Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31312023-01-01false36falsefalsefalse 02450519 2023-01-01 2023-12-31 02450519 2022-01-01 2022-12-31 02450519 2023-12-31 02450519 2022-12-31 02450519 2022-01-01 02450519 1 2023-01-01 2023-12-31 02450519 1 2022-01-01 2022-12-31 02450519 4 2023-01-01 2023-12-31 02450519 4 2022-01-01 2022-12-31 02450519 5 2023-01-01 2023-12-31 02450519 5 2022-01-01 2022-12-31 02450519 d:CompanySecretary1 2023-01-01 2023-12-31 02450519 d:Director1 2023-01-01 2023-12-31 02450519 d:Director2 2023-01-01 2023-12-31 02450519 d:Director3 2023-01-01 2023-12-31 02450519 d:Director4 2023-01-01 2023-12-31 02450519 d:Director5 2023-01-01 2023-12-31 02450519 d:Director5 2023-12-31 02450519 d:RegisteredOffice 2023-01-01 2023-12-31 02450519 e:FurnitureFittings 2023-01-01 2023-12-31 02450519 e:FurnitureFittings 2023-12-31 02450519 e:FurnitureFittings 2022-12-31 02450519 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02450519 e:OfficeEquipment 2023-01-01 2023-12-31 02450519 e:OfficeEquipment 2023-12-31 02450519 e:OfficeEquipment 2022-12-31 02450519 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02450519 e:ComputerEquipment 2023-01-01 2023-12-31 02450519 e:ComputerEquipment 2023-12-31 02450519 e:ComputerEquipment 2022-12-31 02450519 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02450519 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02450519 e:CurrentFinancialInstruments 2023-12-31 02450519 e:CurrentFinancialInstruments 2022-12-31 02450519 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02450519 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02450519 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 02450519 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 02450519 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 02450519 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 02450519 e:ReportableOperatingSegment3 2023-01-01 2023-12-31 02450519 e:ReportableOperatingSegment3 2022-01-01 2022-12-31 02450519 f:UnitedKingdom 2023-01-01 2023-12-31 02450519 f:UnitedKingdom 2022-01-01 2022-12-31 02450519 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 02450519 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 02450519 f:RestWorldOutsideUK 2023-01-01 2023-12-31 02450519 f:RestWorldOutsideUK 2022-01-01 2022-12-31 02450519 e:UKTax 2023-01-01 2023-12-31 02450519 e:UKTax 2022-01-01 2022-12-31 02450519 e:ShareCapital 2023-12-31 02450519 e:ShareCapital 2022-12-31 02450519 e:ShareCapital 2022-01-01 02450519 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02450519 e:RetainedEarningsAccumulatedLosses 2023-12-31 02450519 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02450519 e:RetainedEarningsAccumulatedLosses 2022-12-31 02450519 e:RetainedEarningsAccumulatedLosses 2022-01-01 02450519 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02450519 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02450519 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-12-31 02450519 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2022-12-31 02450519 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02450519 d:OrdinaryShareClass1 2023-12-31 02450519 d:OrdinaryShareClass1 2022-12-31 02450519 d:OrdinaryShareClass2 2023-01-01 2023-12-31 02450519 d:OrdinaryShareClass2 2023-12-31 02450519 d:OrdinaryShareClass2 2022-12-31 02450519 d:FRS102 2023-01-01 2023-12-31 02450519 d:Audited 2023-01-01 2023-12-31 02450519 d:FullAccounts 2023-01-01 2023-12-31 02450519 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02450519 e:Subsidiary1 2023-01-01 2023-12-31 02450519 e:Subsidiary1 1 2023-01-01 2023-12-31 02450519 e:WithinOneYear 2023-12-31 02450519 e:WithinOneYear 2022-12-31 02450519 e:BetweenOneFiveYears 2023-12-31 02450519 e:BetweenOneFiveYears 2022-12-31 02450519 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 02450519 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-12-31 02450519 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-12-31 02450519 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2022-12-31 02450519 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2023-12-31 02450519 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2022-12-31 02450519 6 2023-01-01 2023-12-31 02450519 g:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number:  02450519














SCANTEC PERSONNEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
SCANTEC PERSONNEL LIMITED
 
 
COMPANY INFORMATION


Directors
Karen Bates 
Peter Jeffrey Bates 
John Edward Robinson 
Penelope Fay Robinson 
Andrea Davison (appointed 20 March 2023)




Company secretary
Penelope Fay Robinson



Registered number
02450519



Registered office
Spinnaker House
Morpeth Wharf

Birkenhead

Wirral

CH41 1LF




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
SCANTEC PERSONNEL LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 28


 
SCANTEC PERSONNEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business
 
Financial performance has been analysed as follows: -
     
 2023  2022  Movement
 Gross Fees (£’000)   4,142  4,934  (792)
 Gross Fees Margin (%)  10.6  12.4  (1.8) 
 Gross Fees per Head (£’000) 134  137  (3)
 Operating Profit (£’000)  1,023  1,544  (521)
The performance of the business for the year ended 31 December 2023 demonstrates the business continues to improve its financial position post Covid-19. This is confirmation that all the work on improving processes and systems within the business has been successful, allowing Scantec Personnel Limited to continuously improve its position within the market since 2020.

Principal risks and uncertainties
 
The company is exposed to varying levels of risk under the main functions of service delivery, sales, people, finance, IT and compliance.
  
A risk register exists for each of these functions, which records a calculated score for the risk headings, how these risks may arise and the mitigating actions that are in place to reduce the impact of those risks.
Management strongly believes that for each risk present in the business there is an equal and opposite opportunity to review and consider as part of the delivery of the company’s key objectives.
The company funds both its operations and capital investment program through retained profits. A key financial objective for management is to retain sufficient liquid funds to enable the company to meet its day-to-day creditor obligations, minimise the company’s exposure to fluctuating interest rates.
Development and performance
Future developments
New processes have been put in place to ensure any new risks are mitigated for all parties. We have invested in a compliance tool which has provided a much quicker and accurate process for the onboarding of contractors which ensures that the relevant documentation for IR35 is obtained.

Financial key performance indicators
 
The company uses a range of industry specific, tailored KPIs to monitor the company's profitability and working capital requirements.


This report was approved by the board on 31 July 2024 and signed on its behalf.



P J Bates
Director

Page 1

 
SCANTEC PERSONNEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of specialist Technical and Engineering recruitment for the provision of temporary assignments, permanent placements and retained supply in the UK and overseas.

Results and dividends

The profit for the year, after taxation, amounted to £741,989 (2022 - £1,211,829).

Ordinary dividends were paid amounting to £nil (2022: £354,000). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

Karen Bates 
Peter Jeffrey Bates 
John Edward Robinson 
Penelope Fay Robinson 
Andrea Davison (appointed 20 March 2023)

Page 2

 
SCANTEC PERSONNEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instruments

The company makes little use of financial instruments other than its operational bank accounts and so its exposure to price risk, credit risk, liquidity risk and cashflow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year.  These provisions remain in force at the reporting date.

Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's  strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the company's future developments.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 July 2024 and signed on its behalf.
 





P J Bates
Director

Page 3

 
SCANTEC PERSONNEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCANTEC PERSONNEL LIMITED
 

Opinion


We have audited the financial statements of Scantec Personnel Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 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.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
SCANTEC PERSONNEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCANTEC PERSONNEL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.


Page 5

 
SCANTEC PERSONNEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCANTEC PERSONNEL LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with those frameworks by making enquiries of management.
 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• Enquiries of management; and
• Journal entry testing, with a focus on journals indicating large or unusual transactions based on our 
          understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. 
We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. 

 
Page 6

 
SCANTEC PERSONNEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCANTEC PERSONNEL LIMITED (CONTINUED)


Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Mr Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants & Statutory Auditor
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

31 July 2024
Page 7

 
SCANTEC PERSONNEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
39,040,028
39,806,489

Cost of sales
  
(34,898,411)
(34,872,172)

Gross profit
  
4,141,617
4,934,317

Administrative expenses
  
(3,118,970)
(3,391,145)

Other operating income
 5 
851
610

Operating profit
 6 
1,023,498
1,543,782

Interest payable and similar expenses
 10 
(34,413)
(48,145)

Profit before tax
  
989,085
1,495,637

Tax on profit
 11 
(247,096)
(283,808)

Profit for the financial year
  
741,989
1,211,829

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 8

 
SCANTEC PERSONNEL LIMITED
REGISTERED NUMBER: 02450519

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
40,955
48,540

Investments
 14 
201
201

  
41,156
48,741

Current assets
  

Debtors: amounts falling due within one year
 15 
4,671,271
4,689,360

Cash at bank and in hand
 16 
456,485
856,745

  
5,127,756
5,546,105

Creditors: amounts falling due within one year
 17 
(2,557,624)
(3,725,547)

Net current assets
  
 
 
2,570,132
 
 
1,820,558

Total assets less current liabilities
  
2,611,288
1,869,299

  

Net assets
  
2,611,288
1,869,299


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
2,611,188
1,869,199

  
2,611,288
1,869,299


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




P J Bates
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
SCANTEC PERSONNEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
1,869,199
1,869,299



Profit for the year
-
741,989
741,989


At 31 December 2023
100
2,611,188
2,611,288


The notes on pages 13 to 28 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
1,011,370
1,011,470



Profit for the year
-
1,211,829
1,211,829

Dividends: Equity capital
-
(354,000)
(354,000)


At 31 December 2022
100
1,869,199
1,869,299


The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
SCANTEC PERSONNEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
741,989
1,211,829

Adjustments for:

Depreciation of tangible assets
14,303
12,545

Interest paid
34,413
48,145

Taxation charge
247,096
283,808

Decrease/(increase) in debtors
18,088
(339,326)

(Decrease)/increase in creditors
(1,124,093)
4,145

Corporation tax (paid)
(282,353)
(189,128)

Net cash generated from operating activities

(350,557)
1,032,018


Cash flows from investing activities

Purchase of tangible fixed assets
(6,719)
(51,856)

Net cash from investing activities

(6,719)
(51,856)

Cash flows from financing activities

Dividends paid
-
(354,000)

Interest paid
(34,413)
(48,145)

Net cash used in financing activities
(34,413)
(402,145)

Net (decrease)/increase in cash and cash equivalents
(391,689)
578,017

Cash and cash equivalents at beginning of year
848,169
270,152

Cash and cash equivalents at the end of year
456,480
848,169


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
456,485
856,745

Bank overdrafts
(5)
(8,576)

456,480
848,169


The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
SCANTEC PERSONNEL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

856,745

(400,260)

456,485

Bank overdrafts

(8,576)

8,571

(5)


848,169
(391,689)
456,480

The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Scantec Personnel Limited is a private company limited by shares incorporated in England and Wales.  he registered office is Spinnaker House, Morpeth Wharf, Twelve Quays, Birkenhead, Wirral, CH41 1LF.  The company number is 02450519.  These financial statements present the results of the company as an individual entity.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a strong expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion management have produced forecasts on cashflow and profitability for the year ending 31 December 2024, which has been sensitised for such factors as a reduction in Gross Fees performance. These forecasts are as realistic as possible based on information currently available, the results of which indicate the company will have sufficient financial headroom as well as returning a significantly improved profit in the next two years. The main source of funding continues to be via the company’s invoice discounting  facility. Therefore, with due consideration of the above, the directors are comfortable adopting the going concern basis of accounting in the preparing the financial statements. 

  
2.3

Turnover

Turnover represents the amount of services provided in the year in respect of the supply of temporary staff, excluding value added tax, together with the supply of permanent staff placements where turnover is recognised when the commencement date of the individual's employment is confirmed and a right to consideration is then obtained.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straightline
Office equipment
-
33%
straightline
Computer equipment
-
33%
straightline

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

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. 

  
2.6

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.
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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Page 15

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

  
2.12

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.

Page 16

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.14

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.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.17

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.18

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies 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.
In the opinion of the directors there are no critical accounting estimates and assumptions that could cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fee income from temporary assignments
38,345,163
37,859,707

Staff placements
639,170
1,877,244

Other income
55,695
69,538

39,040,028
39,806,489


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
34,586,438
36,265,757

Europe
4,453,590
3,462,912

Rest of the world
-
77,820

39,040,028
39,806,489


Page 19

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Sundry income
851
610

851
610



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
90,916
(22,746)

Other operating lease rentals
128,000
128,000

Depreciation of owned assets
14,303
12,545


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,000
15,235

Page 20

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,835,178
2,210,527

Social security costs
219,166
275,749

Cost of defined contribution scheme
46,855
55,571

2,101,199
2,541,847


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management and administration
12
12



Recruitment
19
24

31
36


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
335,992
210,676

335,992
210,676


The highest paid director received remuneration of £188,533 (2022 - £190,094).


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
-
15,510

Other interest payable
34,413
32,635

34,413
48,145

Page 21

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
247,096
283,808


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
989,085
1,495,637


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
232,633
284,171

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,160
830

Effect of a change in tax rate leading to an increase (decrease) in taxation
1,684
-

Other timing differences leading to an increase (decrease) in taxation
11,320
-

Deferred tax not recognised
299
(1,193)

Total tax charge for the year
247,096
283,808


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Ordinary shares
-
354,000

-
354,000

Page 22

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
82,873
49,497
150,834
283,204


Additions
1,168
992
4,559
6,719



At 31 December 2023

84,041
50,489
155,393
289,923



Depreciation


At 1 January 2023
40,499
48,319
145,846
234,664


Charge for the year on owned assets
9,440
778
4,086
14,304



At 31 December 2023

49,939
49,097
149,932
248,968



Net book value



At 31 December 2023
34,102
1,392
5,461
40,955



At 31 December 2022
42,374
1,178
4,988
48,540

Page 23

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
201



At 31 December 2023
201





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Scantec Resources Limited
Spinnaker House, Morpeth Wharf, Birkenhead, Wirral, CH41 1LF
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Scantec Resources Limited
201


15.


Debtors

2023
2022
£
£


Trade debtors
4,478,063
4,534,493

Other debtors
85,807
27,529

Prepayments and accrued income
107,401
127,338

4,671,271
4,689,360


Page 24

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
456,485
856,745

Less: bank overdrafts
(5)
(8,576)

456,480
848,169


The bank have a debenture which is secured, by fixed and floating charge, on the assets of the company.


17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans and overdrafts
5
8,576

Trade creditors
40,549
38,308

Corporation tax
248,550
283,808

Other taxation and social security
478,245
567,712

Other creditors
1,302,578
2,486,370

Accruals and deferred income
487,697
340,773

2,557,624
3,725,547


Included within other creditors is an amount of £120,224 (2022: £1,451,507) relating to the Invoice  Discounting Facility. The Invoice Discounting Facility is secured by a fixed and floating charge over the assets of the company.

Page 25

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
456,485
856,745

Financial assets that are debt instruments measured at amortised cost
4,563,870
4,562,022

5,020,355
5,418,767


Financial liabilities


Financial liabilities measured at amortised cost
(1,813,729)
(2,874,027)


Financial assets measured at fair value through profit or loss comprise of bank and cash.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,960 (2022 - 9,960) Ordinary shares of 1p each shares of £0.01 each
100
100
40 (2022 - 40) Ordinary B shares at 1p each shares of £0.01 each
-
-

100

100

The company has two classes of ordinary shares, being 9,960 Ordinary shares of 1p each amounting to  £99.60 and 40 B Ordinary shares of 1p each amounting to 40p. Ordinary shares are full voting shares and participate in capital distribution. B Ordinary shares are non-voting shares, are not entitled to participate in any capital distribution and are not redeemable.



20.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 26

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Pension commitments

The Company operates a defined contributions pension scheme for all qualifiying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £43,306 (2023: £55,571) . Contributions totalling £1,776 (2022: £10,352) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

As lessee:


Not later than 1 year
128,000
128,000

Later than 1 year and not later than 5 years
256,000
384,000

384,000
512,000

2023
2022

£
£

As lessor:


Not later than 1 year
41,000
-

Later than 1 year and not later than 5 years
81,339
-

122,339
-


23.


Related party transactions

During the year the company entered into the following transactions with related parties:
JE Robinson, PF Robinson and PJ Bates are directors of both Scantec Personnel Limited and JE Robinson Engineering Limited. Consultants fees of £106,767 (2022: £106,767) are payable to JE Robinson Engineering Limited for the services of JE Robinson during the year.
Rent of £128,000 (2022: £128,000) was payable to the JE Robinson and PJ Bates self invested personal pension funds during the year.  A balance of £nil (2022: £nil) was outstanding at the year end.
During the year dividends totalling £nil (2022: £354,000) were paid to the shareholders.
Included within other debtors is a balance of £60,000 (2022: £nil) owed from the directors to the company.

Page 27

 
SCANTEC PERSONNEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Ultimate controlling party

The company is controlled by JE Robinson by virtue of his majority shareholding.

 
Page 28