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REGISTERED NUMBER: 04611745 (United Kingdom)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 March 2023

for

CPS GROUP (UK) LIMITED

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


CPS GROUP (UK) LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr J Grandin
Mr S Symmons





SECRETARY: Mr J Grandin





REGISTERED OFFICE: First Floor, Golate House
St Mary Street
Cardiff
CF10 1DX





REGISTERED NUMBER: 04611745 (United Kingdom)





INDEPENDENT AUDITORS: Advantage Accountancy & Advisory Ltd
Chartered Certified Accountants
and Statutory Auditors
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Strategic Report
for the Year Ended 31 March 2023


The directors present their strategic report for the year ended 31 March 2023.

FAIR REVIEW OF THE BUSINESS
The Directors consider that there are several key performance indicators throughout the business, and report on all of these regularly. The financial performance of the company is reported by gross profit figures, and the conversion of turnover to gross profit is monitored closely, alongside net profit. Future booked business is a key area used to forecast monthly, quarterly and annually. From a non-financial perspective, billing headcount is a metric used to ensure budget planning is achievable.

The 2022-23 financial year was an opportunity to build on the successes of the previous financial year, with the bedding in of several new working practices. The backdrop was much more stable than the previous two years, with the end of pandemic restrictions and no further changes to Off-Payroll IR35 laws.

Whilst macro-economic conditions were more uncertain than the previous year, the market remained buoyant during the year and continued to be very candidate led in the technology space. The business is well placed to deal with a more uncertain market in the coming year, with confidence remaining in the technology space which continues to experience strong long-term growth drivers.

The company successfully increased turnover by £1.22m (or 4.42%) to £28.88m in this financial year and achieved a further increase to gross profit of £114k (or 2.29%) to £5.12m.

PRINCIPAL RISKS AND UNCERTAINTIES
The economic climate is a potential risk to the company, with the global uncertainty being a concern for all businesses at the present time. However, the Directors are confident of maintaining a strong & stable trading result.

FUTURE PLANS & DEVELOPMENTS
The company will continue to invest in recruitment technology throughout the group. Investment will continue, particularly into the Bristol office. Increasing headcount through the acquisition of talented fee-earners will enable the company to move into new core markets throughout the UK.

The investment in, and emergence of a very strong middle management team and stronger dedicated group support functions has increased confidence in continued long term growth.

ON BEHALF OF THE BOARD:





Mr J Grandin - Director


10 November 2023

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Directors' Report
for the Year Ended 31 March 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a recruitment consultancy.

DIVIDENDS
Dividends totalling £224,582 (2022: £253,870) have been declared in the year.

FUTURE DEVELOPMENTS
Please refer to future plans & developments 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.

Mr J Grandin
Mr S Symmons

FINANCIAL INSTRUMENTS
The company does not have any non-basic financial instruments.

See note 2 in relation to disclosures on financial instruments.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Directors' Report
for the Year Ended 31 March 2023


AUDITORS
The auditors, Advantage Accountancy & Advisory Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Grandin - Director


10 November 2023

Report of the Independent Auditors to the Members of
CPS Group (UK) Limited


Opinion
We have audited the financial statements of CPS Group (UK) Limited (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 March 2023 and of its 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 company 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 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 Strategic Report and the Directors' Report, 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
CPS Group (UK) Limited


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Directors' Responsibilities Statement set out on page three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures inline with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

o The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

o We obtained understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006 , UK corporate taxation laws, employment legislation and health and safety legislation.

o We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through our review of legal correspondence.

o We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:

Report of the Independent Auditors to the Members of
CPS Group (UK) Limited



o making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;

o identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;

o understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
o performing analytical procedures to identify any unusual or unexpected relationships;
o challenging assumptions and judgements made by management in its significant accounting estimates;

o identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations; and
o assessing the extent of compliance with relevant laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Stephen John Bickerton (Senior Statutory Auditor)
for and on behalf of Advantage Accountancy & Advisory Ltd
Chartered Certified Accountants
and Statutory Auditors
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

10 November 2023

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Profit and Loss Account
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 3 28,882,947 27,660,139

Cost of sales (23,767,428 ) (22,659,237 )
GROSS PROFIT 5,115,519 5,000,902

Administrative expenses (3,923,264 ) (3,690,066 )
OPERATING PROFIT 5 1,192,255 1,310,836

Interest receivable and similar income 7 10,555 1,101
1,202,810 1,311,937

Interest payable and similar expenses 8 (56,245 ) (34,464 )
PROFIT BEFORE TAXATION 1,146,565 1,277,473

Tax on profit 9 (210,884 ) (247,770 )
PROFIT FOR THE FINANCIAL YEAR 935,681 1,029,703

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

935,681

1,029,703

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 121,949 125,737
Investments 12 200 200
122,149 125,937

CURRENT ASSETS
Debtors 13 4,778,621 5,097,166
Cash at bank and in hand 2,295,473 1,530,467
7,074,094 6,627,633
CREDITORS
Amounts falling due within one year 14 4,960,272 4,990,472
NET CURRENT ASSETS 2,113,822 1,637,161
TOTAL ASSETS LESS CURRENT LIABILITIES 2,235,971 1,763,098

CREDITORS
Amounts falling due after more than one year 15 (413,636 ) (652,408 )

PROVISIONS FOR LIABILITIES 18 (84,233 ) (83,687 )
NET ASSETS 1,738,102 1,027,003

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 1,738,002 1,026,903
SHAREHOLDERS' FUNDS 1,738,102 1,027,003

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





Mr J Grandin - Director


CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 100 251,070 251,170

Changes in equity
Total comprehensive income - 1,029,703 1,029,703
Dividends - (253,870 ) (253,870 )
Balance at 31 March 2022 100 1,026,903 1,027,003

Changes in equity
Total comprehensive income - 935,681 935,681
Dividends - (224,582 ) (224,582 )
Balance at 31 March 2023 100 1,738,002 1,738,102

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

CPS Group (UK) Limited is a private company, limited by shares , registered in United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company 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 requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Group accounts
The company is a wholly owned subsidiary of its parent Mandaco 799 Ltd. Consolidated financial statements will be prepared for Mandaco 799 Ltd, which will be available from its registered office, and as a result consolidated financial statements are not required by any smaller groups within the overall group.

Business Combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, stated net of discounts and value added tax.

The company have two main income streams, firstly the permanent placement of candidates into employed roles, and secondly, the placement of contractors.

With regard to the placement of candidates into permanent employment, all of the income receivable is recognised on the start date of that employment. Any subsequent credit notes are recognised upon the termination of that employment, subject to the terms of the agreement.

With regard to contractor placement, the turnover is recognised at the end of the time sheet period provided by the contractor, which is generally on a weekly basis.

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the 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 each asset over its estimated useful life.
Fixtures and fittings - 33% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial Instruments

Recognition and measurement
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.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Impairment
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 are 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.

3. TURNOVER

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

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

2023 2022
£    £   
Rendering of services 28,882,947 27,660,139
28,882,947 27,660,139

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 26,994,477 25,960,995
Overseas 1,888,470 1,699,144
28,882,947 27,660,139

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,389,845 2,291,612
Social security costs 280,637 255,536
Other pension costs 43,938 28,103
2,714,420 2,575,251

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. EMPLOYEES AND DIRECTORS - continued

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

Management 6 7
Administration and support 7 5
Consultants 35 32
48 44

2023 2022
£    £   
Directors' remuneration 20,046 25,264

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 6,506 6,506
Other operating leases 199,802 152,889
Depreciation - owned assets 40,830 39,143

6. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

18,000

15,000

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Interest receivable 4,556 84
Other interest receivable 5,999 1,017
10,555 1,101

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 62,950 10,376
Other interest payable 6,712 297
Hire purchase 1,183 4,694
Foreign exchange (14,600 ) 19,097
56,245 34,464

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 225,338 241,519

Deferred tax (14,454 ) 6,251
Tax on profit 210,884 247,770

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

2023 2022
£    £   
Profit before tax 1,146,565 1,277,473
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

217,847

242,720

Effects of:
Expenses not deductible for tax purposes 6,312 7,193
Capital allowances in excess of depreciation - (8,394 )
Depreciation in excess of capital allowances 1,179 -
Deferred tax expense/(credit) relating to capital allowances timing (14,454 ) 6,251
Total tax charge 210,884 247,770

10. DIVIDENDS
2023 2022
£    £   
Interim 224,582 253,870

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


11. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 138,807 74,560 213,367
Additions 4,467 32,575 37,042
At 31 March 2023 143,274 107,135 250,409
DEPRECIATION
At 1 April 2022 76,498 11,132 87,630
Charge for year 21,253 19,577 40,830
At 31 March 2023 97,751 30,709 128,460
NET BOOK VALUE
At 31 March 2023 45,523 76,426 121,949
At 31 March 2022 62,309 63,428 125,737

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 200
NET BOOK VALUE
At 31 March 2023 200
At 31 March 2022 200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Resource One Ltd
Registered office: England and Wales
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


12. FIXED ASSET INVESTMENTS - continued

Resource Two Ltd
Registered office: England and Wales
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20232022
£ £

Trade debtors3,272,0232,395,585
Amounts owed by group undertakings743,178743,178
Other debtors646,3961,854,503
Prepayments and accrued income117,024103,900
4,778,6215,097,166

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 242,696 228,623
Hire purchase contracts (see note 17) - 34,119
Trade creditors 2,370,664 2,650,570
Tax 286,116 292,935
Social security and other taxes 486,420 290,369
Other creditors 1,310,484 1,316,497
Accruals and deferred income 263,892 177,359
4,960,272 4,990,472

Included within other creditors are factoring advances outstanding totalling £500,205 (2022: £415,681). These liabilities are secured via fixed and floating charge over the assets of the company.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 413,636 652,408

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 242,696 228,623

Amounts falling due between two and five years:
Bank loans - 2-5 years 413,636 652,408

The company have 3 outstanding loans that make up the bank borrowings figure of £242,696 (2022: £228,623) due within one year, and £413,636 (2022: £652,408) due in greater than one year. The interest rates on these loans varies from 2.95% over base rate to 12.69%. One loan totalling £260,417 (2022: £385,417) is secured via debenture against the assets of the company, whilst the other loans are unsecured.

The hire purchase liabilities totalling £nil (2022: £34,119) were secured against the assets to which they related, and the interest rates on these agreements varied between 8.00% and 8.79%. These liabilities have now been settled.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 34,119

Non-cancellable operating leases
2023 2022
£    £   
Within one year 149,147 184,829
Between one and five years 46,828 184,604
195,975 369,433

The amount of non-cancellable operating lease payments recognised as an expense during the year was £214,062 (2022 - £159,395).

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,233 18,687
Other provisions 80,000 65,000
84,233 83,687

Deferred Other
tax provisions
£    £   
Balance at 1 April 2022 18,687 65,000
Provided during year - 15,000
Credit to Profit and Loss Account during year (14,454 ) -
Balance at 31 March 2023 4,233 80,000

The other provisions relate to a dilapidation provision for the Cardiff office.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

20. PENSION COMMITMENTS

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £43,938 (2022 - £28,103).

Contributions totalling £7,817 (2022 - £6,201) were payable to the scheme at the end of the year and are included in creditors.

CPS GROUP (UK) LIMITED (REGISTERED NUMBER: 04611745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr S Symmons
Balance outstanding at start of year 48,425 (703 )
Amounts advanced 202,262 49,128
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 250,687 48,425

Mr J Grandin
Balance outstanding at start of year 58,234 37,060
Amounts advanced 173,545 21,174
Amounts repaid (170 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 231,609 58,234

22. RELATED PARTY DISCLOSURES

In the opinion of the directors there is no ultimate controlling party.

The immediate and ultimate parent company of CPS Group (UK) Limited is Mandaco 799 Limited, a company incorporated in England and Wales. Copies of the consolidated financial statements can be obtained from the registered office.

The company have taken advantage of an exemption, under the terms of Section 33 of Financial Reporting Standard 102 'The Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within other debtors at the year end, are balances totalling £482,296 (2022: £106,658) due from the directors. The balances are summarised below, bear interest at a rate of 2.00%, are unsecured and have no set repayment terms.