REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
STRATEGIC REPORT |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company is a management consulting firm and its principal activity is advising companies with regards to their growth, in particular pricing, marketing, sales and digital strategies. |
Sales for the year ended 31 December 2023 were £42,013,460 (2022: £37,028,196) and operating profit was £7,756,230 (2022: £8,054,123). |
The directors are satisfied with the results for the year in which the business has grown significantly. |
The market is competitive but the Directors are encouraged by the resilience the company has shown and remain fully confident in the underlying strength of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competition risk: |
The UK consultancy market is large, fragmented and highly competitive. The company's principal competitors are large, global consultancies who have significant presence in the UK market. |
The company's ongoing success is dependent on its ability to maintain its positioning as the world leader in growth topics and in its key specialist focus of pricing, sales, marketing and digital strategy and thus its unique competitive advantage versus bigger, more generalist competitors. That distinctive specialism and the company's strong track record in that area allows the company to win new business and recruit high quality employees. Being part of a larger group also gives the company business advantages due to its ability to manage employee utilisation across offices and teams globally. The principal risk to the company is that competitors build specific expertise in the company's specialist areas and are thereby able to win more business in this area and/or recruit specialist employees away from the company. |
Other risks: |
The company is not exposed to any significant currency, liquidity, interest rate or credit risk. |
KEY PERFORMANCE INDICATORS |
The company's key performance indicators are based on profitability and turnover growth to assess performance in the year. |
COMPLIANCE WITH MODERN SLAVERY ACT |
Following the enactment of the Modern Slavery Act in October 2015 the company continues to monitor its procurement and human rights practices and remains compliant. Simon Kucher & Partners Strategy & Marketing Consultants Limited does not support forced and compulsory labour or the exploitation of children. |
ON BEHALF OF THE BOARD: |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
The total dividend declared for the year ended 31 December 2023 is £6,538,284 (2022: £6,085,080), with a total distribution of dividends for the year ended 31 December 2023 being £3,477,889 (2022: £6,085,080). |
FUTURE DEVELOPMENTS |
The directors intend on maintaining and strengthening the company performance within the same principal activity. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
There are no qualifying third party indemnities in respect of the directors. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, Oury Clark, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
Opinion |
We have audited the financial statements of Simon, Kucher & Partners Strategy & Marketing Consultants Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, 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 December 2023 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 Auditors' 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 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 company's ability to continue as a going concern for a period in excess of twelve months and a day from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are descried in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and Strategic Report, but does not include the financial statements and our Report of the Auditors 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
Matters on which we are required to report by exception |
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report or the Report of the Directors that are inconsistent with our overall view of the financial statements. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. 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: |
In identifying and assessing potential irregularities, including fraud |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration. |
- Enquiring of management concerning policies and procedures relating to complying with laws and regulations and whether there were any instances of non-compliance. |
- Enquiring of management concerning policies and procedures relating to mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud. |
Discussing with the engagement team and internal specialists where necessary, regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible for fraud: |
1. Revenue recognition; |
2. Management override. |
Discussing with the engagement team and internal specialists where necessary, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law. |
Audit response to the risks identified |
As noted above, we identified revenue recognition and management override as matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following: |
1. Performing a sales test of detail to ensure revenue is recognised correctly; |
2. Reviewing the nominal ledger and journals posted during the year to ensure there is no evidence of management override. |
Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be non-compliance. Our procedures to respond to these risks included the following: |
1. Review the financial statement disclosures with completion of a disclosure checklist and testing to supporting documentation to assess compliance with the Companies Act 2006; |
2. Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist; |
3. A safeguard review of the financial statements by a qualified person independent of the audit team; |
4. A safeguard review of the corporation tax computation by someone independent of the audit team and CTA qualified; |
5. We have checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED |
The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members and internal specialists where necessary, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
There are inherent limitations in the audit procedures described above and 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. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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 |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
INCOME STATEMENT |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
7,756,230 | 8,036,003 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Simon, Kucher & Partners Strategy & Marketing Consultants Limited is a |
The normal place of business is 5th Floor, 10 Fleet Place, London, EC4M 7QS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of further events that are believed to be reasonable under the circumstances. |
No areas of judgement or estimate are considered to be significant. |
Turnover |
Turnover represents net invoiced sales of services relating to contracts headed by the Company, excluding value added tax, recognised on a time spent basis over the length of the contract, which relates entirely to the principal activity. |
Turnover also represents work performed in connection with contracts headed by other group members. Depending on the involvement of the Company, turnover is allocated to the Company on the basis of the total contract turnover or contract cost. Turnover is recognised on a time spent basis over the length of the contract. |
Intangible assets |
Amortisation is provided at the following annual rates in order to write off each asset, initially measured at cost, over its estimated useful life. |
Licences - 33% on cost |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset, initially measured at cost, over its estimated useful life. |
Improvements to property - over remaining term of lease |
Fixtures and fittings - 25% on cost and over remaining term of lease |
Computer equipment - 33% on cost and 20% on cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Sales | 95 | 101 |
Administration | 44 | 24 |
4. | DIRECTORS' EMOLUMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
The directors are also key management personnel. |
One director is in the company pension scheme, and during the year contributions of £1,321 (2022: £1,321) were made towards this scheme on behalf of the director. |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
2023 tax changes | (78,101 | ) | - |
Deferred tax | 638,938 | - |
Total tax charge | 1,880,594 | 1,515,635 |
7. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Related party debtor | 492,243 | 714,533 |
Tax |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 1,473,137 | 513,321 |
Dividend payable | 3,060,601 | - |
Related party creditor |
Other creditors | 130,550 | 3,437 |
Accrued expenses |
Deferred income | 1,387,477 | 1,594,722 |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
13. | SECURED DEBTS |
There is a debenture in favour of HSBC Bank Plc over the assets of the company, as security over the available banking facility. |
14. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 682,350 | 43,412 |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
The deferred tax liability relates entirely to accelerated capital allowances. It is unknown when the provision will be realised as a liability. |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
All shares have equal voting rights, equal dividend rights and equal rights on winding up. |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The total contributions for the year ended 31 December 2023 were £367,650 (2022: £276,312) and there was an outstanding balance of £NIL at the balance sheet date (2022: £NIL). |
18. | ULTIMATE PARENT COMPANY |
Simon Kucher & Co Holding GmbH (incorporated in Germany ) is regarded by the directors as being the company's ultimate parent company. |
The registered office address of Simon Kucher & Co Holding GmbH is Willy-Brandt-Allee 13, 53113, Bonn, Germany. |
The accounts of Simon Kucher & Co Holding GmbH are publicly available at the following website: www.bundesanzeiger.de. |
SIMON, KUCHER & PARTNERS |
STRATEGY & MARKETING |
CONSULTANTS LIMITED (REGISTERED NUMBER: 04144765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
19. | RELATED PARTY DISCLOSURES |
During the year the company had transactions with two companies under common control, Simon Kucher LLP, incorporated in Singapore, and Simon Kucher LLC, incorporated in the US. In addition, transactions were also made with a partially owned subsidiary, Simon Kucher & Partners Strategy & Marketing Consultants AB, who are incorporated in Sweden. A summary of transactions can be found below: |
Simon Kucher LLP | 31.12.2023 | 31.12.2022 |
£ | £ |
Sales | 3,726 | 51,851 |
Purchases | 125.444 | 89,419 |
Balance owed from | 2,708 | 50,487 |
Balance owed to | 168,446 | 59,360 |
Simon Kucher LLC |
Sales | 2,060,858 | 1,926,022 |
Purchases | 2,008,332 | 1,091,510 |
Balance owed from | 489,535 | 664,046 |
Balance owed to | 1,018,535 | 298,604 |
Simon Kucher & Partners Strategy & Marketing Consultants AB |
Sales | 77,964 | 144,674 |
Purchases | 867 | - |
Balance owed (to)/from | (890 | ) | 53,465 |
The balances owed to the above companies have no fixed repayment date and are not subject to interest repayments. |
20. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |