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Registered number: 02142070










DANIEL OWEN LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023



 
DANIEL OWEN LTD
 

COMPANY INFORMATION


Directors
P D Andrews 
R O Andrews 
A P Tigg 
S J Jellyman 
K Burnett (appointed 20 March 2023)
J Underwood (appointed 20 March 2023)




Company secretary
P D Andrews



Registered number
02142070



Registered office
Hadwyn House
Field Road

Reading

Berkshire

RG1 6AP




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
DANIEL OWEN LTD
 

CONTENTS



Page
Directors' report
 
1 - 3
Group strategic report
 
4 - 5
Independent auditor's report
 
6 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Notes to the financial statements
 
15 - 28


 
DANIEL OWEN LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company in the period under review was that of providing recruitment solutions to the built environment. 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £2,527,474 (2022 - £2,212,271).

Dividends of £650,535 (2022: £891,223) were paid during the year.

Directors

The directors who served during the year were:

P D Andrews 
R O Andrews 
A P Tigg 
S J Jellyman 
K Burnett (appointed 20 March 2023)
J Underwood (appointed 20 March 2023)

Charitable donations

During the year the company made charitable donations of £4,815 (2022: £3,206).

Page 1

 
DANIEL OWEN LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Future developments

The leadership team have produced a strategy to secure profitable growth over the next 5 years which will ensure Daniel Owen is one of the largest national recruitment agencies in the built environment sector. We have identified that recruitment and training, and coordination of sales strategies, are key to successful growth over the next 5 years and have a plan in place to strengthen both these areas.

Engagement with suppliers, customers and others

Daniel Owen works in partnership with its customers to ensure their requirements are met. Our aim is to deliver exceptional service to our clients, and provide them with quality temporary or permanent personnel. Daniel Owen recognises that our suppliers assist us to meet our operational goals. We work with our suppliers to achieve our common goal, paying invoices on time and communicating effectively. We perform substantial due diligence within our labour supply chain, regularly auditing activity.
Engagement with Employees
The most valuable asset for the company is its employees. We invest significant resources into employee engagement and have recently gained 3 stars in the 2022 best companies survey. We engage with our employees in numerous ways through reviews, one to ones, company newsletters, emails, personal development plans, reward and team building trips and recognition events.
We started providing private medical insurance and group life cover for all employees who have passed probation in the last financial year. We also have qualified mental health first aiders throughout the business. We are implementing strategies on employee health and wellbeing ensuring compliance with legislation, health and safety and improving the working environment. With regular health and safety meetings.
Our recruitment and hiring policies and procedures are made in accordance with our equality, diversity and inclusion policy to ensure there is no discrimination.
We provide comprehensive training and career development for all employees, from both internal and external sources.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company acknowledges its responsibility to sustainability and the environment. We source our temporary workers from the local community and encourage public transport where possible to reduce carbon emissions. We are constantly looking at how to improve our office buildings to reduce carbon emissions, for example replacing old windows with new more effective double glazing. We have introduced a number of measures to reduce waste and carbon emissions, reducing the number of company cars in the business to which we will be looking to change to greener vehicles in 2024, encouraging use of public transport for movement between offices and we are looking to implement a green car scheme in 2024. The directors are constantly reviewing our procedures for improvements.
The carbon footprint for the Company was as followed:
     
 2023  2022
Scope 1 emissions (kgCO2e)  51,692 61,985
Scope 2 emissions (kgCO2e)  7,049  9,262
Total      58,741 71,247





Page 2

 
DANIEL OWEN LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R O Andrews
Director
Date: 20 February 2024

Page 3

 
DANIEL OWEN LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Business review
 
Business strategy & business model
Year ended 30th June 2023 saw 14% growth in the group turnover, 11% increase in gross margin and 13% increase in profit before tax. This was due to continued growth in Construction and Property Services division. The results were due to the directors focus on key areas of client service, candidate care, employee engagement and financial stability. Economies of scale also provide further efficiencies. The company continued with the expansion plan by opening a new office in Farnborough.
Operationally the implementation of Azure was completed, increasing system scalability, flexibility, security and speed. A complete review of all our IT and systems is underway to ensure we are optimizing performance.
The board use financial and non-financial key performance indicators to assess the performance of the group. These are Gross Margin, Gross Margin Percentage and Profitability.
Gross Margin increased from £10.56M to £11.69M in the year, 
Gross margin percentage decreased from 17.7% to 11% due to a larger proportion of temporary placements in the sales mix. Temporary placement margin increased by 15.13% to 15.24%
Profitability increased from £2.8M profit before tax in 2022 to £3.2M in 2023.  
The business plan was exceeded in all three areas again this year.

Principal risks and uncertainties
 
The directors use credit insurance to reduce the financial risk to the business. During the year the company has improved systems and procedures to improve effective coverage of debt by credit insurance and ensure greater compliance with payment terms by all clients. After Covid 19 and with current inflation and economic pressures this is considered key to reducing financial risk.
The directors consider operational risks from changes to legislation to be a key risk area. Engagement with legal advisers and conducting constant reviews of systems and processes ensure that compliance with any changes is maintained.
Going concern
The board are confident that the existing financing available to the business will continue with either the existing provider or alternative providers in the market and therefore have based projections on the continued availability of these facilities. 
The directors have reviewed the group's going concern basis by considering the group cash flow forecasts and projections. At the end of the financial year net current assets were £5.1M with cash of £843k. Cash flow is closely monitored, and detailed forecasts produced for the next 12 months. These cash flow forecasts indicate that there is sufficient headroom in the current facilities to meet the business needs.
The financial forecasts show that the group will be able to meet its financial obligations as they fall due for the foreseeable future, therefore the accounts have been prepared on a going concern basis.

Page 4

 
DANIEL OWEN LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Directors' statement of compliance with duty to promote the success of the Group
 
The directors have a duty to promote the success of the Group and this relies on all operations running smoothly and with the support of all stakeholders. We understand the capabilities and opinions of the different stakeholders and ensure there is effective communication between stakeholders and the leadership teams to ensure any stakeholder concerns are addressed.


This report was approved by the board and signed on its behalf.



................................................
R O Andrews
Director
Date: 20 February 2024

Page 5

 
DANIEL OWEN LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANIEL OWEN LTD
 

Opinion


We have audited the financial statements of Daniel Owen Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 June 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6

 
DANIEL OWEN LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANIEL OWEN LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is 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.


Page 7

 
DANIEL OWEN LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANIEL OWEN LTD (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work  to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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 Auditor's report.


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 2006Our 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 an Auditor's report 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.




Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

20 February 2024
Page 8

 
DANIEL OWEN LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
 £
£

  

Turnover
 4 
67,612,319
59,337,533

Cost of sales
  
(55,924,145)
(48,783,898)

Gross profit
  
11,688,174
10,553,635

Administrative expenses
  
(8,784,768)
(8,011,658)

Other operating income
 5 
373,023
342,235

Operating profit
 6 
3,276,429
2,884,212

Interest payable and similar expenses
  
(75,007)
(44,266)

Profit before taxation
  
3,201,422
2,839,946

Tax on profit
 10 
(673,813)
(566,449)

Profit for the financial year
  
2,527,609
2,273,497

Profit for the year attributable to:
  

Non-controlling interests
  
29,949
61,226

Owners of the parent Company
  
2,497,660
2,212,271

  
2,527,609
2,273,497

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 28 form part of these financial statements.

Page 9

 
DANIEL OWEN LTD
REGISTERED NUMBER: 02142070

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
249,143
202,190

  
249,143
202,190

Current assets
  

Debtors: amounts falling due within one year
 14 
11,597,151
8,530,468

Cash at bank and in hand
 15 
843,174
550,066

  
12,440,325
9,080,534

Creditors: amounts falling due within one year
 16 
(7,543,664)
(5,930,119)

Net current assets
  
 
 
4,896,661
 
 
3,150,415

Total assets less current liabilities
  
5,145,804
3,352,605

Creditors: amounts falling due after more than one year
 17 
(24,664)
(136,909)

Provisions for liabilities
  

Deferred taxation
 19 
(12,297)
(16,927)

  
 
 
(12,297)
 
 
(16,927)

Net assets
  
5,108,843
3,198,769


Capital and reserves
  

Called up share capital 
 20 
212
204

Share premium account
 21 
38,237
5,245

Profit and loss account
 21 
4,985,221
3,138,096

Equity attributable to owners of the parent Company
  
5,023,670
3,143,545

Non-controlling interests
  
85,173
55,224

  
5,108,843
3,198,769


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
R O Andrews
Director
Date: 20 February 2024

The notes on pages 15 to 28 form part of these financial statements.

Page 10

 
DANIEL OWEN LTD
REGISTERED NUMBER: 02142070

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
244,628
195,833

Investments
 13 
1
1

  
244,629
195,834

Current assets
  

Debtors: amounts falling due within one year
 14 
11,738,071
8,688,657

Cash at bank and in hand
 15 
678,489
305,196

  
12,416,560
8,993,853

Creditors: amounts falling due within one year
 16 
(7,429,770)
(5,789,985)

Net current assets
  
 
 
4,986,790
 
 
3,203,868

Total assets less current liabilities
  
5,231,419
3,399,702

  

Provisions for liabilities
  

Deferred taxation
 19 
(14,374)
(16,927)

  
 
 
(14,374)
 
 
(16,927)

Net assets
  
5,217,045
3,382,775


Capital and reserves
  

Called up share capital 
 20 
212
204

Share premium account
 21 
38,237
5,245

Profit and loss account
 21 
5,178,596
3,377,326

  
5,217,045
3,382,775


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
R O Andrews
Director
Date: 20 February 2024

The notes on pages 15 to 28 form part of these financial statements.

Page 11

 
DANIEL OWEN LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£
£

At 1 July 2022
204
5,245
3,138,096
55,224
3,198,769


Comprehensive income for the year

Profit for the year
-
-
2,497,660
29,949
2,527,609
Total comprehensive income for the year
-
-
2,497,660
29,949
2,527,609


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(650,535)
-
(650,535)

Shares issued during the year
8
32,992
-
-
33,000


Total transactions with owners
8
32,992
(650,535)
-
(617,535)


At 30 June 2023
212
38,237
4,985,221
85,173
5,108,843


The notes on pages 15 to 28 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Share premium account
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£
£

At 1 July 2021
205
5,245
1,817,048
(6,002)
1,816,496


Comprehensive income for the year

Profit for the year
-
-
2,212,271
61,226
2,273,497
Total comprehensive income for the year
-
-
2,212,271
61,226
2,273,497


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(891,223)
-
(891,223)

Shares cancelled during the year
(1)
-
-
-
(1)


Total transactions with owners
(1)
-
(891,223)
-
(891,224)


At 30 June 2022
204
5,245
3,138,096
55,224
3,198,769


The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
DANIEL OWEN LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
204
5,245
3,377,326
3,382,775


Comprehensive income for the year

Profit for the year
-
-
2,451,805
2,451,805


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(650,535)
(650,535)

Shares issued during the year
8
32,992
-
33,000


Total transactions with owners
8
32,992
(650,535)
(617,535)


At 30 June 2023
212
38,237
5,178,596
5,217,045


The notes on pages 15 to 28 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 July 2021
205
5,245
2,096,500
2,101,950


Comprehensive income for the year

Profit for the year
-
-
2,172,049
2,172,049


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(891,223)
(891,223)

Shares cancelled during the year
(1)
-
-
(1)


Total transactions with owners
(1)
-
(891,223)
(891,224)


At 30 June 2022
204
5,245
3,377,326
3,382,775


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
DANIEL OWEN LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,527,609
2,273,497

Adjustments for:

Depreciation of tangible assets
64,898
99,282

Interest paid
75,007
44,266

Taxation charge
673,813
563,105

(Increase) in debtors
(3,089,923)
(1,547,127)

Decrease/(increase) in amounts owed by associates
23,240
(44,583)

Increase in creditors
1,577,264
1,034,501

Corporation tax (paid)
(845,151)
(631,045)

Net cash generated from operating activities

1,006,757
1,791,896


Cash flows from investing activities

Purchase of tangible fixed assets
(121,426)
(82,430)

Sale of tangible fixed assets
15,316
5,593

Net cash from investing activities

(106,110)
(76,837)

Cash flows from financing activities

Issue of ordinary shares
33,000
-

(Repayment) / new loans
(112,245)
(5,425)

Loans due from/(repaid to) directors
170,000
(92,866)

Movements on invoice discounting
27,248
(566,709)

Dividends paid
(650,535)
(891,223)

Interest paid
(75,007)
(44,266)

Net cash used in financing activities
(607,539)
(1,600,489)

Net increase in cash and cash equivalents
293,108
114,570

Cash and cash equivalents at beginning of year
550,066
435,496

Cash and cash equivalents at the end of year
843,174
550,066


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
843,174
550,066

843,174
550,066


The notes on pages 15 to 28 form part of these financial statements.

Page 14

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Daniel Owen Limited is a private limited company, which is limited by shares incorporated in England and Wales with registration number 02142070. Its registered office is Hadwyn House, Field Road, Reading, Berkshire, RG1 6AP. The principal activity is permanent and temporary employment agency.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue in respect of permanent placements is recognised by the company on the date the candidate starts employment.
Revenue in respect of contract placements is recognised by the company following submission of an authorised timesheet evidencing the contractors hours worked.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
3 years straight line
Motor vehicles
-
25% on reducing balance
Fixtures & fittings
-
20% straight line and
15% on reducing balance
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 16

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.11
Pension costs and other post-retirement benefits.

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 17

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, 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 and estimates have had the most significant effect on amounts recognised in the financial statements.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors.
Bad debt provisions
Provisions are estimated by the company in respect of specific debts based upon the age of the debt and knowledge of known issues.
Accrued expenses
Accrued expenses are estimated by the company based upon past experience, with knowledge of known issues at the balance sheet date, and management information available after the balance sheet date, in respect of matters for which management are confident there will be an outflow of economic benefit from the company.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Administration fees
373,023
342,235

373,023
342,235



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
64,800
99,700

Auditor's remuneration
19,884
12,000

Other operating lease rentals
312,246
376,824

Page 18

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
19,885
18,700

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
5,115
4,750


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,415,526
5,016,579
4,666,009
4,147,315

Social security costs
2,110,362
1,801,950
2,032,781
1,701,560

Cost of defined contribution scheme
373,541
361,286
362,366
346,795

7,899,429
7,179,815
7,061,156
6,195,670


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
6
5



Administration
19
29



Sales
62
74

87
108

Page 19

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Directors' remuneration

2023
2022
£
£



Directors' emoluments
227,148
119,290

Company contributions to defined contribution pension schemes
173,666
127,770

400,814
247,060

The key management personnel comprise of the directors and senior management.


The highest paid director received remuneration of £128,923 (2022 - £88,590).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £27,000 (2022 - £22,000).

During the year retirements benefits were accruing to 3 directors (2022 -3) in respect of defined contribution pension schemes.


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
678,443
563,105


Total current tax
678,443
563,105

Deferred tax


Origination and reversal of timing differences
(4,630)
3,344

Total deferred tax
(4,630)
3,344


Taxation on profit on ordinary activities
673,813
566,449
Page 20

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,201,422
2,839,946


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022 - 19%)
656,292
539,590

Effects of:


Expenses not deductible for tax purposes
22,161
12,134

Origination and reversal of timing differences
1
(1,635)

Fixed asset differences
(3,306)
(4,587)

Remeasurement of deferred tax for changes in tax rates
(460)
(1,241)

Adjustment to brought forward values
(374)
-

Other differences leading to an increase (decrease) in the tax charge
(501)
22,188

Total tax charge for the year
673,813
566,449


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £2,451,805 (2022 - £2,172,049).

Page 21

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Tangible fixed assets

Group






Leasehold Improvements
Motor vehicles
Fixtures & fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2022
171,546
43,376
370,581
10,117
480,536
1,076,156


Additions
-
-
54,175
376
66,875
121,426


Disposals
-
(15,713)
-
-
-
(15,713)



At 30 June 2023

171,546
27,663
424,756
10,493
547,411
1,181,869



Depreciation


At 1 July 2022
171,546
19,638
261,568
4,345
416,869
873,966


Charge for the year
-
3,541
29,458
2,099
29,800
64,898


Disposals
-
(6,138)
-
-
-
(6,138)



At 30 June 2023

171,546
17,041
291,026
6,444
446,669
932,726



Net book value



At 30 June 2023
-
10,622
133,730
4,049
100,742
249,143



At 30 June 2022
-
23,738
109,013
5,772
63,667
202,190

Page 22

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           12.Tangible fixed assets (continued)


Company






Leasehold Improvements
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 July 2022
171,546
43,376
369,690
480,536
1,065,148


Additions
-
-
54,175
66,875
121,050


Disposals
-
(15,713)
-
-
(15,713)



At 30 June 2023

171,546
27,663
423,865
547,411
1,170,485



Depreciation


At 1 July 2022
171,546
19,638
261,262
416,869
869,315


Charge for the year
-
3,541
29,339
29,800
62,680


Disposals
-
(6,138)
-
-
(6,138)



At 30 June 2023

171,546
17,041
290,601
446,669
925,857



Net book value



At 30 June 2023
-
10,622
133,264
100,742
244,628



At 30 June 2022
-
23,738
108,428
63,667
195,833






Page 23

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
1



At 30 June 2023
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Daniel Owen North Limited
Ordinary
55%

The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Daniel Owen North Limited
(108,110)
66,554


14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
10,596,589
7,964,196
10,596,589
7,962,273

Amounts owed by related parties
31,979
55,219
17,595
22,136

Amounts owed by group undertakings
-
-
183,836
211,257

Other debtors
231,137
19,672
231,137
19,288

Prepayments and accrued income
737,446
491,381
708,914
473,703

11,597,151
8,530,468
11,738,071
8,688,657


Page 24

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
843,174
550,066
678,489
305,196

843,174
550,066
678,489
305,196



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
9,911
9,666
-
-

Trade creditors
2,260,381
1,129,561
2,249,910
1,088,356

Amounts owed to group undertakings
-
-
189,745
133,157

Corporation tax
338,779
237,125
317,724
210,436

Other taxation and social security
1,544,887
1,527,810
1,483,127
1,433,577

Payments on account
829,863
802,615
829,863
802,615

Other creditors
738,880
714,946
666,452
711,561

Accruals and deferred income
1,820,963
1,508,396
1,692,949
1,410,283

7,543,664
5,930,119
7,429,770
5,789,985


Payments on account liabilities are secured on the book debts of the company.


17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
24,664
34,909
-
-

Other loans
-
102,000
-
-

24,664
136,909
-
-


The bank loan is charged at an interest of 2.5% per year and repayable within 5 years.

Page 25

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
9,911
9,666

Amounts falling due 1-2 years

Bank loans
10,162
9,911

Amounts falling due 2-5 years

Bank loans
14,502
24,998

34,575
44,575



19.


Deferred taxation


Group



2023


£






At beginning of year
(16,927)


Charged to profit or loss
4,630



At end of year
(12,297)

Page 26

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
19.Deferred taxation (continued)

Company


2023


£






At beginning of year
(16,927)


Charged to profit or loss
2,553



At end of year
(14,374)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(60,383)
(37,520)
(60,383)
(37,520)

Tax losses carried forward
48,086
20,593
46,009
20,593

(12,297)
(16,927)
(14,374)
(16,927)


20.


Share capital

2023
2022
£
£
Shares classified as equity
Allotted, called up and fully paid



11,250,000 (2022 - 11,250,000) 'A' shares of £0.000008 each
90
90
250,000 (2022 - 250,000) 'B' shares of £0.000008 each
2
2
11,250,000 (2022 - 11,250,000) 'C' shares of £0.000008 each
90
90
2,545,000 (2022 - 2,545,000) 'D' shares of £0.000008 each
20
20
75,000 (2022 - 75,000) 'G' shares of £0.000008 each
1
1
1,000,000 (2022 - 0) 'H' shares of £0.000008 each
8
-
75,000 (2022 - 75,000) 'J' shares of £0.000008 each
1
1

212

204

During the year 1,250 K shares of £0.000008 were bought back at par for a total consideration £1. There were also 1,000,000 H shares issued with a nominal value of £0.000008 each.
The A, B, C and D ordinary shares held are non redeemable with voting rights and the G, H and J shares are non redeemable with no voting rights.




Page 27

 
DANIEL OWEN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

21.


Reserves

Share premium account

Includes any premiums received on issue of share capital.

Profit & loss account

The profit and loss includes all current and prior period profits.


22.


Commitments under operating leases

At 30 June 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
278,438
293,461
208,615
217,958

Later than 1 year and not later than 5 years
33,808
83,363
8,208
78,400

312,246
376,824
216,823
296,358

23.

Related party transactions

At 30 June 2023 the directors, P D Andrews owed £60,000 (2022: liability £40,586) and R O Andrews owed £110,000 (2022: liability £52,280) to the company. This is an interest free loan with no set repayment date.
Debtors include a loan of £10,258 (2022: £13,169) to White Space Recruitment Ltd. R O Andrews, P D Andrews and A P Tigg hold a shareholding in White Space Recruitment Ltd.
Debtors include a loan of £863 (2022: £8,967) to Elevate Projects Ltd. R O Andrews, P D Andrews and A P Tigg hold a shareholding in Elevate Projects Ltd.
Debtors include a loan of £6,474 (2022; £nil) to GSC Executives Ltd for which K Burnett, S Jellyman and J Underwood hold a shareholding in GSC Executives Ltd.


24.


Controlling party

The company is controlled by the directors R O and P D Andrews by virtue of their majority shareholding.


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