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REGISTERED NUMBER: 09019473 (United Kingdom)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2023

for

MANDACO 799 LTD

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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 Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


MANDACO 799 LTD

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: 09019473 (United Kingdom)





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

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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.

FAIR REVIEW OF BUSINESS
The Directors consider that there are several key performance indicators throughout the group, and report on all of these regularly. The financial performance of the group 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 group, 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 group 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


13 November 2023

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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.

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

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 224,582 .

RESEARCH AND DEVELOPMENT
No significant research and development activities were undertaken during 2023 (2022: £nil).

FUTURE DEVELOPMENTS
Please refer to the fair review of business 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.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Report of the Directors
for the Year Ended 31 March 2023


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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


13 November 2023

Report of the Independent Auditors to the Members of
Mandaco 799 Ltd


Opinion
We have audited the financial statements of Mandaco 799 Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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.

Report of the Independent Auditors to the Members of
Mandaco 799 Ltd


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.

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 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 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
Mandaco 799 Ltd


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 in
line 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:


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.

Report of the Independent Auditors to the Members of
Mandaco 799 Ltd


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

13 November 2023

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Consolidated
Income Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

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

Cost of sales (23,767,428 ) (22,659,238 )
GROSS PROFIT 5,115,519 5,000,901

Administrative expenses (3,935,919 ) (3,737,832 )
1,179,600 1,263,069

Other operating income 4 2,791 9,106
OPERATING PROFIT 6 1,182,391 1,272,175

Interest receivable and similar income 10,555 1,101
1,192,946 1,273,276

Interest payable and similar expenses 8 (70,845 ) (15,367 )
PROFIT BEFORE TAXATION 1,122,101 1,257,909

Tax on profit 9 (210,884 ) (247,770 )
PROFIT FOR THE FINANCIAL YEAR 911,217 1,010,139
Profit attributable to:
Owners of the parent 911,217 1,010,139

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 911,217 1,010,139


OTHER COMPREHENSIVE INCOME
Foreign currency translation gains (22 ) 13
Income tax relating to other comprehensive
income

-

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

(22

)

13
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

911,195

1,010,152

Total comprehensive income attributable to:
Owners of the parent 911,195 1,010,152

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Consolidated Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 40,824 66,607
Tangible assets 13 121,949 125,737
Investments 14 - -
162,773 192,344

CURRENT ASSETS
Debtors 15 4,035,443 4,356,333
Cash at bank and in hand 2,296,673 1,531,667
6,332,116 5,888,000
CREDITORS
Amounts falling due within one year 16 4,960,373 4,994,215
NET CURRENT ASSETS 1,371,743 893,785
TOTAL ASSETS LESS CURRENT LIABILITIES 1,534,516 1,086,129

CREDITORS
Amounts falling due after more than one year 17 (413,636 ) (652,408 )

PROVISIONS FOR LIABILITIES 20 (84,233 ) (83,687 )
NET ASSETS 1,036,647 350,034

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 22 1,035,647 349,034
SHAREHOLDERS' FUNDS 1,036,647 350,034

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





Mr J Grandin - Director


MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Company Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 743,278 743,278
743,278 743,278

CURRENT ASSETS
Cash at bank 1,000 1,000

CREDITORS
Amounts falling due within one year 16 743,278 743,278
NET CURRENT LIABILITIES (742,278 ) (742,278 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,000 1,000

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
SHAREHOLDERS' FUNDS 1,000 1,000

Company's profit for the financial year 224,582 253,870

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

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





Mr J Grandin - Director


MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Consolidated 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 1,000 (407,248 ) (406,248 )

Changes in equity
Dividends - (253,870 ) (253,870 )
Total comprehensive income - 1,010,152 1,010,152
Balance at 31 March 2022 1,000 349,034 350,034

Changes in equity
Dividends - (224,582 ) (224,582 )
Total comprehensive income - 911,195 911,195
Balance at 31 March 2023 1,000 1,035,647 1,036,647

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Company 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 1,000 - 1,000

Changes in equity
Dividends - (253,870 ) (253,870 )
Total comprehensive income - 253,870 253,870
Balance at 31 March 2022 1,000 - 1,000

Changes in equity
Dividends - (224,582 ) (224,582 )
Total comprehensive income - 224,582 224,582
Balance at 31 March 2023 1,000 - 1,000

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,953,555 990,094
Interest paid (69,662 ) (10,673 )
Interest element of hire purchase payments
paid

(1,183

)

(4,694

)
Tax paid (232,157 ) (74,967 )
Net cash from operating activities 1,650,553 899,760

Cash flows from investing activities
Purchase of tangible fixed assets (37,042 ) (63,836 )
Interest received 10,555 1,101
Net cash from investing activities (26,487 ) (62,735 )

Cash flows from financing activities
Loan repayments in year (224,699 ) (118,969 )
Hire purchase repayments in year (34,119 ) (42,573 )
Amount introduced by directors 170 -
Amount withdrawn by directors (375,807 ) (70,302 )
Equity dividends paid (224,582 ) (253,870 )
Net cash from financing activities (859,037 ) (485,714 )

Increase in cash and cash equivalents 765,029 351,311
Cash and cash equivalents at beginning of
year

2

1,531,667

1,180,343
Effect of foreign exchange rate changes (23 ) 13
Cash and cash equivalents at end of year 2 2,296,673 1,531,667

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,122,101 1,257,909
Depreciation charges 66,613 64,925
Increase in provision 15,000 15,000
Finance costs 70,845 15,367
Finance income (10,555 ) (1,101 )
1,264,004 1,352,100
Decrease/(increase) in trade and other debtors 696,528 (932,475 )
(Decrease)/increase in trade and other creditors (6,977 ) 570,469
Cash generated from operations 1,953,555 990,094

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,296,673 1,531,667
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,531,667 1,180,343


MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023


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 1,531,667 765,006 2,296,673
1,531,667 765,006 2,296,673
Debt
Finance leases (34,119 ) 34,119 -
Debts falling due within 1 year (228,623 ) (14,073 ) (242,696 )
Debts falling due after 1 year (652,408 ) 238,772 (413,636 )
(915,150 ) 258,818 (656,332 )
Total 616,517 1,023,824 1,640,341

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


1. STATUTORY INFORMATION

Mandaco 799 Ltd 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 General 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


2. ACCOUNTING POLICIES - continued

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Turnover
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.

Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Specifically in this case, the goodwill relates to the acquisition of the entire share capital of CPS Group (UK) Ltd by Mandaco 799 Ltd, on the 29th October 2014. It is considered appropriate to write off this goodwill over a 10 year period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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 group 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 group 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.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Notes to the Consolidated 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 group 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 group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases
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.

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 group’s shareholders is recognised as a liability in the financial statements in the
reporting period in which the dividends are declared.

Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


2. ACCOUNTING POLICIES - continued

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.

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 group.

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. OTHER OPERATING INCOME
2023 2022
£    £   
Write off of residual inter company balance 2,791 9,106

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


5. 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

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

6. OPERATING PROFIT

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

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
Goodwill amortisation 25,783 25,783
Foreign exchange differences (14,600 ) 19,096

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

18,000

15,000

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

Notes to the Consolidated 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
70,845 15,367

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 1,122,101 1,257,909
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

213,199

239,003

Effects of:
Expenses not deductible for tax purposes 10,960 10,910
Capital allowances in excess of depreciation - (8,394 )
Depreciation in excess of capital allowances 1,179 -
Deferred tax relating to changes in tax rates or laws (14,454 ) 6,251
Total tax charge 210,884 247,770

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


9. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Foreign currency translation gains (22 ) - (22 )

2022
Gross Tax Net
£    £    £   
Foreign currency translation gains 13 - 13

10. INDIVIDUAL INCOME STATEMENT

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
£ £
Interim dividend 224,582 253,870

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 257,833
AMORTISATION
At 1 April 2022 191,226
Amortisation for year 25,783
At 31 March 2023 217,009
NET BOOK VALUE
At 31 March 2023 40,824
At 31 March 2022 66,607

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


13. TANGIBLE FIXED ASSETS

Group
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

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 743,278
NET BOOK VALUE
At 31 March 2023 743,278
At 31 March 2022 743,278

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


14. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

CPS Group (UK) Ltd
Registered office: First Floor Golate House, St. Mary Street, Cardiff, CF10 1DX
Nature of business: recruitment consultancy
%
Class of shares: holding
Ordinary 100.00

CPS Europe B.V.
Registered office: Olof Palmerstraat, 2616LS Delft
Nature of business: recruitment consultancy
%
Class of shares: holding
Ordinary 100.00

The company was dissolved on the 31 October 2022.

Resource One Ltd
Registered office: First Floor Golate House, St. Mary Street, Cardiff, CF10 1DX
Nature of business: holding company
%
Class of shares: holding
Ordinary 100.00

Resource Two Ltd
Registered office: First Floor Golate House, St. Mary Street, Cardiff, CF10 1DX
Nature of business: holding company
%
Class of shares: holding
Ordinary 100.00


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 3,272,023 2,395,585
Other debtors 164,100 1,750,190
Directors' loan accounts 482,296 106,658
Prepayments and accrued income 117,024 103,900
4,035,443 4,356,333

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 242,696 228,623 - -
Hire purchase contracts (see note 19) - 34,119 - -
Trade creditors 2,370,665 2,651,092 - -
Amounts owed to group undertakings - - 743,278 743,278
Tax 286,116 292,935 - -
Social security and other taxes 486,420 290,369 - -
Other creditors 1,310,584 1,316,597 - -
Accruals and deferred income 263,892 180,480 - -
4,960,373 4,994,215 743,278 743,278

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 18) 413,636 652,408

18. LOANS

An analysis of the maturity of loans is given below:

Group
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 group 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: £652,407) due in greater than one year. The interest rates on these loans varies from 2.95% over base rate to 12.69%. One of the loans 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) are secured against the assets to which they relate, and the interest rates on these agreements vary between 8.00% and 8.79%.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

Group
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).

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 4,233 18,687

Other provisions 80,000 65,000

Aggregate amounts 84,233 83,687

Group
Deferred Dilapidation
tax provision
£    £   
Balance at 1 April 2022 18,687 65,000
Provided during year - 15,000
Credit to Income Statement during year (14,454 ) -
Balance at 31 March 2023 4,233 80,000

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
600,000 Ordinary A 0.1p 600 600
150,000 Ordinary B 0.1p 150 150
50,000 Ordinary C 0.1p 50 50
50,000 Ordinary D 0.1p 50 50
50,000 Ordinary E 0.1p 50 50
50,000 Ordinary F 0.1p 50 50
50,000 Ordinary G 0.1p 50 50
1,000 1,000

22. RESERVES

Group
Retained
earnings
£   

At 1 April 2022 349,034
Profit for the year 911,217
Dividends (224,582 )
Foreign currency translation
loss (22 )
At 31 March 2023 1,035,647


23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group 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.

MANDACO 799 LTD (REGISTERED NUMBER: 09019473)

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


24. 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

25. RELATED PARTY DISCLOSURES

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

The group 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 above, bear interest at a rate of 2.00%, are unsecured and have no set repayment terms.