Registration number:
Social Work Partners Limited
for the Year Ended 31 December 2022
Social Work Partners Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Social Work Partners Limited
Company Information
Directors |
L A C Silvester S D Lock |
Registered office |
|
Bankers |
|
Auditors |
|
Social Work Partners Limited
Strategic Report for the Year Ended 31 December 2022
The directors present their strategic report for the year ended 31 December 2022.
Principal activity
The principal activity of the company is that of a recruitment agency.
Fair review of the business
The year to 31 December 2022 was the first full year of trade.
On 16th March 2022 the business acquired the assets of a competitor social work agency which resulted in the significant growth in turnover and the acquisition of several talented staff that resulted in the Company’s significant growth in the year.
The company generated significant losses in the year as a result of a rapid build, however, these were expected due to the significant investment in staff and associated costs during the year to December 2022.
The company generated Turnover of £29,876,929 with a gross margin of £2,493,421. These were in line with expectations.
The majority of losses during the year were accumulated in the first six months of trade as a result of the significant investment in staff.
The company provided for bad debts from other group companies of £378,351 which had a negative impact on results.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2022 |
2021 |
Gross margin |
£ |
2,493,421 |
- |
Debtor days |
Days |
64 |
- |
Staff turnover |
% |
33 |
- |
Social Work Partners Limited
Strategic Report for the Year Ended 31 December 2022
Principal risks and uncertainties
The business is sensitive to changes in government policy as the core business is generated from local authorities. In addition there are risks and uncertainty around government policy concerning data management and employment laws.
The company's operations expose it to a variety of additional risks including those outlined below. The directors review and agree policies for managing these risks and these are summarised below.
(a) Liquidity risk
The company makes use of Invoice Finance to ensure cashflow is effectively maintained on invoicing local authorities.
(b) Operational risk
The company is exposed to operational risks which may arise due to failure of operational systems or those of third-party service providers.
(b) Market risk
The directors review the market risk applicable to the company on an ongoing basis by considering the likelihood of market developments and the consequent effect on profitability, net assets and liquidity.
(d) Credit risk
The company is exposed to credit risk arising predominantly from its clients who owe the company fees. The company also has a robust credit control team and policies to ensure prompt payment of invoices in line with credit terms. Both of these elements manage the Company’s liquidity risk.
Likely future developments
At 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.
The directors recognise that cost of living crisis, the continued impact of inflation, and the hike in interest rates in the United Kingdom and across the world represent a material uncertainty to the future of the economy and casts doubt on the ability of many companies to continue as a going concern.
However. due to the nature of the business and the public sector client base, the demand for temporary workers in the social work sector has been maintained.
The 2023 and 2024 results look very strong with significant increases in core key performance indicators thus justifying the core board strategy.
Approved by the
......................................... |
Social Work Partners Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Information included in the Strategic Report
Information on Likely future developments has been provided within the Strategic report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
......................................... |
Social Work Partners Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Social Work Partners Limited
Independent Auditor's Report to the Members of Social Work Partners Limited
Opinion
We have audited the financial statements of Social Work Partners Limited (the 'company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 December 2022 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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.
Other matters
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
Emphasis of matter
We draw attention to note 2 of the financial statements, which describes the current trading status of the company and considerations in relation to going concern. Our opinion is not modified in respect of this matter.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Social Work Partners Limited
Independent Auditor's Report to the Members of Social Work Partners Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
Social Work Partners Limited
Independent Auditor's Report to the Members of Social Work Partners Limited
• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
• |
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment sector; |
• |
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation; |
• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining
• |
an understanding of how fraud might occur, by; |
• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
• |
performed analytical procedures to identify any unusual or unexpected relationships; |
• |
tested journal entries to identify unusual transactions; |
• |
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
• |
investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• |
agreeing financial statement disclosures to underlying supporting documentation; |
• |
reading the minutes of meetings of those charged with governance; and |
• |
enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing
standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Social Work Partners Limited
Independent Auditor's Report to the Members of Social Work Partners Limited
For and on behalf of
3 Warners Mill
Silks Way
Essex
CM7 3GB
Social Work Partners Limited
Profit and Loss Account for the Year Ended 31 December 2022
Note |
2022 |
Unaudited |
|
Turnover |
|
- |
|
Cost of sales |
( |
( |
|
Gross profit/(loss) |
|
( |
|
Exceptional items |
( |
- |
|
Administrative expenses |
( |
( |
|
Interest payable and similar expenses |
( |
- |
|
Loss before tax |
( |
( |
|
Tax on loss |
|
- |
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Social Work Partners Limited
Statement of Comprehensive Income for the Year Ended 31 December 2022
2022 |
2021 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Social Work Partners Limited
(Registration number: 12993932)
Balance Sheet as at 31 December 2022
Note |
2022 |
Unaudited |
|
Fixed assets |
|||
Intangible assets |
|
- |
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
(1,025,998) |
(44,799) |
|
Shareholders' deficit |
(1,024,998) |
(43,799) |
Approved and authorised by the
......................................... |
Social Work Partners Limited
Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
( |
Loss for the year |
- |
( |
( |
At 31 December 2022 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
Loss for the year |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 December 2021 |
1,000 |
(44,799) |
(43,799) |
Social Work Partners Limited
Statement of Cash Flows for the Year Ended 31 December 2022
2022 |
2021 |
|
Cash flows from operating activities |
||
Loss for the year |
( |
( |
Adjustments to cash flows from non-cash items |
||
Depreciation and amortisation |
|
|
Finance costs |
|
- |
Income tax (credit) |
( |
- |
( |
( |
|
Working capital adjustments |
||
Increase in trade and other debtors |
( |
( |
Increase in trade and other creditors |
|
|
Net cash flow from operating activities |
( |
|
Cash flows from investing activities |
||
Acquisitions of tangible assets |
( |
( |
Acquisition of intangible assets |
( |
- |
Net cash flows from investing activities |
( |
( |
Cash flows from financing activities |
||
Interest paid |
( |
- |
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
Increase in invoice discounting borrowings |
5,704,011 |
- |
Net cash flows from financing activities |
|
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at 1 January |
|
- |
Cash and cash equivalents at 31 December |
1,694 |
335 |
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Going concern
The Company’s business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives and its exposures to risks and uncertainties are described in the Strategic Report.
The directors have considered the availability of resources to meet the Company’s liabilities for the going concern review period through to 31 July 2025. The directors have considered the going concern position of the Company, taking into account the performance of the 2022 year, the actuals to May 2024 and the forecasts up to July 2025. As part of this going concern review, the directors have analysed forecasts covering a period through to 31 July 2025 which demonstrates that the company will continue to have sufficient cash availability and profitability to continue as a going concern.
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 considered to be relevant.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows:
Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of an asset.
Recoverability of trade and intercompany debtors - Debtors are reviewed regularly to ascertain whether a provision is required. Regular meetings are held with credit control to provide updates on trade debtors outside of credit control.
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the placement of permanent and temporary staff in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Turnover from temporary placements represents the fees billed for the services performed including their costs and is recognised when the service has been provided.
Turnover from permanent placements is recognised based on the start date of the candidate.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets on unused tax losses are only recognised when the directors consider it probable that the losses will be utilised in future periods. Deferred tax is recognised as current or non-current depending on when the directors expect the losses be utilised.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for recruitment services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Current versus non-current classification
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2022 |
Unaudited |
|
Rendering of services |
|
- |
The analysis of the company's Turnover for the year by class of business is as follows:
2022 |
Unaudited |
|
Permanent sales |
|
- |
Temporary sales |
|
- |
|
- |
The analysis of the company's Turnover for the year by market is as follows:
2022 |
Unaudited |
|
UK |
|
- |
Exceptional items |
Intercompany loans written off
During the year the company wrote off loans with related parties as detailed below:
2022 |
Unaudited |
|
Teber Group Limited (immediate parent company) |
327,180 |
- |
Teber GS Limited (fellow subsidiary with common parent) |
51,171 |
- |
378,351 |
- |
Interest payable and similar expenses |
2022 |
Unaudited |
|
Interest expense on taxes and social security |
|
- |
Foreign exchange losses |
|
- |
Invoice discounting charges and interest |
|
- |
|
- |
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2022 |
Unaudited |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
- |
Other employee expense |
|
- |
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2022 |
Unaudited |
|
Directors |
|
|
Administration and support |
|
- |
Sales |
|
- |
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2022 |
Unaudited |
|
Remuneration |
|
- |
Contributions paid to money purchase schemes |
|
- |
53,001 |
- |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2022 |
2021 |
|
Accruing benefits under money purchase pension scheme |
|
- |
Auditors' remuneration |
2022 |
2021 |
|
Audit of the financial statements |
|
- |
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Taxation |
Tax charged/(credited) in the profit and loss account
2022 |
2021 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
- |
The rate of tax for the year is the same as the standard rate of corporation tax in the UK (2021 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
Unaudited |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Effect of expenses not deductible in determining taxable profit/ (tax loss) |
|
|
(Decrease)/increase from tax losses for which no deferred tax asset was recognised |
( |
|
Tax increase from changes in pension fund liability |
|
- |
Difference in tax rate used for deferred tax calculations |
( |
- |
Total tax credit |
( |
- |
Deferred tax
Deferred tax assets and liabilities
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Taxable losses carried forward |
|
- |
|
|
2021 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Taxable losses carried forward |
|
- |
|
|
There are £Nil of unused tax losses (2021 - £49,120) for which no deferred tax asset is recognised in the balance sheet.
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £129,861 (2021 - £-). The company expects to make significant profits in the the next reporting period and utilise tax losses carried forward on which a deferred tax asset has been recognised in these financial statements.
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 31 December 2022 |
|
|
Amortisation |
||
Amortisation charge |
|
|
At 31 December 2022 |
|
|
Carrying amount |
||
At 31 December 2022 |
|
|
Tangible assets |
Office equipment |
Total |
|
Cost or valuation |
||
At 1 January 2022 |
|
|
Additions |
|
|
At 31 December 2022 |
|
|
Depreciation |
||
At 1 January 2022 |
|
|
Charge for the year |
|
|
At 31 December 2022 |
|
|
Carrying amount |
||
At 31 December 2022 |
|
|
At 31 December 2021 |
|
|
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Debtors |
Note |
2022 |
2021 |
|
Trade debtors |
|
- |
|
Amounts owed by related parties |
|
- |
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
- |
|
|
|
||
Less non-current portion |
( |
- |
|
|
|
Debtors include amounts owed by group undertakings, whilst these amounts are due on demand, it is unlikely that they will be repaid in full during the coming year.
Other debtors include £151,353 (2021 - £nil) which is owed by a related party company.
Details of non-current trade and other debtors
£48,569 (2021 -£Nil) of Deferred tax assets is classified as non current. As not all deferred tax assets are expected to reverse within 12 months from the reporting date a portion has been classified as non-current.
Debtors pledged as security
The carrying amount of trade debtors pledged as security for liabilities amounted to £6,309,557 (2021 - £Nil).
Trade debtors have been pledged as security for company's invoice discounting facility.
Cash and cash equivalents |
2022 |
Unaudited |
|
Cash at bank |
|
|
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Note |
2022 |
Unaudited |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
Other creditors |
|
|
|
Directors loan |
|
- |
|
Accruals |
|
|
|
|
|
Other creditors include invoice discounting facilities which are secured to the value of £5,704,011 (2021 - £-).
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Rights, preferences and restrictions
Ordinary £1 shares have the following rights, preferences and restrictions: |
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Analysis of changes in net debt |
At 1 January 2022 |
Financing cash flows |
At 31 December 2022 |
|
Cash and cash equivalents |
|||
Cash |
335 |
1,359 |
1,694 |
Borrowings |
|||
Invoice discounting creditor |
- |
(5,704,011) |
(5,704,011) |
|
( |
( |
|
|
Related party transactions |
Key management compensation
2022 |
2021 |
|
Salaries and other short term employee benefits |
|
- |
Post-employment benefits |
|
- |
|
- |
Social Work Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
The company had the following related party balances owed to it/ (owed by it) at the reporting date.
2022 |
Unaudited |
|
Teber Group Limited (immediate parent company) |
- |
(102,251) |
Connect Exec Limited (fellow subsidiary with common parent) |
3,633 |
- |
Team Support Healthcare Limited (fellow subsidiary with common parent) |
(14,853) |
- |
Entrada Recruitment Group Limited (fellow subsidiary with common parent) |
138,859 |
- |
Twenty4Seven Education Limited (a company owned by W A Berritt, shown within Other debtors) |
151,353 |
- |
278,992 |
(102,251) |
Related party balances are unsecured, interest free and repayable on demand.
Financial instruments |
All financial instruments are treated as basic financial instruments as defined by Section 11 of FRS 102 and are held at amortised cost.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is