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REGISTERED NUMBER: 02684652 (England and Wales)















AMBITIONS PERSONNEL LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14 to 22


AMBITIONS PERSONNEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs A A Watson
Mrs C Bishop
Mr P A Haggar



SECRETARY: Mrs A A Watson



REGISTERED OFFICE: 21 Lombard Street
Newark
NG24 1XG



REGISTERED NUMBER: 02684652 (England and Wales)



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ



BANKERS: National Westminster Bank Plc
Northgate
Sleaford
Lincolnshire

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

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

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and the non-complex nature of our business and is written in the context of risk and uncertainties we face.

As an employment agency, the Company has continued to provide labour into many different sectors of commerce and industry. Amongst others a large number of these are packing and food processing companies.

Results

Results for the financial year under review saw turnover increase by £1.3m to £39.4m, an increase of 3.5%. The company has generated a profit before tax of £1.8m (2022: £1.4m).

With regards to the statement of financial position, net assets decreased in the period to £1.4m (2022: £1.7m).

Operations

The past growth of the Company has been achieved organically via expansion at existing branches and the opening of new branches.

The Company continues to look at opportunities to grow organically. One particular area that has allowed the Company to deal more directly with client needs in a cost effective manner, is the establishment, in conjunction with our larger clients, of offices on their premises. These offices mean we can deal with client issues as they arise and also allows us to deal with issues raised by our temporary staff in an efficient and effective way. This system also gives employees good communication with the site managers.

To enable the Company to attract new clients and retain existing ones the Company is committed to providing quality service and care to all clients through its workforce both permanent and temporary. The establishment of further on site offices has greatly assisted the serving of larger clients. The Company's diverse office base helps ensure that the Company can provide a wide catchment area of labour for their clients whilst expansion of their operating areas provides the ability to attract new clients from a wide geographical area.

New contracts have been gained and the directors are constantly assessing if it is appropriate to open new branches to service clients. This has continued to allow the Company to attract a general mix of SME and PLC clients in a variety of industries.

In addition this year the company against the background of general staff shortages arising from a mix of Brexit and COVID, have successfully expanded their permanent appointment service line.

The general economic climate, particularly in the retail and food sectors can materially affect the Company's results along with the ability of the Company to continue to attract staff who are prepared to work on flexible terms. Brexit and COVID have been of significant influence in recent years on these core industries. In recognition of these risks to the Company the directors continue to strive to diversify the industries served by the Company to reduce the risks as far as possible.

With the risks and uncertainties in mind, we are aware that any plans for future development of the business may be subject to unforeseen future events outside of our control.

Employees

The Company is committed to the welfare of all employees and continues to attract and retain employees through this reputation. All staff receive appropriate health and safety training and, where applicable, food hygiene training.

A number of permanent employees are now located on site at clients to maintain our customer service.


AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The continual increase in employment law and regulations is a major challenge to the Company as it keeps abreast of changes in the law and the court interpretation of employment regulations. The Company is therefore vigilant to such risks and has been inspected on various occasions. None of these inspections have given the directors any major concerns and have been a vindication of the internal control systems the Company operates.

The directors are aware that one risk is the concentration of turnover on particular clients. They have attracted additional new clients in the past to reduce this concentration and are continuing efforts to do this going forward.

A significant issue that remains a risk to the Company is Brexit and immigration. A large percentage of the Company's workforce are from EU countries so limiting the movement of labour to the UK harms the company's ability to employ staff. This is an issue that will develop over the coming months now that the deadline to apply to the settlement scheme has passed.

ON BEHALF OF THE BOARD:





Mrs A A Watson - Director


2 February 2024

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the operation of an employment agency providing temporary and permanent staff to employers within the United Kingdom.

DIVIDENDS
Interim dividends per share were paid as follows:
A Ordinary £1.77 - 22 September 2022
£3.30 - 19 April 2023
B Ordinary £1.77 - 22 September 2022
£3.30 - 19 April 2023
C Ordinary £0.83 - 22 September 2022
£2.13 - 19 April 2023
D Ordinary £1.34 - 22 September 2022
E Ordinary £1.34 - 22 September 2022


The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2023 will be £1,823,623

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

Mrs A A Watson
Mrs C Bishop
Mr P A Haggar

EMPLOYMENT STRATEGY
The Company encourages recruitment of the best person for the job regardless of gender, marital status, ethnic origin, disability, religious belief or age.

The Company is committed to the principle of equal opportunity and offers this to all staff in matters of career advancement, providing that they have the ability to perform their duties with or without training where necessary. If a member of staff becomes disabled whilst employed by the Company, retraining will be provided where required.

The Company places considerable value on the involvement of its employees and has continued its practice of keeping them informed of matters affecting them as employees, and on various matters affecting the performance of the Company.

The Company has a policy for recruitment of disabled persons and this includes a requirement to make reasonable adjustments to take disabilities into account. The Company makes career opportunities available to all people with disabilities and every practical effort will be made to provide for the needs of staff, candidates and clients. The same career development and promotion opportunities are made available to all of those within the company, regardless of disability.

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.

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 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 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.

ON BEHALF OF THE BOARD:





Mrs A A Watson - Director


2 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AMBITIONS PERSONNEL LIMITED

Opinion
We have audited the financial statements of Ambitions Personnel Limited (the 'company') for the year ended 31 May 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 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
AMBITIONS PERSONNEL LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Gangmasters and Labour Abuse Authority inspections and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external food safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company’s employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
AMBITIONS PERSONNEL 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.




Simon Syddall BFP FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

22 February 2024

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

TURNOVER 39,383,782 38,056,716

Cost of sales 34,441,217 33,629,985
GROSS PROFIT 4,942,565 4,426,731

Administrative expenses 2,984,524 2,984,638
1,958,041 1,442,093

Other operating income 26,769 35,092
OPERATING PROFIT 4 1,984,810 1,477,185

Interest receivable and similar income 6 701
1,984,816 1,477,886

Interest payable and similar expenses 5 143,208 65,131
PROFIT BEFORE TAXATION 1,841,608 1,412,755

Tax on profit 6 383,753 274,205
PROFIT FOR THE FINANCIAL YEAR 1,457,855 1,138,550

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,457,855 1,138,550

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 201,292 226,435
Investment property 9 450,000 450,000
651,292 676,435

CURRENT ASSETS
Stocks 10 5,861 5,329
Debtors 11 8,654,028 7,552,378
Cash at bank and in hand 66,053 491,501
8,725,942 8,049,208
CREDITORS
Amounts falling due within one year 12 7,625,511 6,612,569
NET CURRENT ASSETS 1,100,431 1,436,639
TOTAL ASSETS LESS CURRENT LIABILITIES 1,751,723 2,113,074

CREDITORS
Amounts falling due after more than one year 13 400,000 395,943
NET ASSETS 1,351,723 1,717,131

CAPITAL AND RESERVES
Called up share capital 18 448 448
Fair value reserve 19 254,098 254,098
Retained earnings 19 1,097,177 1,462,585
1,351,723 1,717,131

The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by:





Mrs A A Watson - Director


AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2021 448 2,307,824 254,098 2,562,370

Changes in equity
Dividends - (1,983,789 ) - (1,983,789 )
Total comprehensive income - 1,138,550 - 1,138,550
Balance at 31 May 2022 448 1,462,585 254,098 1,717,131

Changes in equity
Dividends - (1,823,263 ) - (1,823,263 )
Total comprehensive income - 1,457,855 - 1,457,855
Balance at 31 May 2023 448 1,097,177 254,098 1,351,723

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,104,575 2,351,201
Interest paid (143,208 ) (63,274 )
Finance costs paid - (1,857 )
Government grants - 11,374
Tax paid (142,522 ) (290,389 )
Net cash from operating activities 818,845 2,007,055

Cash flows from investing activities
Purchase of tangible fixed assets (9,167 ) (3,250 )
Sale of tangible fixed assets 6,099 17,282
Interest received 6 701
Net cash from investing activities (3,062 ) 14,733

Cash flows from financing activities
Movement on invoice financing 285,987 (488,887 )
Amount introduced by directors 1,779,679 2,119,660
Amount withdrawn by directors (1,483,634 ) (1,282,228 )
Equity dividends paid (1,823,263 ) (1,983,789 )
Net cash from financing activities (1,241,231 ) (1,635,244 )

(Decrease)/increase in cash and cash equivalents (425,448 ) 386,544
Cash and cash equivalents at beginning of year 2 491,501 104,957

Cash and cash equivalents at end of year 2 66,053 491,501

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,841,608 1,412,755
Depreciation charges 31,143 39,198
Profit on disposal of fixed assets (2,932 ) (1,343 )
Government grants - (11,374 )
Finance costs 143,208 65,131
Finance income (6 ) (701 )
2,013,021 1,503,666
(Increase)/decrease in stocks (532 ) 3,819
(Increase)/decrease in trade and other debtors (1,143,219 ) 1,062,254
Increase/(decrease) in trade and other creditors 235,305 (218,538 )
Cash generated from operations 1,104,575 2,351,201

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 66,053 491,501
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 491,501 104,957


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.22 Cash flow At 31.5.23
£    £    £   
Net cash
Cash at bank and in hand 491,501 (425,448 ) 66,053
491,501 (425,448 ) 66,053
Debt
Debts falling due within 1 year (3,447,125 ) (285,987 ) (3,733,112 )
(3,447,125 ) (285,987 ) (3,733,112 )
Total (2,955,624 ) (711,435 ) (3,667,059 )

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Ambitions Personnel 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, on page 1 of of these financial statements.

The presentation currency of the financial statements in 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.

Turnover
Turnover represents amounts invoiced for the provision of labour services, excluding value added tax. Income is recognised on receipt of an appropriately authorised timesheet from a client. Income from permanent placements is taken when the candidate commences work.

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% on cost
Improvements to property - 10% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 15% on cost
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost less depreciation and accumulated impairment losses. The cost of tangible assets represents the invoice value of the assets, as well as other costs that are deemed necessary in order to bring the asset in to use.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises of current tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in 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 statement of financial position date.

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.

Confidential invoice discounting
The company obtains finance through confidential invoice discounting. As this facility is based on total trade debtors at any point in time and this figure is a constantly varying, the advance is shown as a creditor under "loans due within one year". Trade debtors are stated gross without deduction of the debt raised on them.

Financial instruments
The company has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and estimation uncertainty
In the application of the Companies accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

(i) Debt instruments held at amortised cost

The company has loans which are interest free and as a result of this need to be amended to amortised cost. In the assessment of the amortised cost there is an estimation as to what the interest charge from the bank would be on a similar loan in terms of size and length. The estimation of the interest rate is the resultant discount rate used. This is reassessed annually to take into account the risk profile of the company which would lead to a change in the interest rate.

(ii) Useful economic life of property, plant and equipment

The annual deprecation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on use by the company and the physical condition of the assets.

(iii) Holiday pay provision

The company offers short-term employment benefits in the form of holiday pay to both it's permanent and temporary staff. Due to the holiday year end and the financial reporting date being non-coterminous this results in a holiday pay provision arising. As a result the company looks to use its wages information to make an estimate of the cost this has to the company. Due to the demographic of staff the company employs this can lead to holiday not being taken. The company looks to make adequate allowance for this when calculating the provision.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,517,081 1,571,308
Social security costs 175,120 181,400
Other pension costs 264,991 262,881
1,957,192 2,015,589

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

Administration 51 62
Directors 3 3
54 65

The staff costs note includes permanent employees only as temporary employee numbers fluctuate monthly. Temporary employee costs are a direct cost of sale and as such have not been included under staff costs.

2023 2022
£    £   
Directors' remuneration 29,232 29,232

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 31,143 39,723
Profit on disposal of fixed assets (2,932 ) (1,343 )
Auditors' remuneration 16,000 12,700
Operating leases - other assets 72,412 53,546
Operating leases - buildings 133,208 138,438

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 688
Invoice finance interest 139,151 53,931
Loan interest 4,057 8,655
HMRC Interest - 1,857
143,208 65,131

6. 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 372,982 274,205
Adjustment re previous years 10,771 -

Tax on profit 383,753 274,205

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 1,841,608 1,412,755
Profit multiplied by the standard rate of corporation tax in the UK of 20% (2022 -
19%)

368,322

268,423

Effects of:
Expenses not deductible for tax purposes 4,550 3,564
Depreciation in excess of capital allowances 60 2,218
Adjustment in respect of prior year 10,770 -
Rounding difference in respective of hybrid rate 51 -
Total tax charge 383,753 274,205

During the year the rate of corporation tax changed. In calculating the reconciliation of tax charge a hybrid rate has been used.

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

7. DIVIDENDS

20222022
££
A and B Ordinary shares of £0.001 each
Interim1,365,5881,555,435
C Ordinary shares of £0.001 each
Interim397,675368,354
D and E Ordinary shares of £0.001 each
Interim60,00060,000
1,823,2631,983,789


8. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1 June 2022 133,404 23,358 78,232
Additions - - -
Disposals - - -
At 31 May 2023 133,404 23,358 78,232
DEPRECIATION
At 1 June 2022 16,008 18,678 73,524
Charge for year 2,668 685 1,394
Eliminated on disposal - - -
At 31 May 2023 18,676 19,363 74,918
NET BOOK VALUE
At 31 May 2023 114,728 3,995 3,314
At 31 May 2022 117,396 4,680 4,708

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 219,909 56,317 511,220
Additions 9,167 - 9,167
Disposals (21,108 ) - (21,108 )
At 31 May 2023 207,968 56,317 499,279
DEPRECIATION
At 1 June 2022 124,246 52,329 284,785
Charge for year 24,025 2,371 31,143
Eliminated on disposal (17,941 ) - (17,941 )
At 31 May 2023 130,330 54,700 297,987
NET BOOK VALUE
At 31 May 2023 77,638 1,617 201,292
At 31 May 2022 95,663 3,988 226,435

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 450,000
NET BOOK VALUE
At 31 May 2023 450,000
At 31 May 2022 450,000

An item of freehold property was transferred to investment property at 31 May 2021 due to a change in use. The property was valued on an open market basis at £450,000 by the directors on 31 May 2023.

10. STOCKS
2023 2022
£    £   
Stocks 5,861 5,329

The difference between purchase price or production cost of stocks and their replacement cost is not material.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,435,019 7,306,453
Other debtors 14,082 15,250
Directors' loan accounts 54,426 95,995
Prepayments and accrued income 150,501 134,680
8,654,028 7,552,378

A short term loan of £3,733,112 (2022: £3,447,125) has been raised against the above trade debtors under an invoice discounting arrangement at the year end.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 14) 3,733,112 3,447,125
Trade creditors 394,196 191,560
Taxation 372,982 131,729
Other taxes and social security 396,809 394,324
VAT 888,993 721,588
Other creditors 314,436 494,661
Directors' loan accounts 548,334 297,937
Accrued expenses 976,649 933,645
7,625,511 6,612,569

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Directors' loan accounts 400,000 395,943

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Invoice finance funding 3,733,112 3,447,125

The directors loans due within one year are interest free. A discount rate of 10% is applied to the directors loans which are due after more than one year.

The factoring facility operates with an advanced rate limit of 90% on trade debtor balances, up to a value of £8,000,000. A discount charge of 1.73% above LIBOR is applied on transactions, as well as a fixed service charge.

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 85,762 96,302
Between one and five years 101,719 99,130
187,481 195,432

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice finance funding 3,733,112 3,447,125

The invoice finance funding is secured by a fixed and floating charge dated 8 February 2008 with RBS Invoice Finance Limited.

17. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 8,435,019 7,306,453
Other debtors 14,082 15,250
Directors' loan accounts 54,426 95,995
Financial liabilities measured at amortised cost
Other loans 3,733,112 3,447,125
Trade creditors 394,196 191,560
Other creditors 314,436 494,661
Directors' loan accounts 548,334 297,937
Other taxes & social security 396,809 394,324

There has been interest charged of £4,057 (2022: £8,655) for financial liabilities measured at amortised cost. There has been no interest income received on any financial assets.

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

18. CALLED UP SHARE CAPITAL

Allotted issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
134,600 A Ordinary £0.001 135 135
134,600 B Ordinary £0.001 135 135
134,000 C Ordinary £0.001 134 134
22,400 D Ordinary £0.001 22 22
22,400 E Ordinary £0.001 22 22
448 448


19. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2022 1,462,585 254,098 1,716,683
Profit for the year 1,457,855 1,457,855
Dividends (1,823,263 ) (1,823,263 )
At 31 May 2023 1,097,177 254,098 1,351,275

Retained Earnings
The retained earnings represents cumulative profit and losses net of dividends and other adjustments.

Fair Value Reserve
The fair value reserve represents cumulative revaluation gains and losses on investment property.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Mrs A A Watson
Balance outstanding at start of year 95,995 588,208
Amounts advanced 649,012 451,012
Amounts repaid (690,581 ) (943,225 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 54,426 95,995

Mrs C Bishop
Balance outstanding at start of year (114,835 ) 232,977
Amounts advanced 631,023 450,533
Amounts repaid (687,152 ) (798,345 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (170,964 ) (114,835 )

At the year end date the company owed the other directors £893,908 (2022: £597,885). The loan is unsecured, interest free and repayable on demand.

21. RELATED PARTY DISCLOSURES

AMBITIONS PERSONNEL LIMITED (REGISTERED NUMBER: 02684652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

21. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Compensation 115,273 108,745