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Company registration number: 04218958
Unique Personnel (U.K.) Limited
Unaudited financial statements
30 April 2023
Unique Personnel (U.K.) Limited
Contents
Directors and other information
Strategic report
Directors report
Statement of comprehensive income
Statement of financial position
Statement of cash flows
Notes to the financial statements
Unique Personnel (U.K.) Limited
Directors and other information
Directors H M Aghoghovbia
G E Aghoghovbia
Secretary J A Aghoghovbia
Company number 04218958
Registered office 256 Brixton Hill
London
SW2 1HF
Accountants Buckley Watson Limited
57a Broadway
Leigh on Sea
Essex
SS9 1PE
Unique Personnel (U.K.) Limited
Strategic report
Year ended 30 April 2023
Introduction
The directors are extremely pleased with a strong year, with increased sales of 65% on 2022 despite challenging uncontrollable pressures for example increases in minimum and London living wages. The company's overall profits before tax remained consistent with growth despite the pressures mentioned above, which the directors consider to be an excellent performance. Where possible, hourly charge out prices have been increased to mirror the rise in living wages which have kept margins constant.
Business review of the year
The coming year will see further growth as Unique Personnel seek expansion into further London Boroughs fuelled by their constant efforts to recruit and maintain staffing levels operationally. In the year so far, several new tenders have been issued in respect of new contracts with extreme emphasis on maintaining and where possible increasing margins.
Additionally, to ensure expansion is controlled, further focus is being placed on improving the skill set of managerial level staff along with recruiting those of a similar stature.
The directors foresee further increases in both turnover and profitability as the business continues to trade into 2024.
Principal risks and uncertainties
Management perceive the principal risks and uncertainties of the company to be: the exposure of the company to operational risk, Competition risk & uncontrollable risks.
Operational risk
Operational risk is the risk of losses caused by flawed or failed processes, systems, policies or events that disrupt business operations.
Although tremendous investment has been made in the perfomances of systems, processes are ultimately within the full control of the managerial staff. Management of these higher level staff along with emphasis on internal controls are a priority of the company to ensure relevant risk is minimised where possible.
Competition risk
Competition risk is the potential for a business’s competetors to prevent a company’s growth and success.
Competition in the London Boroughs is highly saturated with many attempting to undercut where possible. Unique Personnel in order to maximise recruitment of staff focus on healthy staff salaries and quality service to distinguish them from others.
Uncontrollable risks
Uncontrollable risks are present and directly influence Unique Personnel’s ability to perform. Examples of these risks include statutory changes in minimum and average pay which are set in stone by government dictation, along with strong pressures from local authorities who in part set prices that they pay per hour.
Although uncontrollable, the company makes a conscious effort to review costs and margins on a consistent basis to ensure that despite government influence profitability is still evident.
Financial and non-financial key performance indicators
The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax results.
Turnover has continued to rise, posting a 65% increase to £11,889,575 as the company continues to maintain and expand the local authorities that it serves.
There has been a slight decrease in the gross profit percentage from 27.0% to 22.4% as a result of heightened marginal pressure. Despite this, the pre tax result is consistent with previous years due to the company being able to control it’s adminatrative expenses.
Non-financial key performance indicators are considered to be:
Quality control and standards
Local authority retention
Ability to retain staffing levels to meet demands
New tenders issued
Company reputation
Employee skill set and training
This report was approved by the board of directors on 26 October 2023 and signed on behalf of the board by:
G E Aghoghovbia
Director
Unique Personnel (U.K.) Limited
Directors report
Year ended 30 April 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2023.
Directors
The directors who served the company during the year were as follows:
H M Aghoghovbia
G E Aghoghovbia
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on 26 October 2023 and signed on behalf of the board by:
G E Aghoghovbia
Director
Unique Personnel (U.K.) Limited
Statement of comprehensive income
Year ended 30 April 2023
2023 2022
Note £ £
Turnover 4 11,912,591 7,205,882
Cost of sales ( 9,220,590) ( 5,253,521)
_______ _______
2,692,001 1,952,361
Staff costs 6 ( 1,681,902) ( 1,247,913)
Depreciation and other amounts written off tangible and intangible fixed assets ( 21,125) ( 20,396)
Other operating expenses ( 947,911) ( 641,129)
_______ _______
Operating profit 5 41,063 42,923
_______ _______
Profit before taxation 41,063 42,923
Tax on profit 8 ( 8,619) ( 12,166)
_______ _______
Profit for the financial year 32,444 30,757
_______ _______
All the activities of the company are from continuing operations.
Unique Personnel (U.K.) Limited
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 10 63,373 61,186
_______ _______
63,373 61,186
Current assets
Debtors 11 2,074,128 2,388,422
Cash at bank and in hand 261,933 -
_______ _______
2,336,061 2,388,422
Creditors: amounts falling due
within one year 13 ( 1,982,396) ( 718,936)
_______ _______
Net current assets 353,665 1,669,486
_______ _______
Total assets less current liabilities 417,038 1,730,672
Creditors: amounts falling due
after more than one year 14 ( 683,915) ( 883,915)
_______ _______
Net (liabilities)/assets ( 266,877) 846,757
_______ _______
Capital and reserves
Called up share capital 10 10
Historical reserves adjustment ( 1,146,079) ( 596,727)
Profit and loss account 879,192 1,443,474
_______ _______
Shareholders (deficit)/funds ( 266,877) 846,757
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
G E Aghoghovbia
Director
Company registration number: 04218958
Unique Personnel (U.K.) Limited
Statement of cash flows
Year ended 30 April 2023
2023 2022
Note £ £
Cash flows from operating activities
Profit for the financial year 32,444 30,757
Adjustments for:
Depreciation of tangible assets 21,125 20,396
Interest payable and similar expenses 79,546 36,676
Tax on profit 8,619 12,166
Trade and other debtors 314,294 (307,079)
Trade and other creditors 1,409,287 167,427
Historical reserves movement (1,146,079) (596,727)
_______ _______
Interest paid (79,546) (36,676)
_______ _______
Net cash from operating activities 639,691 (673,059)
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 23,312) ( 5,312)
_______ _______
Net cash used in investing activities ( 23,312) ( 5,312)
_______ _______
Repayment of Borrowings ( 200,000) (116,085)
Net increase/(decrease) in cash and cash equivalents - -
Cash and cash equivalents at beginning of year 12 (154,445) 640,011
_______ _______
Cash and cash equivalents at end of year 12 261,933 (154,445)
_______ _______
Unique Personnel (U.K.) Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 256 Brixton Hill, London, SW2 1HF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 21,125 20,396
_______ _______
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 2022
Total Staff 569 483
_______ _______
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 1,681,902 1,247,913
_______ _______
7. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 165,002 140,000
_______ _______
8. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 8,619 12,166
_______ _______
Tax on profit 8,619 12,166
_______ _______
9. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
2023 2022
£ £
Profit for the year attributable to the owners of the company 32,444 30,757
_______ _______
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
2023 2022
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share 32,444 30,757
_______ _______
10. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2022 119,378 452,692 572,070
Additions 8,955 14,357 23,312
_______ _______ _______
At 30 April 2023 128,333 467,049 595,382
_______ _______ _______
Depreciation
At 1 May 2022 105,635 405,249 510,884
Charge for the year 5,675 15,450 21,125
_______ _______ _______
At 30 April 2023 111,310 420,699 532,009
_______ _______ _______
Carrying amount
At 30 April 2023 17,023 46,350 63,373
_______ _______ _______
At 30 April 2022 13,743 47,443 61,186
_______ _______ _______
11. Debtors
2023 2022
£ £
Trade debtors 1,674,128 1,988,422
Prepayments and accrued income 400,000 400,000
_______ _______
2,074,128 2,388,422
_______ _______
12. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 261,933 -
Bank overdrafts - ( 154,445)
_______ _______
261,933 ( 154,445)
_______ _______
13. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 154,445
Trade creditors 73,920 14,400
Accruals and deferred income 19,276 19,276
Corporation tax 21,115 67,707
Social security and other taxes 1,321,309 77,320
Other creditors 546,776 385,788
_______ _______
1,982,396 718,936
_______ _______
14. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 683,915 883,915
_______ _______