Caseware UK (AP4) 2021.0.152 2021.0.152 2022-11-302022-11-309false2021-12-01Other activities of employment placement agencies8truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10105004 2021-11-30 10105004 2021-12-01 2022-11-30 10105004 2021-02-01 2022-01-31 10105004 2022-11-30 10105004 2022-01-31 10105004 c:Director1 2021-12-01 2022-11-30 10105004 d:MotorVehicles 2021-12-01 2022-11-30 10105004 d:MotorVehicles 2022-11-30 10105004 d:MotorVehicles 2022-01-31 10105004 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 10105004 d:FurnitureFittings 2021-12-01 2022-11-30 10105004 d:FurnitureFittings 2022-11-30 10105004 d:FurnitureFittings 2022-01-31 10105004 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 10105004 d:OfficeEquipment 2021-12-01 2022-11-30 10105004 d:OfficeEquipment 2022-11-30 10105004 d:OfficeEquipment 2022-01-31 10105004 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 10105004 d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-31 10105004 d:CurrentFinancialInstruments 2022-11-30 10105004 d:CurrentFinancialInstruments 2022-01-31 10105004 d:Non-currentFinancialInstruments 2022-11-30 10105004 d:Non-currentFinancialInstruments 2022-01-31 10105004 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 10105004 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 10105004 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 10105004 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 10105004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 10105004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-01-31 10105004 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 10105004 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-01-31 10105004 d:ShareCapital 2022-11-30 10105004 d:ShareCapital 2022-01-31 10105004 d:RetainedEarningsAccumulatedLosses 2022-11-30 10105004 d:RetainedEarningsAccumulatedLosses 2022-01-31 10105004 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 10105004 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 10105004 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-11-30 10105004 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-01-31 10105004 c:FRS102 2021-12-01 2022-11-30 10105004 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 10105004 c:FullAccounts 2021-12-01 2022-11-30 10105004 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 10105004 2 2021-12-01 2022-11-30 10105004 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 10105004 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 10105004 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 10105004 d:TaxLossesCarry-forwardsDeferredTax 2022-01-31 10105004 d:RetirementBenefitObligationsDeferredTax 2022-11-30 10105004 d:RetirementBenefitObligationsDeferredTax 2022-01-31 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number:  10105004














PEOPLE DYNAMIX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022


 
PEOPLE DYNAMIX LIMITED
REGISTERED NUMBER: 10105004

BALANCE SHEET
AS AT 30 NOVEMBER 2022

30 Nov 2022
31 Jan 2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,152,552
1,123,876

Tangible assets
 5 
13,821
17,069

  
1,166,373
1,140,945

Current assets
  

Debtors: amounts falling due within one year
 6 
416,545
320,249

Cash at bank and in hand
 7 
54,634
23,941

  
471,179
344,190

Creditors: amounts falling due within one year
 8 
(1,012,617)
(1,130,861)

Net current liabilities
  
 
 
(541,438)
 
 
(786,671)

Total assets less current liabilities
  
624,935
354,274

Creditors: amounts falling due after more than one year
 9 
(1,633,086)
(791,367)

Provisions for liabilities
  

Deferred tax
 12 
(55,475)
(107,506)

  
 
 
(55,475)
 
 
(107,506)

Net liabilities
  
(1,063,626)
(544,599)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,063,726)
(544,699)

  
(1,063,626)
(544,599)


Page 1

 
PEOPLE DYNAMIX LIMITED
REGISTERED NUMBER: 10105004
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G C Williams
Director

Date: 24 January 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 10105004). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is that of a recruitment outsource and technology solution.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 3

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.4

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. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.5

Interest income

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

 
2.6

Finance costs

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

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.10

Intangible assets

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

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

The estimated useful lives range as follows:
Development expenditure - 6 years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight line
Fixtures & fittings
-
25%
Straight line
Office equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

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

 
2.14

Creditors

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

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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 Balance sheet 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 Balance sheet.

Page 6

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

  
2.16

Research and development

In the research phase of an internal project where, in the opinion of the directors, it is not possible to demonstrate that the project will generate future economic benefits, all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised where, in the opinion of the directors, the research work is likely to lead to the development of products that will generate probable future economic benefits. The capitalised research and development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 10 years.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2021 - 8).


4.


Intangible assets




Develop-ment

£



Cost


At 1 December 2021
1,532,417


Additions
280,465



At 30 November 2022

1,812,882



Amortisation


At 1 December 2021
408,541


Charge for the year on owned assets
251,789



At 30 November 2022

660,330



Net book value



At 30 November 2022
1,152,552



At 30 November 2022
1,123,876


Page 7

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
 
           4.Intangible assets (continued)



5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2021
14,000
22,459
28,774
65,233


Additions
-
-
3,293
3,293



At 30 November 2022

14,000
22,459
32,067
68,526



Depreciation


At 1 December 2021
5,600
21,827
20,738
48,165


Charge for the year on owned assets
2,333
527
3,680
6,540



At 30 November 2022

7,933
22,354
24,418
54,705



Net book value



At 30 November 2022
6,067
105
7,649
13,821



At 30 November 2022
8,400
633
8,036
17,069


6.


Debtors

2022
2022
£
£


Trade debtors
303,067
263,902

Other debtors
98,479
47,448

Prepayments and accrued income
14,999
8,899

416,545
320,249


Page 8

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

7.


Cash and cash equivalents

2022
2022
£
£

Cash at bank and in hand
54,634
23,941

54,634
23,941



8.


Creditors: Amounts falling due within one year

2022
2022
£
£

Other loans
185,996
194,738

Trade creditors
465,724
543,405

Other taxation and social security
66,789
46,757

Other creditors
245,363
317,858

Accruals and deferred income
48,745
28,103

1,012,617
1,130,861


The following liabilities were secured:

2022
2022
£
£



Other loans
106,716
133,032

Other creditors
727,792
310,740

834,508
443,772

Details of security provided:

An amount of £106,716 (Jan 2022: £133,032) within other loans are loans secured by fixed and floating charges against the assets of the company.
An amount of £233,667 (Jan 2022: £310,740) within other creditors is an invoice financing facility secured by fixed and floating charges against the assets of the company.

Page 9

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

9.


Creditors: Amounts falling due after more than one year

2022
2022
£
£

Other loans
843,041
443,923

Other creditors
790,045
347,444

1,633,086
791,367


The following liabilities were secured:

2022
2022
£
£



Other loans
843,041
443,923

843,041
443,923

Details of security provided:

An amount of £843,041 (Jan 2022: £443,923) within other loans are loans secured by fixed and floating charges against the assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2022
2022
£
£

Amounts falling due within one year

Other loans
185,996
194,738

Amounts falling due 1-2 years

Other loans
106,716
133,032

Amounts falling due 2-5 years

Other loans
736,325
310,891


1,029,037
638,661


Page 10

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

11.


Financial instruments

2022
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
54,634
23,941

Financial assets measured at amortised cost
307,173
268,008

361,807
291,949


Financial liabilities


Financial liabilities measured at amortised cost
2,555,390
1,875,471


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprise of trade and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals.


12.


Deferred taxation




2022


£






At beginning of year
(107,505)


Charged to profit or loss
52,029



At end of year
(55,476)

The provision for deferred taxation is made up as follows:

2022
2022
£
£


Fixed asset timing differences
(273,740)
(181,201)

Tax losses carried forward
218,185
73,529

Short term timing differences
79
167

(55,476)
(107,505)

Page 11

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

13.


Pension commitments

The Company operates a defined contributions 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 and amounted to £3,091 (Jan 2022 - £3,615). The amount payable into the scheme at the balance sheet date is £1,212 (Jan 2022 - £1,986).


14.


Controlling party

The ultimate parent undertaking is Dynamix Corporation Limited, the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
The controlling party of Dynamix Corporation Limited is Gareth & Jill Williams.

Page 12