Company registration number 05840738 (England and Wales)
ACTON BANKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
ACTON BANKS LIMITED
COMPANY INFORMATION
Directors
Mr H Sahejpal
Miss T M Wall
Miss G K Johal
Mr N Uppal
(Appointed 2 January 2024)
Company number
05840738
Registered office
Acton Banks Healthcare Staffing
Wolverhampton Science Park
Glaisher Drive
Wolverhampton
WV10 9RU
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
ACTON BANKS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
ACTON BANKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -
The directors present the strategic report for the year ended 31 July 2023.
Review of the business
Acton Banks Limited is a public limited company. Established in 2006, we have grown to become a prominent player in the healthcare staffing space serving a wide range of clients across the UK. Our commitment to providing compliant and high quality staff along with exceptional client satisfaction has been fundamental to our success.
Aligned with our mission and vision, our strategic objectives are focused on:
Achieving sustainable revenue growth
Enhancing operational efficiency and cost-effectiveness
Expanding into new markets or diversifying our product portfolio
Risk management
We recognise the importance of effective risk management in safeguarding our business and financial health. Our risk management framework encompasses identification, assessment, and mitigation of risks across various areas.
Financial performance
Acton Banks Limited financial performance for the reporting period has been outlined in the accompanying financial statements. Despite challenges posed by a large competitive space, we continue focusing on creating value in the business by focusing on profitability and new revenue streams.
Key initiatives
To achieve our strategic objectives, we have implemented the following key initiatives:
Mr H Sahejpal
Director
18 April 2024
ACTON BANKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2023.
Principal activities
The principal activity of the company continued to be that of healthcare recruitment specialists.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final 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 H Sahejpal
Miss T M Wall
Miss G K Johal
Mr D J Bratton
(Resigned 10 January 2023)
Mr N Uppal
(Appointed 2 January 2024)
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr H Sahejpal
Director
18 April 2024
ACTON BANKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ACTON BANKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACTON BANKS LIMITED
- 4 -
Opinion
We have audited the financial statements of Acton Banks Limited (the 'company') for the year ended 31 July 2023 which comprise the profit and loss account, 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:
give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ACTON BANKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACTON BANKS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
From the preliminary 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:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
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.
ACTON BANKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACTON BANKS LIMITED
- 6 -
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
18 April 2024
Chartered Certified Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
ACTON BANKS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
12,449,629
22,383,945
Cost of sales
(8,726,474)
(16,070,918)
Gross profit
3,723,155
6,313,027
Administrative expenses
(3,508,206)
(3,937,446)
Operating profit
4
214,949
2,375,581
Interest receivable and similar income
7
643
Interest payable and similar expenses
8
3,442
Profit before taxation
218,391
2,376,224
Tax on profit
9
(53,966)
(347,145)
Profit for the financial year
164,425
2,029,079
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ACTON BANKS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
2023
2022
£
£
Profit for the year
164,425
2,029,079
Other comprehensive income
-
-
Total comprehensive income for the year
164,425
2,029,079
ACTON BANKS LIMITED
BALANCE SHEET
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
252,431
231,668
Current assets
Stocks
11
12,899
-
Debtors
12
4,046,840
3,462,271
Cash at bank and in hand
2,048,170
3,254,350
6,107,909
6,716,621
Creditors: amounts falling due within one year
13
(1,178,702)
(1,938,021)
Net current assets
4,929,207
4,778,600
Total assets less current liabilities
5,181,638
5,010,268
Provisions for liabilities
Deferred tax liability
14
55,972
49,027
(55,972)
(49,027)
Net assets
5,125,666
4,961,241
Capital and reserves
Called up share capital
16
20
20
Profit and loss reserves
5,125,646
4,961,221
Total equity
5,125,666
4,961,241
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr H Sahejpal
Director
Company registration number 05840738 (England and Wales)
ACTON BANKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2021
20
2,932,142
2,932,162
Year ended 31 July 2022:
Profit and total comprehensive income
-
2,029,079
2,029,079
Balance at 31 July 2022
20
4,961,221
4,961,241
Year ended 31 July 2023:
Profit and total comprehensive income
-
164,425
164,425
Balance at 31 July 2023
20
5,125,646
5,125,666
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
1
Accounting policies
Company information
Acton Banks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acton Banks Healthcare Staffing, Wolverhampton Science Park, Glaisher Drive, Wolverhampton, WV10 9RU.
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.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirement of Section 7 Statement of Cash Flows
the requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d)
the requirement of Section 33 Related Party Disclosures paragraphs 33.7.
The financial statements of the company are consolidated in the financial statements of Project Lamp (Topco) Limited as at 31st July 2023 and these financial statements may be obtained from its registered office, 84 Salop Street, Wolverhampton, England, WV3 0SR.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the provision of professional services is recognised by reference to the staff hours delivered. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent it is possible expenses recognised will be recovered.
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.
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 12 -
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 equipment
33% straight line
Fixtures and fittings
20% straight line
Computers
20% - 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 credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
1.7
Financial instruments
The company only enters into basic financial instrument transaction that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
1.8
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.
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 13 -
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 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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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 leases asset are consumed.
2
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.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Healthcare recruitment services
12,449,629
22,383,945
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
3
Turnover and other revenue
(Continued)
- 14 -
2023
2022
£
£
Other revenue
Interest income
-
643
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,000
26,925
Depreciation of owned tangible fixed assets
107,400
124,406
Operating lease charges
119,056
136,889
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
4
4
Administration
43
47
Total
47
51
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,573,239
1,659,924
Social security costs
159,960
171,957
Pension costs
47,694
71,197
1,780,893
1,903,078
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
359,392
459,695
Company pension contributions to defined contribution schemes
27,155
33,963
386,547
493,658
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
6
Directors' remuneration
(Continued)
- 15 -
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
643
8
Interest payable and similar expenses
2023
2022
£
£
Other interest
(3,442)
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
36,456
359,822
Adjustments in respect of prior periods
10,565
(5,843)
Total current tax
47,021
353,979
Deferred tax
Origination and reversal of timing differences
6,945
(6,834)
Total tax charge
53,966
347,145
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
9
Taxation
(Continued)
- 16 -
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:
2023
2022
£
£
Profit before taxation
218,391
2,376,224
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
54,598
451,483
Tax effect of expenses that are not deductible in determining taxable profit
28,727
323
Tax effect of income not taxable in determining taxable profit
(1,178)
Adjustments in respect of prior years
10,565
(15,128)
Effect of change in corporation tax rate
(7,374)
Group relief
(82,843)
Permanent capital allowances in excess of depreciation
(38,317)
Deferred tax adjustments in respect of prior years
588
Fixed asset differences
(7,278)
Deferred tax
6,945
Taxation charge for the year
53,966
347,145
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2022
80,828
47,845
460,710
589,383
Additions
24,843
103,320
128,163
At 31 July 2023
105,671
47,845
564,030
717,546
Depreciation and impairment
At 1 August 2022
78,930
38,857
239,928
357,715
Depreciation charged in the year
3,495
5,450
98,455
107,400
At 31 July 2023
82,425
44,307
338,383
465,115
Carrying amount
At 31 July 2023
23,246
3,538
225,647
252,431
At 31 July 2022
1,898
8,988
220,782
231,668
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 17 -
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
12,899
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,173,691
2,757,227
Amounts owed by group undertakings
2,756,939
547,551
Other debtors
79,847
Prepayments and accrued income
116,210
77,646
4,046,840
3,462,271
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,682
53,112
Amounts owed to group undertakings
782,376
530,848
Corporation tax
(211,587)
116,779
Other taxation and social security
289,399
263,659
Other creditors
10,942
64,925
Accruals and deferred income
245,890
908,698
1,178,702
1,938,021
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
55,972
49,027
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
14
Deferred taxation
(Continued)
- 18 -
2023
Movements in the year:
£
Liability at 1 August 2022
49,027
Charge to profit or loss
6,945
Liability at 31 July 2023
55,972
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,694
71,197
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.
16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
2,000
2,000
20
20
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
892
2,100
Between two and five years
4,200
892
6,300
18
Related party transactions
The company has taken advantage of the requirements of Section 33 Related Party Disclosures 1A which allows the company not to disclose transaction with fellow 100% owed subsidiaries.
ACTON BANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 19 -
19
Ultimate controlling party
The company's immediate parent company is Elite Medical Staffing Limited, a company in the United Kingdom. The registered office of the company is 84 Salop Street, Wolverhampton, England, WV3 0SR.
The Ultimate Controlling Party of the company and the most senior parent entity producing publicly available Group financial statement at the date of the signing the financial statements is Maven UK Regional Buyout GP LLP Group (OC416916). These financial statements are available upon request from Companies House.
At the Balance Sheet reporting date, the Directors collectively held 100% of the ordinary share capital.
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