Company registration number 07890603 (England and Wales)
JOBANDTALENT UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
JOBANDTALENT UK LIMITED
COMPANY INFORMATION
Directors
Mr J Urdiales Sanchez-Robles
Mr F Navio Garcia
Secretary
Bird & Bird Company Secretaries Limited
Company number
07890603
Registered office
12 New Fetter Lane
London
EC4A 1JP
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
JOBANDTALENT UK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
- 1 -
- 2 -
- 3 -
- 4 -
JOBANDTALENT UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2021.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Urdiales Sanchez-Robles
Mr F Navio Garcia
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Energy and carbon report

The company and its subsidiaries are included in the consolidated financial statements of the ultimate parent company, Job and Talent Holding Limited. Energy and carbon reporting is disclosed in the financial statements of the ultimate parent.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Urdiales Sanchez-Robles
Director
19 January 2024
JOBANDTALENT UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JOBANDTALENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOBANDTALENT UK LIMITED
- 7 -
Opinion

We have audited the financial statements of Jobandtalent Uk Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The 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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

JOBANDTALENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOBANDTALENT UK LIMITED
- 8 -
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 their 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:

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 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 parent 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.

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JOBANDTALENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOBANDTALENT UK LIMITED
- 9 -

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.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
19 January 2024
Chartered Certified Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
JOBANDTALENT UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
2021
2020
Notes
£
£
Turnover
3
376,860,049
43,295,654
Cost of sales
(351,626,269)
(39,525,961)
Gross profit
25,233,780
3,769,693
Administrative expenses
(33,728,347)
(6,759,535)
Other operating income
345,945
1,375,210
Operating loss
5
(8,148,622)
(1,614,632)
Interest receivable and similar income
9
374,457
15,688
Interest payable and similar expenses
10
(3,991,345)
(776,631)
Loss before taxation
(11,765,510)
(2,375,575)
Tax on loss
11
(180,934)
75,153
Loss for the financial year
(11,946,444)
(2,300,422)
Loss for the financial year is all attributable to the owners of the parent company.
JOBANDTALENT UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
£
£
Loss for the year
(11,946,444)
(2,300,422)
Other comprehensive income
-
-
Total comprehensive income for the year
(11,946,444)
(2,300,422)
Total comprehensive income for the year is all attributable to the owners of the parent company.
JOBANDTALENT UK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 12 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
12
43,402,399
5,753,018
Other intangible assets
12
18,965,655
3,143,315
Total intangible assets
62,368,054
8,896,333
Tangible assets
13
1,126,155
129,061
63,494,209
9,025,394
Current assets
Debtors
16
96,980,907
17,262,062
Cash at bank and in hand
17,865,330
2,745,148
114,846,237
20,007,210
Creditors: amounts falling due within one year
17
(117,095,944)
(32,328,506)
Net current liabilities
(2,249,707)
(12,321,296)
Total assets less current liabilities
61,244,502
(3,295,902)
Creditors: amounts falling due after more than one year
18
(81,636,043)
(8,313,128)
Provisions for liabilities
Deferred tax liability
20
3,776,684
612,751
(3,776,684)
(612,751)
Net liabilities
(24,168,225)
(12,221,781)
Capital and reserves
Called up share capital
22
1
1
Profit and loss reserves
(24,168,226)
(12,221,782)
Total equity
(24,168,225)
(12,221,781)
The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
19 January 2024
Mr J Urdiales Sanchez-Robles
Director
Company registration number 07890603 (England and Wales)
JOBANDTALENT UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 13 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
13
16,564
4,626
Investments
14
72,126,934
12,055,084
72,143,498
12,059,710
Current assets
Debtors
16
35,105,332
4,594,330
Cash at bank and in hand
120,379
29,376
35,225,711
4,623,706
Creditors: amounts falling due within one year
17
(37,179,792)
(20,892,183)
Net current liabilities
(1,954,081)
(16,268,477)
Total assets less current liabilities
70,189,417
(4,208,767)
Creditors: amounts falling due after more than one year
18
(85,773,699)
(8,313,128)
Net liabilities
(15,584,282)
(12,521,895)
Capital and reserves
Called up share capital
22
1
1
Profit and loss reserves
(15,584,283)
(12,521,896)
Total equity
(15,584,282)
(12,521,895)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,062,387 (2020 - £2,205,316 loss).

The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
19 January 2024
Mr J Urdiales Sanchez-Robles
Director
Company registration number 07890603 (England and Wales)
JOBANDTALENT UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
1
(9,921,360)
(9,921,359)
Year ended 31 December 2020:
Loss and total comprehensive income
-
(2,300,422)
(2,300,422)
Balance at 31 December 2020
1
(12,221,782)
(12,221,781)
Year ended 31 December 2021:
Loss and total comprehensive income
-
(11,946,444)
(11,946,444)
Balance at 31 December 2021
1
(24,168,226)
(24,168,225)
JOBANDTALENT UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
1
(10,316,580)
(10,316,579)
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(2,205,316)
(2,205,316)
Balance at 31 December 2020
1
(12,521,896)
(12,521,895)
Year ended 31 December 2021:
Profit and total comprehensive income
-
(3,062,387)
(3,062,387)
Balance at 31 December 2021
1
(15,584,283)
(15,584,282)
JOBANDTALENT UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(9,657,727)
(814,033)
Interest paid
(3,991,345)
(776,631)
Income taxes paid
(5,142,371)
(60,226)
Net cash outflow from operating activities
(18,791,443)
(1,650,890)
Investing activities
Purchase of business *
(42,436,011)
(3,927,240)
Purchase of intangible assets
-
(220,000)
Purchase of tangible fixed assets
(313,743)
(36,376)
Proceeds from disposal of tangible fixed assets
338,848
355
Interest received
374,457
15,688
Net cash used in investing activities
(42,036,449)
(4,167,573)
Financing activities
Received from parent
52,218,201
8,315,150
Received from invoice financing
23,809,936
(1,392,169)
Net cash generated from financing activities
76,028,137
6,922,981
Net increase in cash and cash equivalents
15,200,245
1,104,518
Cash and cash equivalents at beginning of year
2,665,085
1,560,567
Cash and cash equivalents at end of year
17,865,330
2,665,085
Relating to:
Cash at bank and in hand
17,865,330
2,745,148
Bank overdrafts included in creditors payable within one year
-
(80,063)
* This amount in net of the cash acquired of £6,686,446
JOBANDTALENT UK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(21,643,287)
2,252,531
Interest paid
(1,087,799)
(354,833)
Net cash (outflow)/inflow from operating activities
(22,731,086)
1,897,698
Investing activities
Purchase of tangible fixed assets
(18,412)
(649)
Purchase of subsidiaries
(42,436,012)
(3,825,627)
Interest received
7,629
3,421
Net cash used in investing activities
(42,446,795)
(3,822,855)
Financing activities
Received from group companies
65,348,947
1,676,680
Net cash generated from financing activities
65,348,947
1,676,680
Net increase/(decrease) in cash and cash equivalents
171,066
(248,477)
Cash and cash equivalents at beginning of year
(50,687)
197,790
Cash and cash equivalents at end of year
120,379
(50,687)
Relating to:
Cash at bank and in hand
120,379
29,376
Bank overdrafts included in creditors payable within one year
-
(80,063)
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
1
Accounting policies
Company information

Jobandtalent Uk Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 12 New Fetter Lane, London. EC4A 1JP.

 

The group consists of Jobandtalent Uk Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jobandtalent Uk Limited together with all entities controlled by the parent company.

 

All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The group is dependent on the support of its ultimate parent company and wider group to continue as a going concern. Confirmation of this support has been provided and accordingly the directors consider it appropriate to prepare the accounts on a going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -

Turnover represents amounts chargeable to clients for employment services provided during the year and is recognised when a right to consideration has been obtained through performance under each contract for the provision of both temporary and permanent staff.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 7-10 years.

 

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years on a straight line basis
Client portfolio
7 years on a straight line basis
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
fully depreciated in period
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Recruitment Service
376,860,049
43,295,654
2021
2020
£
£
Turnover analysed by geographical market
UK
376,860,049
43,295,654
2021
2020
£
£
Other revenue
Interest income
374,457
15,688
Grants received
345,945
3,540
4
Exceptional item
2021
2020
£
£
Expenditure
Exceptional purchases
837,474
-
837,474
-

Exceptional costs amounting to £837,474 were incurred during the year following the acquisition of The Staffing Group Limited and its subsidiary companies. The costs incurred include setting up a call centre to deal with questions on the takeover from temporary workers, fees on early termination of contracts and staff redundancies.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
5
Operating loss
2021
2020
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(3,354,386)
1,170,976
Government grants
(345,945)
(3,540)
Depreciation of owned tangible fixed assets
572,614
32,825
Profit on disposal of tangible fixed assets
(24,534)
-
Amortisation of intangible assets
7,354,876
1,225,008
Operating lease charges
1,261,737
273,109
6
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,000
58,447
For other services
All other non-audit services
30,000
-
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Management and administration
431
83
74
30
Temporary workers supplied to clients
23,626
1,779
-
-
Total
24,057
1,862
74
30

Their aggregate remuneration comprised:

Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
339,496,880
38,652,865
2,912,536
1,635,547
Social security costs
28,085,685
3,638,576
377,658
91,200
Pension costs
2,769,062
192,142
57,011
18,424
370,351,627
42,483,583
3,347,205
1,745,171
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
8
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
290,171
19,167
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
289,661
19,167
9
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
-
0
12,270
Interest receivable from group companies
20,350
3,418
Other interest income
354,107
-
Total income
374,457
15,688
2021
2020
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
20,350
15,688
10
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
1,359,284
410,336
Interest payable to group undertakings
1,862,758
366,223
3,222,042
776,559
Other finance costs:
Other interest
769,303
72
Total finance costs
3,991,345
776,631
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
439,328
-
0
Adjustments in respect of prior periods
189,363
-
0
Total current tax
628,691
-
0
Deferred tax
Origination and reversal of timing differences
73,600
5,546
Other adjustments
(521,357)
(80,699)
Total deferred tax
(447,757)
(75,153)
Total tax charge/(credit)
180,934
(75,153)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Loss before taxation
(11,765,510)
(2,375,575)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(2,235,447)
(451,359)
Tax effect of expenses that are not deductible in determining taxable profit
25,871
71,628
Unutilised tax losses carried forward
611,631
158,512
Adjustments in respect of prior years
160,270
(16,705)
Permanent capital allowances in excess of depreciation
18,095
5,172
Amortisation on assets not qualifying for tax allowances
1,397,426
232,752
Other non-reversing timing differences
-
0
(75,153)
Under/(over) provided in prior years
650,844
-
0
Deferred tax adjustments in respect of prior years
(447,756)
-
0
Taxation charge/(credit)
180,934
(75,153)
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
12
Intangible fixed assets
Group
Goodwill
Software
Client portfolio
Total
£
£
£
£
Cost
At 1 January 2021
6,699,012
169,939
3,697,841
10,566,792
Additions - separately acquired
649,959
-
0
-
0
649,959
Additions - business combinations
41,564,639
-
0
18,611,999
60,176,638
At 31 December 2021
48,913,610
169,939
22,309,840
71,393,389
Amortisation and impairment
At 1 January 2021
945,994
120,560
603,905
1,670,459
Amortisation charged for the year
4,565,217
45,681
2,743,978
7,354,876
At 31 December 2021
5,511,211
166,241
3,347,883
9,025,335
Carrying amount
At 31 December 2021
43,402,399
3,698
18,961,957
62,368,054
At 31 December 2020
5,753,018
49,379
3,093,936
8,896,333
The company had no intangible fixed assets at 31 December 2021 or 31 December 2020.
13
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
257
152,107
40,229
27,835
220,428
Additions
150,000
223,531
1,256,785
253,706
1,884,022
Disposals
(150,000)
-
0
-
0
(164,314)
(314,314)
At 31 December 2021
257
375,638
1,297,014
117,227
1,790,136
Depreciation and impairment
At 1 January 2021
-
0
52,974
12,805
25,588
91,367
Depreciation charged in the year
257
119,175
418,327
34,855
572,614
At 31 December 2021
257
172,149
431,132
60,443
663,981
Carrying amount
At 31 December 2021
-
0
203,489
865,882
56,784
1,126,155
At 31 December 2020
257
99,133
27,424
2,247
129,061
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
13
Tangible fixed assets
(Continued)
- 28 -
Company
Computers
£
Cost
At 1 January 2021
9,369
Additions
18,412
At 31 December 2021
27,781
Depreciation and impairment
At 1 January 2021
4,743
Depreciation charged in the year
6,474
At 31 December 2021
11,217
Carrying amount
At 31 December 2021
16,564
At 31 December 2020
4,626
14
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
72,126,934
12,055,084
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
12,055,084
Additions
60,071,850
At 31 December 2021
72,126,934
Carrying amount
At 31 December 2021
72,126,934
At 31 December 2020
12,055,084
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2021 are as follows:

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
15
Subsidiaries
(Continued)
- 29 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Jobandtalent Works Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Jobandtalent Services Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Jobandtalent Advisors Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Wymea Group Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
The Works Staffing Solutions Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
The Red Eagle Group Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Red Eagle Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
Unique Employment Services Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
The Staffing Group Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
The Staffing Holdings Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
Extra Personnel Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
Single Resource Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
Extra Personnel Automotive Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
TSG Financial Services Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00
Training For Talent Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
-
100.00

The investments in subsidiaries are all stated at cost.

The following subsidiary companies are exempt from the requirements of the Companies Act 2006 relating

to the audit of individual accounts by virtue of S479A:-

 

Jobandtalent Works Limited - Company Registered Number - 10123783

Jobandtalent Services Limited - Company Registered Number - 10654381

Jobandtalent Advisors Limited - Company Registered Number - 11345125

Wymea Group Limited - Company Registered Number - 08784878

The Works Staffing Solutions Ltd - Company Registered Number - 05348140

The Red Eagle Group Ltd - Company Registered Number - 05288421

Red Eagle Ltd - Company Registered Number - 05288420

Unique Employment Services Ltd - Company Registered Number - 03595874

The Staffing Group Ltd - Company Registered Number - 05801688

The Staffing Holdings Ltd - Company Registered Number - 04581062

Extra Personnel Ltd - Company Registered Number - 02692139

Single Resource Ltd - Company Registered Number - 04866747

Extra Personnel Automotive Ltd - Company Registered Number - 08586759

TSG Financial Services Ltd - Company Registered Number - 07619129

Training For Talent Ltd - Company Registered Number - 08587061

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 30 -
16
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
81,572,874
11,116,075
-
0
-
0
Corporation tax recoverable
1,882,307
77
-
0
-
0
Amounts owed by group undertakings
11,918,449
4,335,146
34,316,547
3,844,807
Other debtors
505,975
367,172
94,111
81,649
Prepayments and accrued income
443,747
771,009
35,669
5,722
96,323,352
16,589,479
34,446,327
3,932,178
Deferred tax asset (note 20)
657,555
672,583
659,005
662,152
96,980,907
17,262,062
35,105,332
4,594,330

Included in amounts owed by group undertakings are amounts receivable after one year of £1,823,516 (2020 - NIL).

17
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
19
41,493,178
4,051,320
-
0
80,063
Trade creditors
2,001,487
412,384
256,390
218,300
Amounts owed to group undertakings
1,268,466
14,845,784
28,969,483
17,972,080
Corporation tax payable
455,607
189,374
-
0
-
0
Other taxation and social security
46,102,761
8,778,186
93,103
69,605
Other creditors
24,482,117
3,565,836
7,805,816
2,552,135
Accruals and deferred income
1,292,328
485,622
55,000
-
0
117,095,944
32,328,506
37,179,792
20,892,183
18
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Other borrowings
19
78,471,668
8,313,128
82,609,324
8,313,128
Other creditors
3,164,375
-
0
3,164,375
-
0
81,636,043
8,313,128
85,773,699
8,313,128
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 31 -
19
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
41,493,178
3,971,257
-
0
-
0
Bank overdrafts
-
0
80,063
-
0
80,063
Loans from group undertakings
78,471,668
8,313,128
82,609,324
8,313,128
119,964,846
12,364,448
82,609,324
8,393,191
Payable within one year
41,493,178
4,051,320
-
0
80,063
Payable after one year
78,471,668
8,313,128
82,609,324
8,313,128

Bank loans consist of amounts advanced under commercial invoice discounting agreements. The advances are secured by a debenture over all of the assets of the group.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Group
£
£
£
£
Accelerated capital allowances
(555,481)
(89,838)
657,555
672,583
Revaluations
1,181,372
-
-
-
Client porfolio
4,238,869
702,589
-
-
Balance on aquisition
(1,088,076)
-
-
-
3,776,684
612,751
657,555
672,583
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Company
£
£
£
£
Accelerated capital allowances
-
-
659,005
662,152
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
20
Deferred taxation
(Continued)
- 32 -
Group
Company
2021
2021
Movements in the year:
£
£
Asset at 1 January 2021
(59,832)
(662,152)
(Credit)/charge to profit or loss
(1,109,909)
3,147
Deferred tax acquired on purchase of business
4,288,870
-
Liability/(Asset) at 31 December 2021
3,119,129
(659,005)
21
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,769,062
192,142

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 33 -
23
Acquisition of a business

On 22 February 2021 the group acquired 100 percent of the issued capital of The Staffing Group.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
3,026,654
-
3,026,654
Property, plant and equipment
1,570,279
-
1,570,279
Trade and other receivable
56,798,133
-
56,798,133
Cash and cash equivalents
6,686,446
-
6,686,446
Borrowings
(13,711,985)
-
(13,711,985)
Trade and other payables
(48,640,376)
-
(48,640,376)
Deferred Tax
79,035
-
79,035
Total identifiable net assets
5,808,186
-
5,808,186
Goodwill
54,263,663
Total consideration
60,071,849
The consideration was satisfied by:
£
Cash
49,122,457
Deferred consideration
10,949,392
60,071,849
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
327,741,100
Loss after tax
(2,775,093)
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 34 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
923,187
152,504
-
-
Between two and five years
1,642,264
232,313
-
-
In over five years
368,375
-
-
-
2,933,826
384,817
-
-
25
Controlling party

The company's immediate parent is Jobs and Talent S.L, incorporated in Spain.

 

The ultimate parent is Job and Talent Holding Ltd, incorporated in England and Wales.

 

The most senior parent entity producing publicly available financial statements is Job and Talent Holding Ltd. These financial statements are available on request from 12 New Fetter Lane, London EC4A 1JP.

26
Cash absorbed by group operations
2021
2020
£
£
Loss for the year after tax
(11,946,444)
(2,300,422)
Adjustments for:
Taxation charged/(credited)
180,934
(75,153)
Finance costs
3,991,345
776,631
Investment income
(374,457)
(15,688)
Gain on disposal of tangible fixed assets
(24,534)
-
Amortisation and impairment of intangible assets
7,354,876
1,225,008
Depreciation and impairment of tangible fixed assets
572,614
32,825
Increase in provisions
3,169,214
-
Movements in working capital:
Increase in debtors
(13,629,387)
(2,856,246)
Increase in creditors
1,048,112
2,399,012
Cash absorbed by operations
(9,657,727)
(814,033)
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 35 -
27
Cash (absorbed by)/generated from operations - company
2021
2020
£
£
Loss for the year after tax
(3,062,387)
(2,205,316)
Adjustments for:
Taxation charged
3,147
-
0
Finance costs
1,087,799
354,833
Investment income
(7,629)
(3,421)
Depreciation and impairment of tangible fixed assets
6,474
3,374
Movements in working capital:
Increase in debtors
(21,566,900)
(1,962,901)
Increase in creditors
1,896,209
6,065,962
Cash (absorbed by)/generated from operations
(21,643,287)
2,252,531
28
Analysis of changes in net debt - group
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
2,745,148
15,120,182
17,865,330
Bank overdrafts
(80,063)
80,063
-
0
2,665,085
15,200,245
17,865,330
Borrowings excluding overdrafts
(22,795,023)
(76,028,137)
(98,823,160)
(20,129,938)
(60,827,892)
(80,957,830)
29
Analysis of changes in net debt - company
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
29,376
91,003
120,379
Bank overdrafts
(80,063)
80,063
-
0
(50,687)
171,066
120,379
Borrowings excluding overdrafts
(8,313,128)
(65,348,947)
(73,662,075)
(8,363,815)
(65,177,881)
(73,541,696)
2021-12-312021-01-01falseCCH SoftwareCCH Accounts Production 2023.300Mr J Urdiales Sanchez-RoblesMr F Navio GarciaBird & Bird Company Secretaries 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