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REGISTERED NUMBER: 09358207 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2023

for


FPR GROUP LIMITED

Previously known as

First People Recruitment Group


FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group







Contents of the Consolidated Financial Statements

for the Year Ended 31 May 2023





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

5




Report of the Independent Auditors  

7




Consolidated Statement of Comprehensive Income

9




Consolidated Balance Sheet  

10




Company Balance Sheet  

11




Consolidated Statement of Changes in Equity  

12




Company Statement of Changes in Equity  

13




Consolidated Cash Flow Statement  

14




Company Cash Flow Statement  

15




Notes to the Cash Flow Statements

16




Notes to the Consolidated Financial Statements

18




FPR GROUP LIMITED

previously known as First People Recruitment Group


Company Information

for the Year Ended 31 May 2023









DIRECTORS:

M Foster


P G Simpson





SECRETARY:






REGISTERED OFFICE:

4th Floor


132 Queens Road


Brighton


BN1 3WB





REGISTERED NUMBER:

09358207 (England and Wales)





SENIOR STATUTORY AUDITOR:

Martin Joseph





AUDITORS:

WHITTINGTONS


Chartered Accountants


Statutory Auditors


1 High Street


Guildford


Surrey


GU2 4HP


FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Group Strategic Report

for the Year Ended 31 May 2023


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


REVIEW OF BUSINESS

The principal activity of the company during the year continued to be the provision of temporary and permanent staff to companies through-out the UK.  Company turnover increased to £14,638,500.


2021 - 2022 saw the end of the global Covid-19 pandemic which had a significant impact on the global economy and on all businesses.   An increase in demand for permanent and temporary recruitment services throughout the company's specialist divisions resulted in increased company turnover. The company introduced an improved client retention and development strategy which assisted in creating stronger client relationships across the business.


The directors were pleased with the profit achieved on ordinary activities.



FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Group Strategic Report

for the Year Ended 31 May 2023


PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified below a summary of the main risks which could potentially impact the business's operating and financial performance.


People


The success of the business relies upon the commitment and expertise of its staff.  The business benefits from high levels of staff retention.  Training programmes have been established which ensure staff are trained and developed in the relevant areas.   Career development is a key focus area and annual appraisals and regular review meetings are carried out with all employees.


Macro-economic environment


The post covid environment, which lead to a spike in demand for products and service across the world, created an increase in demand for both skilled and unskilled staff compared with the previous 12 months.    The skill shortage within the UK also lead to an increase in demand for permanent recruitment services. The end of the free movement of labour from the European Union continues to effect specific sectors within in the UK, including Food Production, Hospitality and Health & Social Care.


The recruitment industry operates within a very competitive environment and can be susceptible to changes in economic conditions.    This risk is managed by implementing a robust sales strategy and client retention strategy to achieve revenues from temporary and permanent services.


The Directors are continually reviewing strategies to increase productivity and maintaining an efficient operating platform.


Micro-economic environment


The business has a very strong financial platform which has helped to protect it from any negative short-term effects which have been caused by the Covid 19 pandemic.  The company continues to manage and maintain a strong credit control process.  The company benefits from a large spread of clients, not being over reliant on any one customer.


Technology


Each year technology is reviewed and implemented where appropriate.  New technology has been introduced across the company to facilitate flexible working practices and to ensure the company can offer services to its customers and service users.  Strong relationships have been established with IT providers and back-up solutions are in place.  A disaster recovery programme is in place to ensure the secure and continued running of the business in the event of severe disruption.


Regulatory Environment


The recruitment industry is governed by increasing levels of regulation, these bring in opportunities and risks.  In addition to this, clients now require more complex levels of compliance.  The Directors and management team of FPR Group is committed to meeting all of its regulatory responsibilities.  Memberships of professional bodies and specialist advisors ensure up to date information on regulatory changes.


Financial Instruments


All clients are based within the UK and the company's Invoice Discounting facility is a central component of its financial structure.   Credit Control and Cash Flow is good.  An excellent relationship exists between the company and its bank.


The directors have identified below a summary of the main risks which could potentially impact the business's operating and financial performance.


Research and development and future developments


The company is committed to expanding the number of clients it works with across the six core divisions.  The continued investment in Technology coupled with training and development of our recruitment teams will be central to future growth.


FINANCIAL INSTRUMENTS

All clients are based within the UK and the company's Invoice Discounting facility is a central component of its financial structure.   Credit Control and Cash Flow is good.  An excellent relationship exists between the company and its bank.



FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Group Strategic Report

for the Year Ended 31 May 2023


FUTURE DEVELOPMENTS

The company is committed to expanding the number of clients it works with across the six core divisions.  The continued investment in Technology coupled with training and development of our recruitment teams will be central to future growth.


ON BEHALF OF THE BOARD:






M Foster - Director



20 February 2024


FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Report of the Directors

for the Year Ended 31 May 2023


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


CHANGE OF NAME


DIVIDENDS

Interim dividends per share were paid as follows:

8


- 30 June 2022

8


- 31 July 2022

8


- 31 August 2022

8


- 30 September 2022

8


- 31 October 2022

8


- 30 November 2022

48


- 31 December 2022

8


- 31 January 2023

34.666


- 28 February 2023

8


- 31 March 2023

20


- 30 April 2023

100


- 31 May 2023

266.666



The directors recommend that no final dividend be paid.


The total distribution of dividends for the year ended 31 May 2023 will be £ 266,666 .


DIRECTORS

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


M Foster

P G Simpson


POLITICAL DONATIONS AND EXPENDITURE

There were no political donations in the year.


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.


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.


FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Report of the Directors

for the Year Ended 31 May 2023



AUDITORS

The auditors,  WHITTINGTONS, will be deemed to continue in office under S487(2) of the Companies Act 2006.


ON BEHALF OF THE BOARD:






M Foster - Director



20 February 2024


Report of the Independent Auditors to the Members of

FPR GROUP LIMITED

previously known as First People Recruitment Group


Opinion

We have audited the financial statements of FPR GROUP LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, 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 May 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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


Conclusions relating to going concern

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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


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


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


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


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.


Report of the Independent Auditors to the Members of

FPR GROUP LIMITED

previously known as First People Recruitment Group



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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.


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.




A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

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





Martin Joseph (Senior Statutory Auditor)

for and on behalf of WHITTINGTONS

Chartered Accountants

Statutory Auditors

1 High Street

Guildford

Surrey

GU2 4HP


20 February 2024


FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 May 2023



31.5.23


31.5.22


Notes

£   

£   



TURNOVER

3

18,782,129


14,638,500




Cost of sales

15,534,630


12,217,966



GROSS PROFIT

3,247,499


2,420,534




Administrative expenses

2,487,951


2,123,044



759,548


297,490




Other operating income

1,500


1,500



OPERATING PROFIT

5

761,048


298,990




Interest receivable and similar income

2,428


108



763,476


299,098




Interest payable and similar expenses

6

16,926


18,675



PROFIT BEFORE TAXATION

746,550


280,423




Tax on profit

7

167,147


65,377



PROFIT FOR THE FINANCIAL YEAR

579,403


215,046




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

579,403


215,046




Profit attributable to:

Owners of the parent

446,108


200,259



Non-controlling interests

133,295


14,787



579,403


215,046




Total comprehensive income attributable to:

Owners of the parent

512,774


200,259



Non-controlling interests

66,629


14,787



579,403


215,046




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Consolidated Balance Sheet

31 May 2023



31.5.23

31.5.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

105,749


161,138



Tangible assets

11

238,200


100,278



Investments

12

-


-



343,949


261,416




CURRENT ASSETS

Debtors

13

3,201,543


2,347,715



Cash at bank and in hand

4,054


299,840



3,205,597


2,647,555



CREDITORS

Amounts falling due within one year

14

2,141,111


1,754,499



NET CURRENT ASSETS

1,064,486


893,056



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,408,435


1,154,472




PROVISIONS FOR LIABILITIES

17

19,261


11,369



NET ASSETS

1,389,174


1,143,103




CAPITAL AND RESERVES

Called up share capital

18

1,000


1,000



Share premium

19

114,219


114,219



Retained earnings

19

1,071,189


891,747



SHAREHOLDERS' FUNDS

1,186,408


1,006,966




NON-CONTROLLING INTERESTS

20

202,766


136,137



TOTAL EQUITY

1,389,174


1,143,103




The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:






M Foster - Director



FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Company Balance Sheet

31 May 2023



31.5.23

31.5.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

-


-



Investments

12

710,654


710,654



710,654


710,654




CURRENT ASSETS

Cash at bank

11


25



NET CURRENT ASSETS

11


25



TOTAL ASSETS LESS CURRENT

LIABILITIES

710,665


710,679




CAPITAL AND RESERVES

Called up share capital

18

1,000


1,000



Share premium

19

114,219


114,219



Retained earnings

19

595,446


595,460



SHAREHOLDERS' FUNDS

710,665


710,679




Company's profit for the financial year

266,652


160,001




The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:






M Foster - Director



FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Consolidated Statement of Changes in Equity

for the Year Ended 31 May 2023



Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   


Balance at 1 June 2021

1,000


851,488


114,219




Changes in equity

Dividends

-


(160,000

)

-



Total comprehensive income

-


200,259


-



Balance at 31 May 2022

1,000


891,747


114,219




Changes in equity

Dividends

-


(266,666

)

-



Total comprehensive income

-


446,108


-



Balance at 31 May 2023

1,000


1,071,189


114,219




Non-controlling


Total


Total


interests


equity

£   

£   

£   


Balance at 1 June 2021

966,707


161,372


1,128,079




Changes in equity

Dividends

(160,000

)

(40,022

)

(200,022

)


Total comprehensive income

200,259


14,787


215,046



Balance at 31 May 2022

1,006,966


136,137


1,143,103




Changes in equity

Dividends

(266,666

)

-


(266,666

)


Total comprehensive income

446,108


66,629


512,737



Balance at 31 May 2023

1,186,408


202,766


1,389,174




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Company Statement of Changes in Equity

for the Year Ended 31 May 2023



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1 June 2021

1,000


595,459


114,219


710,678




Changes in equity

Dividends

-


(160,000

)

-


(160,000

)


Total comprehensive income

-


160,001


-


160,001



Balance at 31 May 2022

1,000


595,460


114,219


710,679




Changes in equity

Dividends

-


(266,666

)

-


(266,666

)


Total comprehensive income

-


266,652


-


266,652



Balance at 31 May 2023

1,000


595,446


114,219


710,665




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Consolidated Cash Flow Statement

for the Year Ended 31 May 2023



31.5.23


31.5.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

277,561


63,656



Interest paid

(16,926

)

(18,675

)


Tax paid

(72,384

)

(35,887

)


Net cash from operating activities

188,251


9,094




Cash flows from investing activities

Purchase of tangible fixed assets

(210,257

)

(6,593

)


Sale of tangible fixed assets

14,691


-



Interest received

2,428


108



Net cash from investing activities

(193,138

)

(6,485

)



Cash flows from financing activities

Capital repayments in year

-


(3,899

)


Amount withdrawn by directors

-


(49

)


Equity dividends paid

(266,666

)

(160,000

)


Net cash from financing activities

(266,666

)

(163,948

)



Decrease in cash and cash equivalents

(271,553

)

(161,339

)


Cash and cash equivalents at beginning

of year

2

299,840


499,703




Cash and cash equivalents at end of year

2

(36,949

)

299,840




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Company Cash Flow Statement

for the Year Ended 31 May 2023



31.5.23


31.5.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(14

)

(79

)


Net cash from operating activities

(14

)

(79

)



Cash flows from investing activities

Dividends received

266,666


160,080



Net cash from investing activities

266,666


160,080




Cash flows from financing activities

Equity dividends paid

(266,666

)

(160,000

)


Net cash from financing activities

(266,666

)

(160,000

)



(Decrease)/increase in cash and cash equivalents

(14

)

1



Cash and cash equivalents at beginning

of year

2

25


24




Cash and cash equivalents at end of year

2

11


25




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Cash Flow Statements

for the Year Ended 31 May 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


Group


31.5.23


31.5.22

£   

£   



Profit before taxation

746,550


280,423




Depreciation charges

113,418


101,193




(Profit)/loss on disposal of fixed assets

(315

)

175




Government grants

(1,500

)

(1,500

)



Finance costs

16,926


18,675




Finance income

(2,428

)

(108

)


872,651


398,858




Increase in trade and other debtors

(853,828

)

(452,076

)



Increase in trade and other creditors

258,738


116,874




Cash generated from operations

277,561


63,656





Company


31.5.23


31.5.22

£   

£   



Profit for the financial year

266,652


160,001




Finance income

(266,666

)

(160,080

)



Cash generated from operations

(14

)

(79

)



2.

CASH AND CASH EQUIVALENTS



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



Group


Company



Year ended 31 May 2023


31.5.23


1.6.22


31.5.23


1.6.22

£   

£   

£   

£   



Cash and cash equivalents

4,054


299,840


11


25




Bank overdrafts

(41,003

)

-


-


-



(36,949

)

299,840


11


25




Year ended 31 May 2022


31.5.22


1.6.21


31.5.22


1.6.21

£   

£   

£   

£   



Cash and cash equivalents

299,840


499,703


25


24





3.

ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)



Group


At 1.6.22

Cash flow

At 31.5.23

£   

£   

£   



Net cash



Cash at bank and in hand

299,840


(295,786

)

4,054




Bank overdrafts

-


(41,003

)

(41,003

)


299,840


(336,789

)

(36,949

)



Total

299,840


(336,789

)

(36,949

)



FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Cash Flow Statements

for the Year Ended 31 May 2023


3.

ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) - continued



Company


At 1.6.22

Cash flow

At 31.5.23

£   

£   

£   



Net cash



Cash at bank and in hand

25


(14

)

11




Bank overdrafts

-


                    -


                     -



25


(14

)

11




Total

25


(14

)

11




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements

for the Year Ended 31 May 2023


1.

STATUTORY INFORMATION



FPR GROUP 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 General Information page.


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.  



Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the
amounts reported for revenues and expenses during the year. However, the nature of estimation means that
actual outcomes could differ from those estimates. The following judgements (apart from those involving
estimates) have had the most significant effect on amounts recognised in the financial statements.


Turnover


All revenues arises from the rendering of services. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and VAT.



Revenues arising from temporary personnel services are recognised when the services are rendered and


timesheets submitted. Revenues from permanent placement services are recognised at the time the candidate begins full-time employment and an allowance is established for non-fulfilment of permanent placement obligations.



Where the company acts as a principal in transactions and has risks and rewards of ownership (such as the


liability for the cost of temporary personnel and the risk of loss for collection and performance of pricing


adjustments), the gross amounts of turnover and cost of sales are recorded.



Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business an the fair value of the separable net assets. it is amortised to profit and loss over its estimated economic life.


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.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Plant and machinery

-

20% on cost


Fixtures and fittings

-

15% on cost


Motor vehicles

-

25% on cost



Financial instruments

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Short-term debtors and creditors
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 profit or loss under other operating
expenses.

The carrying value of all financial assets and liabilities are measured at amortised cost.

Long-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price.


FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


2.

ACCOUNTING POLICIES - continued


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


3.

TURNOVER



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



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



31.5.23


31.5.22

£   

£   



Temporary sales

18,238,265


14,232,453




Permanent placements

501,408


379,319




Client recharges

42,456


26,728



18,782,129


14,638,500





An analysis of turnover by geographical market is given below:



31.5.23


31.5.22

£   

£   



United Kingdom

18,782,129


14,638,500



18,782,129


14,638,500




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


4.

EMPLOYEES AND DIRECTORS


31.5.23


31.5.22

£   

£   



Wages and salaries

1,325,554


1,146,917




Social security costs

173,929


146,706




Other pension costs

162,247


120,931



1,661,730


1,414,554





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


31.5.23


31.5.22



Sales and administrative staff

40


34




Temporary staff

724


667



764


701





In addition to the wages and salaries shown above and included within the Administrative Expenses, there is a further £15,230,358 (made up of wages and salaries = £14,151,866, Social Security costs = £957,883, and other Pensions costs = £120,608 (2022: £11,987,673 made up of wages and salaries = £11,193,426, Social Security costs = £704,577, and other Pensions costs = £99,508)) wages which is included in cost of sales.



31.5.23


31.5.22

£   

£   



Directors' remuneration

211,666


166,930




Directors' pension contributions to money purchase schemes  

123,660


80,950





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

3


3





Information regarding the highest paid director for the year ended 31 May 2023 is as follows:


31.5.23


£   




Emoluments etc

91,666




Pension contributions to money purchase schemes

60,000




5.

OPERATING PROFIT



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



31.5.23


31.5.22

£   

£   



Hire of plant and machinery

10,500


12,464




Other operating leases

86,363


74,000




Depreciation - owned assets

57,959


45,803




(Profit)/loss on disposal of fixed assets

(315

)

175




Goodwill amortisation

55,389


55,389




Auditors' remuneration

15,100


3,050




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.5.23


31.5.22

£   

£   



Invoice discount interest

930


348




Invoice discount commission

15,996


18,327



16,926


18,675




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.5.23


31.5.22

£   

£   



Current tax:


UK corporation tax

159,255


72,370





Deferred tax

7,892


(6,993

)



Tax on profit

167,147


65,377





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:



31.5.23


31.5.22

£   

£   



Profit before tax

746,550


280,423




Profit multiplied by the standard rate of corporation tax in the UK of 20 %

(2022 - 19 %)  

149,310


53,280





Effects of:


Expenses not deductible for tax purposes

12,387


11,241




Capital allowances in excess of depreciation

(2,442

)

-




Depreciation in excess of capital allowances

-


7,849




Deferred tax  

7,892


(6,993

)



Total tax charge

167,147


65,377




8.

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME



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



9.

DIVIDENDS


31.5.23


31.5.22

£   

£   



Ordinary shares of £1 each


Interim

266,666


160,000




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


10.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£   



COST


At 1 June 2022


and 31 May 2023

604,250




AMORTISATION


At 1 June 2022

443,112




Amortisation for year

55,389




At 31 May 2023

498,501




NET BOOK VALUE


At 31 May 2023

105,749




At 31 May 2022

161,138




11.

TANGIBLE FIXED ASSETS



Group


Improvements


Fixtures



to


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 June 2022

55,430


138,018


24,352


119,990


337,790




Additions

41,220


93,945


2,725


72,367


210,257




Disposals

(3,550

)

(39,601

)

(12,938

)

(39,643

)

(95,732

)



At 31 May 2023

93,100


192,362


14,139


152,714


452,315




DEPRECIATION


At 1 June 2022

28,184


105,788


23,303


80,237


237,512




Charge for year

13,553


21,710


953


21,743


57,959




Eliminated on disposal

(3,018

)

(37,470

)

(12,938

)

(27,930

)

(81,356

)



At 31 May 2023

38,719


90,028


11,318


74,050


214,115




NET BOOK VALUE


At 31 May 2023

54,381


102,334


2,821


78,664


238,200




At 31 May 2022

27,246


32,230


1,049


39,753


100,278




12.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 June 2022


and 31 May 2023

710,654




NET BOOK VALUE


At 31 May 2023

710,654




At 31 May 2022

710,654




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


12.

FIXED ASSET INVESTMENTS - continued



13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group



31.5.23


31.5.22


£   

£   



Trade debtors

3,122,686


2,278,303




Other debtors

16,552


15,650




Prepayments

62,305


53,762



3,201,543


2,347,715




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group



31.5.23


31.5.22


£   

£   



Bank loans and overdrafts (see note 15)

41,003


-




Trade creditors

69,278


33,371




Tax

159,241


72,370




Social security and other taxes

347,042


301,035




VAT

947,031


791,585




Other creditors

634,060


557,886




Invoice discounting liability

(56,544

)

(1,748

)


2,141,111


1,754,499




15.

LOANS



An analysis of the maturity of loans is given below:



Group



31.5.23


31.5.22


£   

£   



Amounts falling due within one year or on

demand:



Bank overdrafts

41,003


-




16.

FINANCIAL INSTRUMENTS



The company has a Fixed and Floating Charge with RBS Invoice Finance Limited.



Amount secured


All monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge



Short particulars


Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.


17.

PROVISIONS FOR LIABILITIES



Group



31.5.23


31.5.22


£   

£   



Deferred tax

19,261


11,369




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


17.

PROVISIONS FOR LIABILITIES - continued



Group


Deferred



tax


£   



Balance at 1 June 2022

11,369




Provided during year

7,892




Balance at 31 May 2023

19,261




18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.5.23


31.5.22


value:

£   

£   



1,000

Ordinary

£1

1,000


1,000




19.

RESERVES



Group


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 June 2022

891,747


114,219


1,005,966




Profit for the year

446,108


446,108




Dividends

(266,666

)

(266,666

)



At 31 May 2023

1,071,189


114,219


1,185,408





Company


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 June 2022

595,460


114,219


709,679




Profit for the year

266,652


266,652




Dividends

(266,666

)

(266,666

)



At 31 May 2023

595,446


114,219


709,665





20.

NON-CONTROLLING INTERESTS



The minority interest shown in the Balance Sheet as at 31st May 2023 is £202,766 (2022: £136,137).


21.

RELATED PARTY DISCLOSURES



Key management personnel of the entity or its parent (in the aggregate)


31.5.23


31.5.22

£   

£   



Dividends  

266,666


160,000




FPR GROUP LIMITED (Registered number: 09358207)

previously known as First People Recruitment Group


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2023


21.

RELATED PARTY DISCLOSURES - continued



M Foster



During the year dividends amounting to £133,333 (2022: £80,000) were paid from First People Recruitment Holdings Limited and £66,666 (2022: £40,020) were paid from First People Recruitment Limited.



P G Simpson



During the year dividends amounting to £133,333 (2022: £80,000) were paid from First People Recruitment Holdings Limited.


22.

ULTIMATE CONTROLLING PARTY



Mr Mark Foster and Mr Paul Simpson each have a 50% equity interest in the Company and are the controlling parties.