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2022-05-01
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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 |
|
|
|
_______ |
_______ |
|
|
|
|
|