been completed and the entity has established a contractual right to consideration.
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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income 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.
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 |
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
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 |
|
Goodwill |
over 10 years |
|
Software development costs |
over 5 years |
Investments
Dividends on equity securities are recognised in income when receivable.
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 merchandise sold or 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 group will not be able to collect all amounts due according to the original terms of the debtors.
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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 group 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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 group’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 group 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.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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.
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.
|
Revenue |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Rendering of services |
|
|
|
Placements |
|
|
|
|
|
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
- |
( |
|
Operating lease expense - property |
|
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on bank overdrafts and borrowings |
|
|
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
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 group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Internal employees |
|
|
Company
The company incurred no staff costs and had no employees other than the directors.
|
Directors' remuneration |
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
4,000 |
3,700 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
23,000 |
25,600 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
UK corporation tax adjustment to prior periods |
( |
( |
|
43,514 |
(23,373) |
|
|
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 higher 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 expense not deductible in determining taxable profit (tax loss) |
|
|
|
Adjustments to current tax charge in respect of previous periods |
( |
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2026 |
Liability |
|
Fixed asset timing differences |
|
|
|
|
2025 |
Liability |
|
Losses |
( |
|
Fixed asset timing differences |
|
|
|
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Intangible assets |
Group
|
Goodwill |
Internally generated software development costs |
Total |
|
|
Cost |
|||
|
At 1 April 2025 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
At 31 March 2026 |
|
|
|
|
Amortisation |
|||
|
At 1 April 2025 |
|
- |
|
|
Amortisation charge |
|
|
|
|
At 31 March 2026 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2026 |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Tangible assets |
Group
|
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 |
|
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Investments |
Company
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 April 2025 |
|
|
Additions |
|
|
At 31 March 2026 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 31 March 2025 |
|
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 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
Keen Thinking Ltd The principal activity of Keen Thinking Ltd is |
|
Purple Factors Ltd The principal activity of Purple Factors Ltd is |
|
GEMS Workflow Ltd The principal activity of GEMS Workflow Ltd is |
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
* LLP entities where the designated members are Keen Thinking Ltd and Purple Factors Ltd, ceased to operate before the end of March 2026.
** Indirect subsidiaries whose principal activities are in the provision of staff and labour services.
The registered office of each subsidiary undertaking is the same as that of the parent.
|
Debtors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
|
- |
|
|
|
|
Social security and other taxes |
|
|
|
- |
|
|
Other payables |
|
|
|
- |
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
48,702 |
525 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
- |
|
- |
- |
|
|
Other financial liabilities |
|
- |
|
- |
|
|
|
|
|
- |
||
Deferred consideration
Included within other payables and other financial liabilities is deferred consideration of £810,684 (2025: £nil) arising on the acquisition of the remaining minority shareholdings in Keen Thinking Limited and Purple Factors Limited.
The deferred consideration is payable in annual instalments ending on 1 August 2029. At 31 March 2026, £202,671 is due within one year and £608,013 is payable after more than one year.
Simplicity Global Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Bank borrowings |
- |
|
- |
- |
|
Other borrowings |
|
|
- |
- |
|
|
|
- |
- |
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Bank borrowings |
- |
|
- |
- |
Other loans and borrowings relate to the group's invoice finance facility with Close Invoice Finance Limited. The facility is secured by fixed and floating charges over the assets of the group pursuant to debenture arrangements entered into by group companies.
At 31 March 2026, amounts drawn under the facility totalled £16,638,958 (2025: £13,042,530).
The prior year also included £26,194 in relation to the Coronavirus Bounce Back Loan which was fully repaid in the year.
|
Provisions for liabilities |
Group
|
Deferred tax |
|
|
At 1 April 2025 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 March 2026 |
|
|
|
|
|
Pension and other schemes |
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,679,511 |
|
1,679,511 |
Simplicity Global 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 share capital of the parent company. The share capital presented in the consolidated balance sheet is that of the parent company.
Retained earnings
In the consolidated financial statements, retained earnings represent the cumulative consolidated profits and losses of the group, net of dividends paid and other adjustments, after taking account of consolidation adjustments and the results of subsidiary undertakings.
In the company financial statements, retained earnings represent the cumulative profits and losses of the company, net of dividends paid and other adjustments.
|
Obligations under leases |
Group
Operating 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 £0.18 per £1.00 ordinary share (1,679,511 ordinary shares in issue).
|
Related party transactions |
Group
Summary of transactions with key management
Summary of transactions with other related parties
Summary of transactions with key management
Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed within note 7 to the financial statements.
|
Control |
The company is controlled by D S Thornhill.