Company Registration No. 11097394 (England and Wales)
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Annual report and financial statements
for the year ended 31 December 2022
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Company information
Directors
Ashley Lawrence
Ben Adams
Company number
11097394
Registered office
20 Westland Place
London
N1 7JR
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Strategic report
For the year ended 31 December 2022
1

The directors present the strategic report for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of recruitment consultancy.

 

BioTalent recruit across the life sciences sector, from Research & Development, to Data Science & AI, Engineering, Clinical and Quality. We help people move from finding a job to finding their life calling. We grow the changemakers, and create impact via our BioTalent Social platform, and via our community group Race in Science.

Review of the business

The results for the year ended 31 December 2022 are set out in the Profit and Loss account on page 9. Turnover has increased from £8.0m in the year ended 31 December 2021 to £9.8m in the year end 31 December 2022.

The cost of living crisis in the United Kingdom and across the world has minimally affected the company’s results in the year. To mitigate the continued impact, directors have taken steps to reduce costs and focus on collections to drive working capital. To drive productivity across the company the company has also focused on growing and diversifying its geographical coverage and quality of service through investment in scalable process improvement, technology and analytics.

Principal risks and uncertainties

The company actively considers and manages its risks. The directors consider the company to be subject to the following material areas of risk:

Business and operational risk management

Currently, there is a significant level of global uncertainty in the markets, coupled with high inflation and the cost of living crisis and the broader economic outlook does tend to loosely correlate with our clients hiring plans. To mitigate this we focus on sectors that are more resilient to the fluctuations in the economy. We also ensure that the business is geographically diverse. We offer both permanent and contractor solutions to our clients and remain agile to new opportunities that are presented in the regions in which we operate. The diversity of our client base means we are well placed to take advantage of an increase in demand, or mitigate a decline.

 

Workforce trends, the technology revolution and highly uncertain business environment is impacting the employment market. Coupled with low unemployment rates across Europe, this is leading to a war on talent for highly skilled contractors. We see this as a key risk area. The company’s business model is based on offering niche talent solutions, deploying the right talent at the client locations and having a wide client base covering a number of industries, countries and economies.

 

Financial risk management

The Directors regularly review the financial requirements of the business and the associated risks. The company is financed through a combination of retained earnings, discount credit facility, and a third party short-term loan and does not use complicated financial instruments or derivatives. The company is exposed to financial risk through its financial assets and liabilities. The key financial risk is that the proceeds from financial assets are not sufficient to fund obligations arising from liabilities as they fall due. The main components of financial risk are liquidity risk and credit risk.

 

Due to the nature of the company’s business and the assets and liabilities contained within the company’s balance sheet, the principal financial risk that the Directors consider relevant to the company is credit risk. The risk is mitigated through a robust credit control function.

Key performance indicators

The principal financial KPI for the company is gross profit. Total gross profit for the year has increased to £3.7m from £2.9m in the year ended 31 December 2021.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Strategic report (continued)
For the year ended 31 December 2022
2
Future developments

The company is well positioned for the future. Whilst the market conditions remain volatile, with the quality of

operational delivery, geographic reach, financial efficiencies and liquidity, the directors believe that the company has the opportunity to take advantage of the expected improvements in the economy and the hopeful increase in the demand for employment services will help the company’s future growth trajectory from Q2 2024 onwards.

 

On behalf of the board

Ashley Lawrence
Director
31 January 2024
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Directors' report
For the year ended 31 December 2022
3

The directors present their annual report and financial statements for the year ended 31 December 2022.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,695,756. 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:

James Cox
(Resigned 1 November 2023)
Ashley Lawrence
Ben Adams
Post reporting date events

On 3 November 2023, the company sold it's trade and assets for a sum of £1.5m.

Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 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.

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 company’s auditor 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 company’s auditor is aware of that information.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Directors' report (continued)
For the year ended 31 December 2022
4
Going concern

On 3 November 2023 the company sold its trade and assets.

 

On that basis, these financial statements have been prepared on a basis other than going concern. The presentation of the financial statements on a basis other than going concern has no notable differences to the presentation of the current results on a going concern basis.

On behalf of the board
Ashley Lawrence
Director
31 January 2024
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Independent auditor's report
To the member of Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
5
Opinion

We have audited the financial statements of Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd) (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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.

Emphasis of matter

We draw attention to Note 1.2 to the financial statements which explains that a sale of the trade and assets of the entity took place after the year end and therefore the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

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:

 

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Independent auditor's report (continued)
To the member of Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
6
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:

 

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Independent auditor's report (continued)
To the member of Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
7

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Jamie Cassell
Senior Statutory Auditor
For and on behalf of Saffery LLP
31 January 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Statement of comprehensive income
For the year ended 31 December 2022
8
2022
2021
Notes
£
£
Turnover
3
9,842,502
8,007,490
Cost of sales
(6,126,607)
(5,145,327)
Gross profit
3,715,895
2,862,163
Administrative expenses
(4,115,743)
(3,105,071)
Other operating income
3
792,581
806,404
Operating profit
4
392,733
563,496
Income from fixed asset investments
7
2,700,756
-
0
Interest payable and similar expenses
8
(71,098)
(63,554)
Profit before taxation
3,022,391
499,942
Tax on profit
9
(15,836)
(70,000)
Profit for the financial year
3,006,555
429,942

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Balance sheet
As at 31 December 2022
9
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
50,831
49,492
Investments
12
15,916
15,916
66,747
65,408
Current assets
Debtors
14
8,145,029
4,654,669
Cash at bank and in hand
190,005
628,339
8,335,034
5,283,008
Creditors: amounts falling due within one year
15
(8,103,779)
(4,311,646)
Net current assets
231,255
971,362
Total assets less current liabilities
298,002
1,036,770
Creditors: amounts falling due after more than one year
16
(164,297)
(213,864)
Net assets
133,705
822,906
Capital and reserves
Called up share capital
18
3
3
Profit and loss reserves
133,702
822,903
Total equity
133,705
822,906
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Ashley Lawrence
Director
Company Registration No. 11097394
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Statement of changes in equity
For the year ended 31 December 2022
10
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
3
392,961
392,964
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
429,942
429,942
Balance at 31 December 2021
3
822,903
822,906
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
3,006,555
3,006,555
Dividends
10
-
(3,695,756)
(3,695,756)
Balance at 31 December 2022
3
133,702
133,705
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements
For the year ended 31 December 2022
11
1
Accounting policies
Company information

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 20 Westland Place, London, N1 7JR.

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 £1.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Trinnovo Group Ltd. These consolidated financial statements are available from its registered office, 20 Westland Place, London, N1 7JR.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd) is a wholly owned subsidiary of Trinnovo Group Ltd and the results of Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd) are included in the consolidated financial statements of Trinnovo Group Ltd which are available from 20 Westland Place, London, N1 7JR.

As explained in note 1.2, the company sold it's trade and assets after the reporting period. The financial statements have been prepared on a basis other than that of going concern which includes, where appropriate, writing down the company's assets to net realisable value, providing for any provisions made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not reflect the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
12
1.2
Going concern

On 3 November 2023 the company sold it's trade and assets. trueOn that basis, these financial statements have been prepared on a basis other than going concern. The presentation of the financial statements on a basis other than going concern has no notable differences to the presentation of the current results on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Turnover from contractor placements, representing fees billed for the services of contractors including their costs, is recognised when the service has been provided.

 

Turnover from permanent placements is recognised on the invoice date. Invoices are raised on the candidate start date.

1.4
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:

Plant and machinery etc
5 years 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 credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
13

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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, 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.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
14
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.

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 company 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 company 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

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 company’s contractual obligations expire or are discharged or cancelled.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
15
1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

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 company’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

1.11
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.

1.12
Retirement benefits

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

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
16
1.13
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.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of debtors

Trade debtors and intercompany balances are reviewed at each year end for recoverability by assessing historical transactions and expected future cash flows respectively.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
17
3
Turnover and other operating income
2022
2021
£
£
Turnover analysed by class of business
Contractor placements
7,547,254
5,998,768
Permanent placements
2,042,065
1,592,835
Other income
253,183
415,887
9,842,502
8,007,490
2022
2021
£
£
Other operating income
Grants received
6,757
6,775
Management fees
785,824
655,200
792,581
648,425

Grants received are in relation to the Coronavirus Business Interruption Loan Scheme (see Note 15).

 

4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(17,818)
1,190
Government grants
(6,757)
(6,775)
Depreciation of owned tangible fixed assets
14,694
10,317
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,050
15,000
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
18
6
Employees

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

2022
2021
Number
Number
50
42

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
3,204,251
2,534,724
Social security costs
383,062
291,406
Pension costs
37,742
42,652
3,625,055
2,868,782
7
Income from fixed asset investments
2022
2021
£
£
Income from shares in group undertakings
Dividends receivable
2,700,756
-
0
8
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
6,757
6,775
Interest on invoice finance arrangements
64,341
56,779
71,098
63,554
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
19
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
-
0
70,000
Adjustments in respect of prior periods
15,836
-
0
Total current tax
15,836
70,000

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

2022
2021
£
£
Profit before taxation
3,022,391
499,942
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
574,254
94,989
Tax effect of expenses that are not deductible in determining taxable profit
679
261
Tax effect of income not taxable in determining taxable profit
(513,144)
-
0
Adjustments in respect of prior years
15,836
-
0
Group relief
(58,822)
(6,112)
Permanent capital allowances in excess of depreciation
(914)
(1,353)
Other differences
-
0
(22,105)
Deferred tax movements not recognised
(2,053)
4,320
Taxation charge for the year
15,836
70,000
10
Dividends
2022
2021
£
£
Final paid
3,200,756
-
0
Interim paid
495,000
-
0
3,695,756
-
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
20
11
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
67,247
Additions
16,728
At 31 December 2022
83,975
Depreciation and impairment
At 1 January 2022
18,450
Depreciation charged in the year
14,694
At 31 December 2022
33,144
Carrying amount
At 31 December 2022
50,831
At 31 December 2021
48,797
12
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
13
15,916
15,916
13
Subsidiaries

At 31 December 2022, the company owned 100% of the Ordinary share capital of BioTalent GmbH, a company incorporated in Switzerland. The subsidiary's principal activity is the provision of temporary employment agency services. It's registered office is Grafenauweg 8 Zug, ZUG, 6300 Switzerland.

14
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
745,957
374,005
Corporation tax recoverable
97,848
-
0
Amounts owed by group undertakings
4,502,317
3,141,002
Other debtors
36,718
811,665
Prepayments and accrued income
2,762,189
327,997
8,145,029
4,654,669

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
21
15
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
16
56,536
36,136
Trade creditors
145,779
16,469
Amounts owed to group undertakings
6,546,417
2,256,325
Corporation tax
237,132
123,448
Other taxation and social security
858,161
1,267,233
Other creditors
34,790
40,066
Accruals and deferred income
224,964
571,969
8,103,779
4,311,646

Other creditors includes an invoice financing facility of £24,709 (2021: £35,581) where the agency holds a guarantee as security for all the present and future debts, moneys and and liabilities owed to the agency by the entity.

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

16
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
164,297
213,864

In the prior year, the company entered into a new loan agreement for £250,000 with HSBC UK Bank plc., attracting an interest rate of 3.99% per annum over Base Rate. This lending facility is supported by the Coronavirus Business Interruption Loan Scheme, therefore the annual interest rate applicable during the first twelve months of the term was 0%. The loan is repayable in monthly instalments and is due to be repaid in full by 25 May 2027. The balance at 31 December 2022 was £220,833 (2021: £250,000), which is split between amounts due within one year and amounts due after more than one year.

17
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,742
42,652

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
Trinnovo Group Staffing Ltd (formerly known as BioTalent Ltd)
Notes to the financial statements (continued)
For the year ended 31 December 2022
22
19
Related party transactions

As at 31 December 2022 the company was owed the following amounts by the Directors: £nil (2021: £255,408) by Ben Adams, £nil (2021: £252,908) by Ashley Lawrence and £nil (2021: £263,491) by James Cox. These balances are denominated in sterling, accrue no interest and are repayable upon demand.

 

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the group. The balances outstanding at the year end are disclosed in Notes 14 and 15.

20
Events after the reporting date

On 3 November 2023, the company sold it's trade and assets to for a sum of £1.5m.

21
Ultimate controlling party

The immediate and ultimate parent company is Trinnovo Group Ltd, by virtue of its 100% ownership of the company. Copies of the consolidated financial statements can be obtained from its registered office at 20 Westland Place, London, N1 7JR.

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