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REGISTERED NUMBER: 06712496 (England and Wales)












FASTSTREAM HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


FASTSTREAM HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M Charman
C D E Bramley
R L Farndell


SECRETARY: M Charman


REGISTERED OFFICE: Waterside Place
5 Town Quay
Southampton
Hampshire
SO14 2AQ


REGISTERED NUMBER: 06712496 (England and Wales)


SENIOR STATUTORY AUDITOR: Michaela Johns FCCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: HSBC Bank PLC
Eastleigh
3 Leigh Road
Eastleigh
Hampshire
SO50 9YW

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITIES
The company is a holding company and the principal activity of the group continues to be that of the provision of recruitment services worldwide.

REVIEW OF BUSINESS
The results of the group show a profit on ordinary activities before tax of £771,315 (2022: £957,065). The shareholders' funds of the group total £3,679,313 (2022: £3,716,254).

The group's net fee income has continued to improve upon the previous year's results. The directors are satisfied with the company's performance. Both the trading entities in Singapore and the UK delivered strong results returning to pre-pandemic levels of profitability.

The group continues to review overheads and make efficiency savings wherever possible without affecting operational performance and the company's speed of response.

Financial key performance indicators
The board monitors the progress of the group by reference to the following KPIs:

2023 2022
Net fee income £7.86m £7.48m Gross sales less cost of contractors
Contract % 6.24% 8.62% Percentage of NFI that contract represents

Overseas sales %

47.39%


40.78%
Percentage of sales derived from non UK
markets

Return on Capital Employed

17.68%


22.99%
Profit for year after tax in relation to average
equity shareholder funds

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and on-going review by management. Compliance with regulation, legal and ethical standards is a high priority for the group.

The principal risks from our business arise from inaccurate pricing; inadequate funding for contract sales; exposure to currency fluctuations and staff turnover.

FUTURE DEVELOPMENTS
The company is currently researching new markets to expand its overseas operations.

ON BEHALF OF THE BOARD:





M Charman - Director


30 September 2023

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £693,000 (2022: £495,000).

FUTURE DEVELOPMENTS
Information in respect of the group's future developments has been included within the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

M Charman
C D E Bramley
R L Farndell

DIRECTOR'S INDEMNITY INSURANCE
The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

RISK MANAGEMENT
The activities of the business expose it to a number of financial risks including credit risk, liquidity risk and price risk. The business has robust controls & procedures to mitigate these risks, which are detailed below:

Credit risk
The financial assets of the business are bank balances, cash and amounts receivable. Receivables are closely monitored to ensure prompt settlement of amounts outstanding, with internal processes to identify any at risk amounts.

Liquidity risk
The business mitigates liquidity risk through careful review of cashflows on a debtor by debtor basis, together with robust cash forecasting to identify any potential liquidity risks.

Price risk
The business is exposed to price risk in the form of labour wages. The business mitigates this risk through close monitoring of wages against the level of net fee income.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 group and company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Charman - Director


30 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASTSTREAM HOLDINGS LIMITED


Opinion
We have audited the financial statements of Faststream Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 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 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 material 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 Group 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 Group 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
FASTSTREAM HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASTSTREAM HOLDINGS 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.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the group.

- We obtained an understanding of how the group is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the group's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FASTSTREAM HOLDINGS LIMITED


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.




Michaela Johns FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

9 October 2023

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 3 15,523,715 15,276,774

Cost of sales (12,410,840 ) (12,096,790 )
GROSS PROFIT 3,112,875 3,179,984

Administrative expenses (2,356,033 ) (2,279,803 )
756,842 900,181

Other operating income 4 14,473 56,884
OPERATING PROFIT and
PROFIT BEFORE TAXATION 771,315 957,065

Tax on profit 9 (186,876 ) (142,808 )
PROFIT FOR THE FINANCIAL YEAR 584,439 814,257

OTHER COMPREHENSIVE INCOME
Currency translation differences 68,692 30,271
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

68,692

30,271
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

653,131

844,528

Profit attributable to:
Owners of the parent 584,439 814,257

Total comprehensive income attributable to:
Owners of the parent 653,131 844,528

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 12 121,174 101,568
Investments 13 - -
121,174 101,568

CURRENT ASSETS
Debtors: amounts falling due within one year 14 2,439,059 2,079,869
Debtors: amounts falling due after more than
one year

14

42,500

42,500
Cash at bank and in hand 2,812,377 3,002,477
5,293,936 5,124,846
CREDITORS
Amounts falling due within one year 15 (1,721,974 ) (1,510,160 )
NET CURRENT ASSETS 3,571,962 3,614,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,693,136

3,716,254

PROVISIONS FOR LIABILITIES 17 (13,823 ) -
NET ASSETS 3,679,313 3,716,254

CAPITAL AND RESERVES
Called up share capital 18 9,900 9,900
Capital redemption reserve 19 100 100
Retained earnings 19 3,669,313 3,706,254
3,679,313 3,716,254

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





M Charman - Director


FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 12 209 26,973
Investments 13 114,474 114,474
114,683 141,447

CURRENT ASSETS
Debtors: amounts falling due within one year 14 116,039 54,037
Cash at bank 745,796 633,745
861,835 687,782
CREDITORS
Amounts falling due within one year 15 (78,060 ) (57,705 )
NET CURRENT ASSETS 783,775 630,077
TOTAL ASSETS LESS CURRENT
LIABILITIES

898,458

771,524

PROVISIONS FOR LIABILITIES 17 - (2,543 )
NET ASSETS 898,458 768,981

CAPITAL AND RESERVES
Called up share capital 18 9,900 9,900
Capital redemption reserve 19 100 100
Retained earnings 19 888,458 758,981
898,458 768,981

Company's profit for the financial year 822,477 401,076

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





M Charman - Director


FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 9,900 3,356,726 100 3,366,726

Changes in equity
Dividends - (495,000 ) - (495,000 )
Total comprehensive income - 844,528 - 844,528
Balance at 31 March 2022 9,900 3,706,254 100 3,716,254

Changes in equity
Dividends - (693,000 ) - (693,000 )
Total comprehensive income - 656,059 - 656,059
Balance at 31 March 2023 9,900 3,669,313 100 3,679,313

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 9,900 852,905 100 862,905

Changes in equity
Dividends - (495,000 ) - (495,000 )
Total comprehensive income - 401,076 - 401,076
Balance at 31 March 2022 9,900 758,981 100 768,981

Changes in equity
Dividends - (693,000 ) - (693,000 )
Total comprehensive income - 822,477 - 822,477
Balance at 31 March 2023 9,900 888,458 100 898,458

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 737,016 964,723
Tax paid (195,313 ) (68,795 )
Effects of foreign exchange 68,692 27,836
Lease liability translation 2,928 -
Net cash from operating activities 613,323 923,764

Cash flows from investing activities
Purchase of tangible fixed assets (110,423 ) (18,547 )
Sale of tangible fixed assets - 17,404
Net cash from investing activities (110,423 ) (1,143 )

Cash flows from financing activities
Equity dividends paid (693,000 ) (495,000 )
Net cash from financing activities (693,000 ) (495,000 )

(Decrease)/increase in cash and cash equivalents (190,100 ) 427,621
Cash and cash equivalents at beginning of
year

2

3,002,477

2,574,856

Cash and cash equivalents at end of year 2 2,812,377 3,002,477

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 771,315 957,065
Depreciation charges 90,341 127,193
Loss/(profit) on disposal of fixed assets 903 (4,451 )
862,559 1,079,807
(Increase)/decrease in trade and other debtors (378,791 ) 26,598
Increase/(decrease) in trade and other creditors 253,248 (141,682 )
Cash generated from operations 737,016 964,723

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,812,377 3,002,477
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 3,002,477 2,574,856


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 3,002,477 (190,100 ) 2,812,377
3,002,477 (190,100 ) 2,812,377
Total 3,002,477 (190,100 ) 2,812,377

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Faststream Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These consolidated financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The consolidated financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The consolidated financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principal accounting policies adopted are set out below.

Going Concern
The directors have concluded that with the right management actions the group is a going concern for at least 12 months following the signature of the consolidated financial statements. Accordingly the directors have prepared the consolidated financial statements on this basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and from other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not believe there are any material judgements on key sources of estimation uncertainty in the consolidated financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.30;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Turnover 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 group 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.

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Over the length of the lease
Fixtures and fittings - 20% & 33% Straight line and 15% Reducing balance
Motor vehicles - 25% Reducing balance

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Government grants
The following government grants have been received during the previous period:

- Coronavirus Job Retention Scheme: the accrual model was used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.

Valuation of Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The group 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.

Financial assets
Financial assets are recognised in the group's Consolidated Statement of Financial Position when the group becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Impairment of financial assets
Financial assets measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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 currency transactions and balances
Functional and presentation currency
Items included in the consolidated financial statements of the group are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in 'sterling', which is the group's functional and presentation currency.

Transactions and balances
Foreign currency transactions are translated into the group's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of income and retained earnings.

Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the consolidated statement of income and retained earnings within finance income or costs. All other foreign exchange gains and losses are presented in the consolidated statement of income and retained earnings within administrative expenses.

Operating leasing commitments
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period the lease, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The group has taken advantage of the optional exemption on transition to FRS 102 which allows incentives on leases entered into before the date of transition to the standard 01 April 2018 to continue to be charged over the period to the first market rent review rather than the period of the lease.

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.

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.

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Recruitment services 15,523,715 15,276,774
15,523,715 15,276,774

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 8,174,565 9,046,130
Rest of the world 7,349,150 6,230,644
15,523,715 15,276,774

4. OTHER OPERATING INCOME
2023 2022
£    £   
Job growth incentive scheme 14,473 45,081
Furlough grants - 11,803
14,473 56,884

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,201,440 4,538,371
Social security costs 681,260 513,393
Other pension costs 179,896 156,122
6,062,596 5,207,886

The average number of employees during the year was as follows:
2023 2022

Directors 3 3
Sales consultants and other staff 92 73
95 76

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DIRECTORS' REMUNERATION

2023 2022
£ £
Remuneration for qualifying services 483,649 459,279
Company pension contributions to defined contribution schemes 44,985 42,818
528,634 502,097

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022: 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:

2023 2022
£ £
Remuneration for qualifying services 249,489 236,772
Company pension contributions to defined contribution schemes 23,869 22,732
273,358 259,504

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 329,686 249,606
Depreciation - owned assets 90,341 122,877
Loss/(profit) on disposal of fixed assets 903 (4,451 )
Development costs amortisation - 3,616
Computer software amortisation - 700
Foreign exchange differences (51,668 ) (22,601 )

8. AUDITORS' REMUNERATION

Fees payable to the company's auditors and its associates:

For audit services
2023 2022
£ £
Audit of the financial statements of the group and company 7,750 4,500
Audit of the financial statements of the company's subsidiaries 17,250 16,850
25,000 21,350

Total fees payable to the auditors for non audit work in the year totalled £7,750 (2022: £nil).

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 140,029 156,157
Prior year (over)/
under provision 11,943 (3,259 )
Total current tax 151,972 152,898

Deferred tax 34,904 (10,090 )
Tax on profit 186,876 142,808

UK corporation tax has been charged at 19 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 771,315 957,065
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

146,550

181,842

Effects of:
Expenses not deductible for tax purposes 6,029 4,670
Capital allowances in excess of depreciation (10,095 ) -
Adjustments to tax charge in respect of previous periods 11,942 (1,206 )
Deferred tax rate change - (4,779 )
Non-taxable income (1,463 ) (9,669 )
Movement in deferred tax charge in respect of prior periods 7,741 (23,448 )
Effect of foreign tax (1,653 ) (4,602 )
Difference in calculation of prior year deferred tax 27,825 -
Total tax charge 186,876 142,808

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Currency translation differences 68,692 - 68,692


FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. TAXATION - continued
2022
Gross Tax Net
£    £    £   
Currency translation differences 30,271 - 30,271

In March 2021, it was announced that the main rate of corporation tax would increase to 25% with effect from 1 April 2023. Deferred taxes at the reporting date have been measured and reflected in these financial statements using this rate.

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

2023 2022
£ £
Final paid 693,000 495,000

693,000 495,000

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and
leasehold fittings Totals
£    £    £   
COST
At 1 April 2022 106,719 336,955 443,674
Additions - 110,423 110,423
Disposals - (2,177 ) (2,177 )
At 31 March 2023 106,719 445,201 551,920
DEPRECIATION
At 1 April 2022 83,059 259,047 342,106
Charge for year 16,430 73,911 90,341
Eliminated on disposal - (1,701 ) (1,701 )
At 31 March 2023 99,489 331,257 430,746
NET BOOK VALUE
At 31 March 2023 7,230 113,944 121,174
At 31 March 2022 23,660 77,908 101,568

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 150,566
DEPRECIATION
At 1 April 2022 123,593
Charge for year 26,764
At 31 March 2023 150,357
NET BOOK VALUE
At 31 March 2023 209
At 31 March 2022 26,973

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 114,474
NET BOOK VALUE
At 31 March 2023 114,474
At 31 March 2022 114,474


The following were subsidiary undertakings of the company:


Name

Registered office

Principal activity
Class of
shares

Holding
Faststream Recruitment
Limited
Waterside Place, 5 Town Quay,
Southampton, SO14 2AQ

Recruitment

Ordinary

100%
Faststream Recruitment
Pte Limited
1 Phillip Street, # 13-00 Royal One
Phillip, Singapore, 048692

Recruitment

Ordinary

100%
Faststream Recruitment
Pty Limited
Nexia Perth Level 3, 88 William
Street, Perth, WA 6000

Dormant

Ordinary

100%
GOOSE Recruitment PTE
Limited
1 Phillip Street, # 13-00 Royal One
Phillip, Singapore, 048692

Dormant

Ordinary

100%

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


14. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,469,031 1,546,149 - -
Amounts owed by group undertakings - - 84,903 29,350
Other debtors 478,819 56,743 - 2,360
Deferred tax asset - 19,915 3,392 -
Prepayments and accrued income 491,209 457,062 27,744 22,327
2,439,059 2,079,869 116,039 54,037

Amounts falling due after more than one year:
Other debtors 42,500 42,500 - -

Aggregate amounts 2,481,559 2,122,369 116,039 54,037

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 19,915 3,392 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 67,186 98,360 - -
Corporation tax 112,771 154,205 26,683 22,021
Social security and other taxes 633,857 360,459 16,182 17,162
Other creditors 262,988 277,120 - -
Accruals and deferred income 645,172 620,016 35,195 18,522
1,721,974 1,510,160 78,060 57,705

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 326,561 254,876
Between one and five years 620,168 665,833
946,729 920,709

17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 13,823 - - 2,543

Group
Deferred
tax
£   
Balance at 1 April 2022 (19,915 )
Accelerated capital allowances 33,738
Balance at 31 March 2023 13,823

Company
Deferred
tax
£   
Balance at 1 April 2022 2,543
Accelerated capital allowances (5,935 )
Balance at 31 March 2023 (3,392 )

The net consolidated reversal of deferred tax liabilities expected in the year ended 31 March 2024 is £10,110 (2023: increase of £14,921).This is expected to arise because depreciation is anticipated to be higher than the available capital allowances. However it should be noted that further reversals (or further increases in deferred balances) may arise as a result of capital additions and/ or financial instruments. As the future deferred tax balances, if any, will be dependant on future changes in fair value of assets and liabilities, it is not possible to estimate any further future reversals.

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


18. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class: Nominal value: 2023 2022
£ £
990,000 Ordinary £0.01 9,900 9,900

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. All shares were issued at their nominal value and are entitled to dividends.

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 3,706,254 100 3,706,354
Profit for the year 584,439 - 584,439
Dividends (693,000 ) - (693,000 )
Translation of lease liability 2,928 - 2,928
Foreign currency translation 68,692 - 68,692
At 31 March 2023 3,669,313 100 3,669,413

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 758,981 100 759,081
Profit for the year 822,477 - 822,477
Dividends (693,000 ) - (693,000 )
At 31 March 2023 888,458 100 888,558


20. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £179,896 (2022: £156,122). Contributions totalling £18,674 (2022: £12,610) were payable to the fund at the reporting date and are included in creditors.

FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


21. RELATED PARTY DISCLOSURES

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Remuneration of key management personnel
Key management personnel is considered to be the Directors of the group along with two non-directors.

The remuneration of key management personnel of the group is as follows:

2023 2022
£ £
Aggregate compensation 969,667 996,941

At the year end, £nil (2022: £nil) was outstanding to key management personnel.

Transactions with related parties
During the year close family members of key management personnel were employed by the company and received salaries and other employment costs for services provided to the company of £62,373 (2022: £38,380).

22. CONTROLLING PARTY

At 31 March 2023 the ultimate controlling party was Mr M Charman, a director who owns a majority of the issued shares in the company.