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COMPANY REGISTRATION NUMBER:
04689103
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Year Ended 31 March 2023
Independent Auditor's Report to the Members |
5 |
|
|
Statement of Income and Retained Earnings |
9 |
|
|
Statement of Financial Position |
10 |
|
|
Notes to the Financial Statements |
11 |
|
|
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Year Ended 31 March 2023
The directors present their strategic report for the period of 1 April 2022 to 31 March 2023. Business Review
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Turnover |
13,054,325 |
15,577,957 |
|
Gross Profit |
1,827,779 |
1,365,690 |
|
Net Profit before Tax |
1,041,729 |
744,429 |
|
|
|
|
Gross profit increased by 34%. The company's strategy is to continue to provide a high service level to all clients across the region. The above information provide an analysis of the key performance indicators and the company's performance in 2023. Margins In the current times clients are often looking for savings and stressing margins. This puts pressure on our teams when price is the main driver in retention and winning of new business in certain markets. This is when our proven growth strategy comes to its fore, as highlighted in our performance to date. We choose to compete in sectors with clients that value innovative solutions. Financial Risks As in any sphere of business, financial risk is always there. To combat this the company has strong financial controls, using industry specific software packages to ensure quality of service, improve margins and control costs. The main financial risk to the business would be financial failure within our client base. To mitigate this risk, we have a strong credit control policy on granting of credit and collections. A treasury team is successfully focused on managing these key risks and briefing the Board accordingly. We also have in place bank facilities with our bankers to provide significant levels of headroom to enable us to deal with any likely eventuality. Suppliers Labour is the main generator of our Group revenue. The Board do not foresee significant risks from disruption to its non-labour supply chain. All such supplies are provided by more than one supplier, so alternatives are available. The company also has strong ties with its long-term suppliers and have collaborative agreements with these organisations.
Customer relationships The ethos of the company, since its inception, is to provide customers with a high-quality service and to grow relationships. We build strong lasting relationships with our customers and spend considerable time with them to understand their needs and views. With our years of sector-based knowledge and experience, we can provide them with bespoke and associated solutions. Community Kingdom has been heavily involved in our local communities since our start in 1993. Our growth has created opportunities to provide trained jobs in many areas of high unemployment. We also engage with the communities in which we operate to build trust and appreciate and understand the local issues of importance to them. We provide national support to organisation involved in domestic abuse and suicide prevention, and the environment, to create awareness of these issues. We partner with local charities and organisations at a site level to raise awareness and support funding. These endeavours are regularly reported back to the Board and highlighted to employees. Diversity The company is committed to a policy of recruitment and promotion based on aptitude and ability, with no discrimination of any kind. Standard of business conduct Since business inception in 1993, Kingdom has stood by an ethos and set of values that are reflected in the way we work. We are recognised across our different sectors as a Group setting the expected high standards. We have a reputation for strong corporate governance, recognised by external audits against a wide range of internationally recognised standards. A crucial core to our business success is to act responsibly as a business, with the highest social, environmental, and ethical standards. We are committed to preventing, and will not countenance, child labour exploitation and acts of modern slavery and human trafficking occurring within our business. We expect the same of our supply chain. As part of our commitment to combating modern slavery, we have adopted a policy which covers our appointment of suppliers. Kingdom will not tolerate bribery and corruption. We ensure all our employees and suppliers are aware of our approach. We have clear and unambiguous policies, provide training to staff on all these subjects, and encourage the reporting of suspicious matters.
Future Developments The Directors remain focused on the vision to be recognised as one of the UK's foremost supplier in each of its operating sectors. Each segment of the business has seen advancement towards this objective during the year. Achieving this in the current turbulent times leads can also lead to a higher risk level. The Directors remain alert to the risks prevalent in the political, economic, and commercial environment and continuously monitor these and take steps to minimise or mitigate these risks.
This report was approved by the board of directors on 28 March 2024 and signed on behalf of the board by:
Registered office: |
Kingdom House |
Woodlands Park |
Ashton Road |
Newton-Le-Willows |
England |
WA12 0HF |
|
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Year Ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended
31 March 2023
.
Directors
The directors who served the company during the year were as follows:
R C Carter |
|
G A Turner |
|
T Barton |
(Appointed
26 July 2022) |
A M Barton |
(Appointed
26 July 2022) |
R J Barton |
(Appointed
26 July 2022) |
|
|
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Employment of Disabled Persons
The company gives full consideration to applications for employment by disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
Employee Involvement
People are at the heart of everything we do. We will continue to invest in both the futures of our staff and the growth and prosperity of the company. A well trained, reliable, motivated, and informed management team and workforce is essential to the successful provision of a first-class service to clients of the quality expected by the company. Kingdom has invested heavily in training to ensure all staff are well qualified and have opportunities to progress. Kingdom has also arranged with several approved partners offerings that cover a wide range of benefits, including physical, financial, and mental wellbeing, to promote wellbeing for our staff. Staff are well informed and continually updated via appraisals, monthly meetings, toolbox talks, social media, our news and communication mobile app, and our reward and recognition initiatives. In the current climate, labour shortages put stress on both the system and staff. Senior and local operational management teams are invaluable for the running of the business. Replacements of staff and the inability to recruit suitably experienced replacements could adversely impact upon the performance of that business.
Directors' Responsibilities Statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
28 March 2024
and signed on behalf of the board by:
Registered office: |
Kingdom House |
Woodlands Park |
Ashton Road |
Newton-Le-Willows |
England |
WA12 0HF |
|
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Independent Auditor's Report to the Members of
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Year Ended 31 March 2023
Opinion
We have audited the financial statements of Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 March 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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.
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement, 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 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.
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: To assist with identifying and assessing risks associated with material misstatements, including fraud and non compliance of laws and regulations, we carried out the following procedures: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry and supply sector; - we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 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 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.
Iain Round BSc FCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Beever and Struthers |
Chartered accountants & statutory auditor |
One Express |
1 George Leigh Street |
Manchester |
M4 5DL |
|
28 March 2024
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Statement of Income and Retained Earnings |
|
Year Ended 31 March 2023
|
2023 |
2022 |
Note |
£ |
£ |
Turnover |
4 |
13,054,325 |
15,577,957 |
|
|
|
|
Cost of sales |
(
11,226,546) |
(
14,212,267) |
|
------------- |
------------- |
Gross profit |
1,827,779 |
1,365,690 |
|
|
|
Administrative expenses |
(
786,050) |
(
620,078) |
|
|
------------ |
------------ |
Operating profit |
6 |
1,041,729 |
745,612 |
|
|
|
|
Interest payable and similar expenses |
9 |
– |
(
1,183) |
|
------------ |
------------ |
Profit before taxation |
1,041,729 |
744,429 |
|
|
|
|
Tax on profit |
10 |
(
140,283) |
(
145,451) |
|
------------ |
--------- |
Profit for the financial year and total comprehensive income |
901,446 |
598,978 |
|
------------ |
--------- |
|
|
|
|
Dividends paid and payable |
11 |
(
802,000) |
(
62,432) |
|
|
|
|
Retained earnings at the start of the year |
1,694,796 |
1,158,250 |
|
------------ |
------------ |
Retained earnings at the end of the year |
1,794,242 |
1,694,796 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
12 |
12,327 |
16,518 |
|
|
|
|
Current assets
Debtors |
13 |
3,587,915 |
3,400,244 |
Cash at bank and in hand |
34,173 |
655,302 |
|
------------ |
------------ |
|
3,622,088 |
4,055,546 |
|
|
|
|
Creditors: amounts falling due within one year |
14 |
(
1,837,109) |
(
2,341,179) |
|
------------ |
------------ |
Net current assets |
1,784,979 |
1,714,367 |
|
------------ |
------------ |
Total assets less current liabilities |
1,797,306 |
1,730,885 |
|
|
|
|
Creditors: amounts falling due after more than one year |
15 |
– |
(
32,500) |
|
|
|
|
Provisions |
16 |
(
2,964) |
(
3,489) |
|
------------ |
------------ |
Net assets |
1,794,342 |
1,694,896 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
19 |
100 |
100 |
Profit and loss account |
1,794,242 |
1,694,796 |
|
------------ |
------------ |
Shareholders funds |
1,794,342 |
1,694,896 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
28 March 2024
, and are signed on behalf of the board by:
Company registration number:
04689103
Kingdom Mercury Limited (formerly Mercury Personnel Solutions Limited) |
|
Notes to the Financial Statements |
|
Year Ended 31 March 2023
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingdom House, Woodlands Park, Ashton Road, Newton-Le-Willows, WA12 0HF, England.
2.
Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure Exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Kingdom Services Group Limited which can be obtained from the company's registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and Key Sources of Estimation Uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - The company assesses the carrying value of amounts due from Group companies annually or more frequently if warranted by a change in circumstances. Recoverability is dependent upon assumptions and judgements regarding future cash flows and profit margins. - Determination of whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viabilities and expected future financial performance of the asset. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Determination of recoverability of trade debts. A specific provision is made against certain debts where in the opinion of the directors there is concern over the recoverability of the debts.
Revenue Recognition Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, being the provision of permanent and temporary staff. Revenue from temporary placements, which represents amounts billed for services of temporary staff, is recognised when the service has been provided. Revenue from permanent placements is recognised on the candidates start date.
Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign Currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
10% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
10% reducing balance |
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2023 |
2022 |
|
£ |
£ |
Rendering of services |
13,054,325 |
15,577,957 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Auditors' Remuneration
The auditors' remuneration is borne by another group company and is not recharged in the current or previous financial year.
6.
Operating Profit
Operating profit or loss is stated after charging:
|
2023 |
2022 |
|
£ |
£ |
Depreciation of tangible assets |
6,542 |
2,208 |
Foreign exchange differences |
320 |
– |
|
------- |
------- |
|
|
|
7.
Staff Costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2023 |
2022 |
|
No. |
No. |
Production staff |
826 |
701 |
Administrative staff |
12 |
15 |
Management staff |
– |
2 |
|
---- |
---- |
|
838 |
718 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
10,836,767 |
13,481,901 |
Social security costs |
757,981 |
894,371 |
Other pension costs |
72,340 |
88,833 |
|
------------- |
------------- |
|
11,667,088 |
14,465,105 |
|
------------- |
------------- |
|
|
|
8.
Directors' Remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2023 |
2022 |
|
£ |
£ |
Remuneration |
109,000 |
57,000 |
|
--------- |
-------- |
|
|
|
9.
Interest Payable and Similar Expenses
|
2023 |
2022 |
|
£ |
£ |
Other interest payable and similar charges |
– |
1,183 |
|
---- |
------- |
|
|
|
10.
Tax on Profit
Major components of tax expense
Current tax:
UK current tax expense |
140,283 |
145,451 |
|
--------- |
--------- |
Tax on profit |
140,283 |
145,451 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2022: higher than) the
standard rate of corporation tax in the UK
of
19
% (2022:
19
%).
|
2023 |
2022 |
|
£ |
£ |
Profit on ordinary activities before taxation |
1,041,729 |
744,429 |
|
------------ |
--------- |
Profit on ordinary activities by rate of tax |
140,283 |
141,442 |
Effect of expenses not deductible for tax purposes |
– |
4,322 |
Effect of capital allowances and depreciation |
– |
(
313) |
|
------------ |
--------- |
Tax on profit |
140,283 |
145,451 |
|
------------ |
--------- |
|
|
|
11.
Dividends
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
– |
62,432 |
|
---- |
-------- |
|
|
|
12.
Tangible Assets
|
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2022 |
37,918 |
19,644 |
|
68,364 |
Additions |
– |
– |
|
143 |
|
-------- |
-------- |
-------- |
-------- |
At 31 March 2023 |
37,918 |
19,644 |
|
68,507 |
|
-------- |
-------- |
-------- |
-------- |
Depreciation |
|
|
|
|
At 1 April 2022 |
27,435 |
17,969 |
|
51,846 |
Charge for the year |
3,792 |
1,675 |
|
6,542 |
Disposals |
(
1,119) |
(
1,089) |
– |
(
2,208) |
|
-------- |
-------- |
-------- |
-------- |
At 31 March 2023 |
30,108 |
18,555 |
|
56,180 |
|
-------- |
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
|
At 31 March 2023 |
7,810 |
1,089 |
|
12,327 |
|
-------- |
-------- |
-------- |
-------- |
At 31 March 2022 |
10,483 |
1,675 |
|
16,518 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
13.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,953,701 |
2,173,136 |
Amounts owed by group undertakings |
706,927 |
700,000 |
Directors Current Account |
60,866 |
– |
Prepayments and accrued income |
1,179 |
1,179 |
Other debtors |
865,242 |
525,929 |
|
------------ |
------------ |
|
3,587,915 |
3,400,244 |
|
------------ |
------------ |
|
|
|
14.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
21,044 |
Trade creditors |
11,214 |
– |
Amounts owed to group undertakings |
802,000 |
– |
Accruals and deferred income |
10,000 |
54,099 |
Corporation tax |
304,848 |
144,926 |
Social security and other taxes |
483,945 |
1,127,217 |
Other creditors |
225,102 |
993,893 |
|
------------ |
------------ |
|
1,837,109 |
2,341,179 |
|
------------ |
------------ |
|
|
|
The company has given an all asset debenture to Close Brothers Limited containing fixed and floating charges, dated 3 February 2023. The floating charge covers all the property or undertaking of the company.
15.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
32,500 |
|
---- |
-------- |
|
|
|
16.
Provisions
|
Deferred tax (note 17) |
|
£ |
At 1 April 2022 |
3,489 |
Charge against provision |
(
525) |
|
------- |
At 31 March 2023 |
2,964 |
|
------- |
|
|
17.
Deferred Tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions (note 16) |
2,964 |
3,489 |
|
------- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
2,964 |
3,489 |
|
------- |
------- |
|
|
|
18.
Employee Benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
72,340
(2022: £
88,833
).
Pension contributions outstanding at the year end were £43,291 (2022: £Nil).
19.
Called Up Share Capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
20.
Contingencies
The company guarantees the debenture of a company under common control. The amount owed by this company at 31 March 2023 was £11,510,472.
21.
Related Party Transactions
The company is a wholly owned subsidiary of Kingdom Services Group Limited. The company has taken advantage of the exemption in FRS102 Section 33.1A from disclosing transactions or balances with entities which form part of the group. The consolidated financial statements of Kingdom Services Group Limited within which the company is included, can be obtained from Companies House.
22.
Controlling Party
The intermediate controlling party is
R C Carter
Holdings Limited, a company incorporated in England and Wales. The directors regard Kingdom Services Group Limited, a company incorporated in England and Wales, as the ultimate parent company. Kingdom Services Group Limited prepare consolidated accounts which are publicly available from Companies House, Crown Way, Cardiff. The company is controlled by Mr T Barton
who is the controlling party of the parent company, Kingdom Services Group Limited.