Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
COMPANY INFORMATION
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SIMPLYCOOK LIMITED
CONTENTS
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SIMPLYCOOK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their strategic report for the year ended 31 December 2022.
2022 was a challenging year for the SimplyCook business. We experienced a significant drop in consumer demand during Q1 2022 as cost of living pressures began to bite, resulting in no revenue growth in 2022. The business also experienced much higher inflation on input costs than anticipated, impacting the gross margin. With these headwinds, the business pivoted cost reduction strategies effectively positioning the business well to execute a ‘right sized’ plan into 2023. It is also worth noting that we achieved flat YoY performance against a market trend of decline in ecommerce and food DTC. The retail arm of the business continued to constitute roughly 10% of sales.
Cash balance at end of year was driven from £2.3m at the start of the year to £0.2m at the end of the year. The changes were due to a significant marketing investment in H1 and increases in stock to allow for the production move.
The key risks to the business as we move into 2023 are:
• Cost inflation • A continuation of cost of living pressures and a drop in consumer demand • Competition risks in the DTC environment
In the tail end of 2022 and into 2023 we have invested significantly in our tech and product teams to aid acquisition or improve customer lifetime value. While not present in our budgeting activities we expect these teams to drive improved metrics vrs otherwise and generate significant multi-year ROI, benefiting the profit and loss. We have also re-organised our marketing activities to drive greater efficiency and this stands to benefit the business in 2023 and beyond.
We will continue to look at the opportunity to improve the production costs.
The business focuses on the following financial KPIs in line with the Nestle framework:
• Revenue and YoY growth (OG) • Gross Margin • Net operating profit
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SIMPLYCOOK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The business focuses on the following non financial metrics (for the direct to consumer arm).
• Active customers • Orders per customer per month) • Activation • Retention and monetisation • Long term churn metrics The directors are confident in the ongoing long term strategy of the business to bring joy to millions of meal times and to make cooking simple for consumers.
This report was approved by the board.
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SIMPLYCOOK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4,704,687 (2021 - profit £8,831,968).
Principal activity
The company's principal activity during the year continued to be that of developing and retailing ready-to-cook recipe kits.
The directors who served during the year were:
The directors have considered the current and projected future financial position of the company including its ongoing financial requirements. The directors continue to consider that the preparation of the financial statements on a going concern basis is appropriate. Please refer to the going concern note for further information.
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SIMPLYCOOK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Directors’ liability and indemnity insurance was in force throughout the year to cover the directors and officers of
the company against action brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.
Following a rebranding exercise on 15 May 2023, the trading name of the Company's independent auditor changed from MHA Macintyre Hudson to MHA. A resoloution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
This report was approved by the board and signed on its behalf.
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SIMPLYCOOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLYCOOK LIMITED
We have audited the financial statements of Simplycook Limited (the 'Company') for the year ended 31 December 2022, which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.Our evaluation of the directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included critical review of budgets and forecasts provided.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SIMPLYCOOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLYCOOK LIMITED (CONTINUED)
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 Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' Report.
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SIMPLYCOOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLYCOOK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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SIMPLYCOOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPLYCOOK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of MHA, Statutory Auditor
Date:
MHA is the trading name of Macintyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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SIMPLYCOOK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
REGISTERED NUMBER: 09364895
BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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SIMPLYCOOK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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SIMPLYCOOK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The entity is a private company, limited by shares, incorporated in England and Wales in the UK. The
registered office address is Simplycook, 1st Floor, 100 - 106 Leonard Street, London, EC2A 4RH. The Company's principal activity during the year continued to be that of developing and retailing ready-tocook recipe kits.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company
and rounded to the nearest £1.
The following principal accounting policies have been applied:
The Company has a net loss of £4,704,687 for the year (2021 - net profit of £8,831,968) with net
assets of £1,895,001 (2021 - net assets of £6,599,688) as at the year end. The directors consider the cash position and the recent sales growth of the Company are sufficient to indicate no going concern issues for a period of at least 12 months from the date of approval of the financial statements. The directors therefore continue to consider that the preparation of the financial statements on a going concern basis is appropriate. The Company was acquired on 1 March 2021 by Nestlé UK Ltd. Nestlé UK Ltd own 100% of the share capital of the company. Nestlé UK Ltd have confirmed their willingness and ability to provide support to the company for at least a period of 12 months from the date of approval of the financial statements, should any such support be required.
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Capitalised development expenditure is amortised on a straight line basis with an estimated useful economic life of 5 years. From 1 March 2021 it was determined that development expenditure will no longer be capitalised. Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its estimated useful economic life and is fully amortised at 31 December 2022. Other intangible assets - online platform
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
In March 2021 it was announced that UK corporation tax would rise to 25% from 1 April 2023. Accordingly, deferred taxation for the relevant period is calculated at 25%.
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Share premium account
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund in the year and amounted to £29,890 (2021 - £31,540).
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SIMPLYCOOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company was acquired on 1 March 2021 by
The largest and smallest groups in which the results of the company are consolidated are those headed by Nestlé S.A., the ultimate parent company.
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