IRIS Accounts Production v23.3.1.45 02638307 Board of Directors 1.10.22 30.9.23 30.9.23 temporary employment agency activities. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026383072022-09-30026383072023-09-30026383072022-10-012023-09-30026383072021-09-30026383072021-10-012022-09-30026383072022-09-3002638307ns10:Originalns15:EnglandWales2022-10-012023-09-3002638307ns14:PoundSterlingns10:Original2022-10-012023-09-3002638307ns10:Originalns10:Director12022-10-012023-09-3002638307ns10:Original2022-10-012023-09-3002638307ns10:Original2023-09-3002638307ns10:Originalns10:PrivateLimitedCompanyLtd2022-10-012023-09-3002638307ns10:Originalns10:FRS1022022-10-012023-09-3002638307ns10:Originalns10:Audited2022-10-012023-09-3002638307ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-10-012023-09-3002638307ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2022-10-012023-09-3002638307ns10:Originalns10:FullAccounts2022-10-012023-09-3002638307ns10:Original12022-10-012023-09-3002638307ns10:Originalns10:OrdinaryShareClass12022-10-012023-09-3002638307ns10:Originalns10:Director22022-10-012023-09-3002638307ns10:Originalns10:Director32022-10-012023-09-3002638307ns10:Originalns10:Director42022-10-012023-09-3002638307ns10:CompanySecretary1ns10:Original2022-10-012023-09-3002638307ns10:Originalns10:RegisteredOffice2022-10-012023-09-3002638307ns10:Original2021-10-012022-09-3002638307ns10:Original2022-09-3002638307ns10:Originalns5:CurrentFinancialInstruments2023-09-3002638307ns10:Originalns5:CurrentFinancialInstruments2022-09-3002638307ns10:Originalns5:Non-currentFinancialInstruments2023-09-3002638307ns10:Originalns5:Non-currentFinancialInstruments2022-09-3002638307ns5:ShareCapitalns10:Original2023-09-3002638307ns5:ShareCapitalns10:Original2022-09-3002638307ns10:Originalns5:RevaluationReserve2023-09-3002638307ns10:Originalns5:RevaluationReserve2022-09-3002638307ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-09-3002638307ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-3002638307ns5:ShareCapitalns10:Original2021-09-3002638307ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-09-3002638307ns10:Originalns5:RevaluationReserve2021-09-3002638307ns10:Original2021-09-3002638307ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-10-012022-09-3002638307ns10:Originalns5:RevaluationReserve2021-10-012022-09-3002638307ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3002638307ns10:Originalns5:RevaluationReserve2022-10-012023-09-3002638307ns10:Original2022-09-3002638307ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-10-012023-09-3002638307ns10:Originalns5:FurnitureFittings2022-10-012023-09-3002638307ns10:Originalns5:ComputerEquipment2022-10-012023-09-3002638307ns10:Originalns10:HighestPaidDirector2022-10-012023-09-3002638307ns10:Originalns10:HighestPaidDirector2021-10-012022-09-3002638307ns5:OwnedAssetsns10:Original2022-10-012023-09-3002638307ns5:OwnedAssetsns10:Original2021-10-012022-09-3002638307ns10:Original12022-10-012023-09-3002638307ns10:Original12021-10-012022-09-30026383072ns10:Original2022-10-012023-09-30026383072ns10:Original2021-10-012022-09-3002638307ns10:Original32022-10-012023-09-3002638307ns10:Original32021-10-012022-09-3002638307ns10:Originalns10:OrdinaryShareClass12021-10-012022-09-3002638307ns10:Originalns5:NetGoodwill2022-09-3002638307ns10:Originalns5:NetGoodwill2022-10-012023-09-3002638307ns10:Originalns5:NetGoodwill2023-09-3002638307ns10:Originalns5:NetGoodwill2022-09-3002638307ns10:Originalns5:LandBuildings2022-09-3002638307ns10:Originalns5:FurnitureFittings2022-09-3002638307ns10:Originalns5:ComputerEquipment2022-09-3002638307ns10:Originalns5:LandBuildings2022-10-012023-09-3002638307ns10:Originalns5:LandBuildings2023-09-3002638307ns10:Originalns5:FurnitureFittings2023-09-3002638307ns10:Originalns5:ComputerEquipment2023-09-3002638307ns10:Originalns5:LandBuildings2022-09-3002638307ns10:Originalns5:FurnitureFittings2022-09-3002638307ns10:Originalns5:ComputerEquipment2022-09-3002638307ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3002638307ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3002638307ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-09-3002638307ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-09-3002638307ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3002638307ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-09-3002638307ns10:Originalns5:WithinOneYear2023-09-3002638307ns10:Originalns5:WithinOneYear2022-09-3002638307ns5:BetweenOneFiveYearsns10:Original2023-09-3002638307ns5:BetweenOneFiveYearsns10:Original2022-09-3002638307ns10:Originalns5:AllPeriods2023-09-3002638307ns10:Originalns5:AllPeriods2022-09-3002638307ns5:Securedns10:Original2023-09-3002638307ns5:Securedns10:Original2022-09-3002638307ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2023-09-3002638307ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2022-09-3002638307ns10:Originalns5:DeferredTaxation2022-09-3002638307ns10:Originalns5:DeferredTaxation2022-10-012023-09-3002638307ns10:Originalns5:DeferredTaxation2023-09-3002638307ns10:Originalns10:OrdinaryShareClass12023-09-3002638307ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-3002638307ns10:Originalns5:RevaluationReserve2022-09-3002638307ns10:Originalns10:Director332022-09-3002638307ns10:Originalns10:Director332021-09-3002638307ns10:Originalns10:Director332022-10-012023-09-3002638307ns10:Originalns10:Director332021-10-012022-09-3002638307ns10:Originalns10:Director332023-09-3002638307ns10:Originalns10:Director332022-09-3002638307ns10:Originalns10:Director442022-09-3002638307ns10:Originalns10:Director442021-09-3002638307ns10:Originalns10:Director442022-10-012023-09-3002638307ns10:Originalns10:Director442021-10-012022-09-3002638307ns10:Originalns10:Director442023-09-3002638307ns10:Originalns10:Director442022-09-3002638307ns5:OtherRelatedPartiesns10:Original2022-10-012023-09-30
REGISTERED NUMBER: 02638307 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

ABACUS EMPLOYMENT SERVICES LIMITED

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ABACUS EMPLOYMENT SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: Mr J L Fuller
Mr C Addis
Mrs B A Fuller
Mr D G J Fuller



SECRETARY: Mrs B A Fuller



REGISTERED OFFICE: 1 Chequers Road
Basingstoke
Hampshire
RG21 7PU



REGISTERED NUMBER: 02638307 (England and Wales)



SENIOR STATUTORY AUDITOR: Neil Raynsford



AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


The directors present their strategic report for the year ended 30th September 2023.

REVIEW OF BUSINESS
The economic environment has continued to be extremely tough over the past year. The market has been constantly changing and challenging, considering this environment, the Board are satisfied with the results posted for the period. The changed management processes adopted by the Company during prior years have allowed us to adapt to these market conditions.

The Key Performance Indicators for the company are considered to be sales and gross margins. Reported sales have increased on the prior year from £13,479,281 to £13,770,111 (2.2% increase). Our relationships with key partners continue to strengthen and grow, with our share of their business expanding, however the impact of the overall market place has affected business levels. We are confident that when the market improves, these relationships will continue to grow. An area that the Board are pleased with this year is the gradual improvement in margin. Margin remains a challenge and will always be a key focus area, however, we have made progress over the past year. This is representative of the relationship with our key clients and the understanding they have of the value we add to their business. Gross margin percentage has improved this year to 18.26% (from 17.55% in 2022). Our aim remains to improve this overall margin, ensuring that we charge appropriately for the value we add to our clients business.

The Board were delighted to complete the acquisition of the Goodwill of Dovetail HRS Ltd during the year. We consider Dovetail to complement the traditional Abacus business opening up new avenues for growth. Dovetail was a specialist supplier of Managerial, HR, Professional and Facilities Management workers, with an established permanent business. The purchase and subsequent integration will give Abacus the ability to leverage this additional opportunity. The initial results during the months following the transaction are positive.

The investment in our resourcing function that was highlighted last year has proved a success and ensured the highest level of service to our clients that is possible.

The realignment of the cost base to reflect the challenging market in previous years has been maintained and continues to be a critical area of focus. During the year the decision was taken to acquire one of the branch offices that we previously rented, this results in reduced running costs and we consider it to be a positive investment for the future. The process of decisions on spend being discussed and ratified by the management team remains in place, this ensures all areas of the business are aligned.

As we have stated in previous years, cost control and cash management are key focus areas, this has again proven even more critical throughout the period, it is constantly monitored and reviewed. The focus on cash is essential to ensure that we are set for the future. Alongside cost management we recognise the importance of keeping our infrastructure robust and current. We intend to maintain the investment made in previous years to ensure our systems are industrial strength and fit for the future.

Compliance remains of paramount importance to us, as evidenced by our membership to the recognised regulatory bodies within the recruitment sector. This and our processes enable us to ensure that we are up to date with changes in legislation and are able to adapt quickly to implement necessary changes in operating practices.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risk and uncertainty at this time surrounds the economic climate and how this impacts demand for our services. With the continuing issue around the cost of living and finance/interest costs remaining high there is still significant risk and uncertainty. We continue to take a cautious, but long term focussed, approach on how we transact through the coming period.

ON BEHALF OF THE BOARD:





Mr J L Fuller - Director


15th February 2024

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30th September 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2023 was £96,000 (2022: £136,000).

FUTURE DEVELOPMENTS
The directors will continue their policy of growing organically within the current branch network.

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

Mr J L Fuller
Mr C Addis
Mrs B A Fuller
Mr D G J Fuller

FINANCIAL INSTRUMENTS
In order to manage the day to day financial needs of the company the directors have an invoice financing facility with HSBC Bank. The company always works within this facility and the major risk is if the underlying debtors that the facility is secured against do not pay then HSBC Bank have recourse to the company. To manage this risk the company has strict credit rules in place in respect of new clients and constant monitoring of existing clients.

For asset purchases the company uses a combination of Hire Purchase and Term Loans.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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
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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


AUDITORS
The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J L Fuller - Director


15th February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABACUS EMPLOYMENT SERVICES LIMITED


Opinion
We have audited the financial statements of Abacus Employment Services Limited (the 'company') for the year ended 30th September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30th September 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABACUS EMPLOYMENT SERVICES LIMITED


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

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

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements such as compliance with the requirements of the Companies Act 2006.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
ABACUS EMPLOYMENT SERVICES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Neil Raynsford (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

21st February 2024

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2023 2022
Notes £    £   

TURNOVER 13,770,111 13,479,281

Cost of sales 11,255,361 11,113,427
GROSS PROFIT 2,514,750 2,365,854

Administrative expenses 2,401,291 2,255,474
113,459 110,380

Other operating income 4 - 2,250
OPERATING PROFIT 6 113,459 112,630


Interest payable and similar expenses 7 96,018 38,215
PROFIT BEFORE TAXATION 17,441 74,415

Tax on profit 8 9,023 16,944
PROFIT FOR THE FINANCIAL YEAR 8,418 57,471

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 53,250 -
Tangible assets 11 795,435 508,189
848,685 508,189

CURRENT ASSETS
Debtors 12 2,005,615 2,075,786
Cash at bank 27,525 95,571
2,033,140 2,171,357
CREDITORS
Amounts falling due within one year 13 2,434,613 2,310,309
NET CURRENT LIABILITIES (401,473 ) (138,952 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,212

369,237

CREDITORS
Amounts falling due after more than one
year

14

(200,392

)

(40,469

)

PROVISIONS FOR LIABILITIES 18 (25,653 ) (20,019 )
NET ASSETS 221,167 308,749

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 217,590 221,815
Retained earnings 20 2,577 85,934
SHAREHOLDERS' FUNDS 221,167 308,749

The financial statements were approved by the Board of Directors and authorised for issue on 15th February 2024 and were signed on its behalf by:





Mr J L Fuller - Director


ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st October 2021 1,000 160,238 226,040 387,278

Changes in equity
Dividends - (136,000 ) - (136,000 )
Total comprehensive income - 61,696 (4,225 ) 57,471
Balance at 30th September 2022 1,000 85,934 221,815 308,749

Changes in equity
Dividends - (96,000 ) - (96,000 )
Total comprehensive income - 12,643 (4,225 ) 8,418
Balance at 30th September 2023 1,000 2,577 217,590 221,167

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 381,238 (170,676 )
Interest paid (96,018 ) (38,215 )
Tax paid (17,216 ) (46,627 )
Net cash from operating activities 268,004 (255,518 )

Cash flows from investing activities
Purchase of intangible fixed assets (53,250 ) -
Purchase of tangible fixed assets (310,458 ) (2,464 )
Net cash from investing activities (363,708 ) (2,464 )

Cash flows from financing activities
New loans in year 192,500 -
Loan repayments in year (17,665 ) (6,596 )
Amount introduced by directors 59,151 78,800
Amount withdrawn by directors (110,328 ) (91,817 )
Equity dividends paid (96,000 ) (136,000 )
Net cash from financing activities 27,658 (155,613 )

Decrease in cash and cash equivalents (68,046 ) (413,595 )
Cash and cash equivalents at beginning
of year

2

95,571

509,166

Cash and cash equivalents at end of year 2 27,525 95,571

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 17,441 74,415
Depreciation charges 23,212 18,913
Loss on disposal of fixed assets - 1,036
Finance costs 96,018 38,215
136,671 132,579
Decrease in trade and other debtors 105,080 276,531
Increase/(decrease) in trade and other creditors 139,487 (579,786 )
Cash generated from operations 381,238 (170,676 )

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 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 27,525 95,571
Year ended 30th September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 95,571 509,166


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand 95,571 (68,046 ) 27,525
95,571 (68,046 ) 27,525
Debt
Debts falling due within 1 year (6,683 ) (14,912 ) (21,595 )
Debts falling due after 1 year (40,469 ) (159,923 ) (200,392 )
(47,152 ) (174,835 ) (221,987 )
Total 48,419 (242,881 ) (194,462 )

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. STATUTORY INFORMATION

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

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Turnover
Turnover represents the total services invoiced during the year on a weekly basis, net of Value Added Tax. It is recognised when the company obtains the right to receive consideration for the services provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Fixtures and fittings - 15% on reducing balance
Computer equipment - 20% straight line and 20% on reducing balance

All fixed assets are initially recorded at cost.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


3. 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.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2010 and in 2023, has and is being amortised evenly over their estimated useful lives of five years.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Government grants - 2,250

Government grants include furlough claims in respect of the COVID-19 pandemic.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 11,972,450 11,812,568
Social security costs 829,460 804,968
Other pension costs 36,982 31,585
12,838,892 12,649,121

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

Productive 580 605
Administrative 32 28
612 633

2023 2022
£    £   
Directors' remuneration 356,300 382,330
Directors' pension contributions to money purchase schemes 6,520 5,977

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 122,329 125,530
Pension contributions to money purchase schemes 3,600 3,300

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 80,256 103,171
Depreciation - owned assets 23,212 18,913
Loss on disposal of fixed assets - 1,036
Audit fee 12,050 11,350

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Invoice Discounting Interest 81,833 36,471
Interest on Overdue Tax 434 -
Loan 13,751 1,744
96,018 38,215

8. 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 3,389 17,216

Deferred tax 5,634 (272 )
Tax on profit 9,023 16,944

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

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

2023 2022
£    £   
Profit before tax 17,441 74,415
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

3,314

14,139

Effects of:
Expenses not deductible for tax purposes 2,242 1,157
Capital allowances in excess of depreciation (2,167 ) -
Depreciation in excess of capital allowances - 1,920
Deferred tax movement 5,634 (272 )
investments
Total tax charge 9,023 16,944

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 96,000 136,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st October 2022 40,000
Additions 53,250
At 30th September 2023 93,250
AMORTISATION
At 1st October 2022
and 30th September 2023 40,000
NET BOOK VALUE
At 30th September 2023 53,250
At 30th September 2022 -

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st October 2022 500,000 46,560 94,566 641,126
Additions 294,202 7,485 8,771 310,458
At 30th September 2023 794,202 54,045 103,337 951,584
DEPRECIATION
At 1st October 2022 20,000 26,677 86,260 132,937
Charge for year 15,393 3,368 4,451 23,212
At 30th September 2023 35,393 30,045 90,711 156,149
NET BOOK VALUE
At 30th September 2023 758,809 24,000 12,626 795,435
At 30th September 2022 480,000 19,883 8,306 508,189

Cost or valuation at 30th September 2023 is represented by:

Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
Valuation in 2020 85,000 - - 85,000
Valuation in 2018 123,323 - - 123,323
Cost 585,879 54,045 103,337 743,261
794,202 54,045 103,337 951,584

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


11. TANGIBLE FIXED ASSETS - continued

If Freehold properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 585,879 291,677
Aggregate depreciation (75,042 ) (63,874 )

One of the freehold properties was valued on an open market basis on 10th March 2021 by Haslams Surveyors LLP .

The directors have assessed this valuation along with the cost of the property acquired in the year and confirmed a reasonable value for the properties as £794,202 as at 30th September 2023.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,644,335 1,762,957
Bad debt provision (19,451 ) -
Directors' current accounts 48,186 13,277
Prepayments and accrued income 332,545 299,552
2,005,615 2,075,786

Included in trade debtors are factored debts of £1,612,386 (2022: £1,762,957).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 21,595 6,683
Invoice discounting advance 1,432,500 1,289,892
Trade creditors 16,439 33,439
Tax 3,389 17,216
Social security and other taxes 190,884 160,386
VAT 440,981 400,870
Other creditors 78,176 71,755
Directors' current accounts 18,002 34,270
Accruals and deferred income 232,647 295,798
2,434,613 2,310,309

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 15) 200,392 40,469

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 21,595 6,683

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


15. LOANS - continued
2023 2022
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 23,000 6,986

Amounts falling due between two and five years:
Bank loans - 2-5 years 78,107 22,963

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 99,285 10,520

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 38,695 111,551
Between one and five years 79,042 220,237
117,737 331,788

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 221,987 47,152
Invoice discounting advance 1,432,500 1,289,892
1,654,487 1,337,044

The bank loans are secured by way of a debenture over the assets of the company and a limited guarantee for £70,000 given by one of the directors, Mr D G J Fuller.

The invoice discounting advance is secured against trade debtors.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances (10,024 ) (10,363 )
Deferred tax on property revaluation 35,677 30,382
25,653 20,019

Deferred
tax
£   
Balance at 1st October 2022 20,019
Provided during year 5,634
Balance at 30th September 2023 25,653

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st October 2022 85,934 221,815 307,749
Profit for the year 8,418 - 8,418
Dividends (96,000 ) - (96,000 )
Revaluation reserve 4,225 (4,225 ) -
At 30th September 2023 2,577 217,590 220,167

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th September 2023 and 30th September 2022:

2023 2022
£    £   
Mrs B A Fuller
Balance outstanding at start of year 2,850 3,686
Amounts advanced 12,048 7,004
Amounts repaid (6,690 ) (7,840 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,208 2,850

Mr D G J Fuller
Balance outstanding at start of year 10,427 -
Amounts advanced 65,011 20,225
Amounts repaid (35,460 ) (9,798 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,978 10,427

Mrs B A Fuller's loan was unsecured with interest charged at HMRC approved rates and will be repaid within nine months of the year end.

Mr D G J Fuller's loan was unsecured with interest charged at HMRC approved rates and will be repaid within nine months of the year end.

22. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Wages 496,348 497,014
Rent 7,500 30,000
Amount due from related party 48,186 13,277
Amount due to related party 31,943 48,489

ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


22. RELATED PARTY DISCLOSURES - continued

The amounts due to related parties are unsecured with interest charged at HMRC approved rates with no fixed date of repayment.

The amounts due from related parties are unsecured with interest charged at HMRC approved rates and will be repaid within nine months of the year end.

Other related parties
2023 2022
£    £   
Wages 171,395 175,168