Registered number:
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
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CORE PEOPLE LTD
COMPANY INFORMATION
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CORE PEOPLE LTD
CONTENTS
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CORE PEOPLE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
Core People Limited is a recruitment company specialising in the construction industry in the UK. The company’s main focus is the supply of temporary labour and permanent placements to our clients. During this financial year the company has increased its hire of plant equipment/machinery.
During the financial year, the company has seen another positive year with increases in gross profit as well as operating profits. This has been achieved with the same number of staff, therefore achieving greater productivity within the business as well as increasing the hire of plant/machinery arm of the business. The increase in productivity has been achieved by improved process efficiency.
The current economic climate makes up the principal risk and uncertainty for the business. Although inflation is now at the BOE target interest rates remain high which will prolong the slow down within the construction industry which would then have an impact on the amount of labour needed within the industry.
Continuing high interest rates and the appetite for risk in the financial markets has the potential to increase the costs on the business as well as lead to a reduction in available funds for construction projects in the coming years. The change in Government and the countries financial position could lead to higher taxes on corporations which would stifle growth if implemented.
The company key performance indicators are based on turnover and gross profit percentage. We have seen a decrease in turnover of 1.7%, however our gross profit margin has increased by 8.5% during the financial year, which has made the company more profitable.
The company measures it’s retention of customers, we managed to achieve only a 8% decrease on our existing customer base, however the company also measures the number of new customers onboarded which, where we have seen an increase of 10%. The company focuses on supplying the highest standard of operatives to its clients, which has led to an increase in turnover to its existing clients.
This report was approved by the board on 6 August 2024 and signed on its behalf.
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CORE PEOPLE LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2023
The director presents his report and the financial statements for the year ended 31 July 2023.
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £915,286 (2022 - £590,582).
During the financial period, no dividends have been paid (2021: NIL) and the directors do not reccomend any further dividends based on these financial statements.
The director who served during the year was:
The company aims to continue trading as they have done in previous years. No changes to operations are planned for the future.
The company continues to invest in research and development activities, the cost of which are recognised in intangible assets in the balance sheet.
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CORE PEOPLE LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
There have been no significant events affecting the Company since the year end.
The auditors, Hamlyns Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD
We have audited the financial statements of Core People Ltd (the 'Company') for the year ended 31 July 2023, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and the related notes, 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).
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.
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 financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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 director's report.
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD (CONTINUED)
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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Companies Act 2006, the reporting framework of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and UK taxation legislation. We understood how the company was complying with those frameworks through discussions with management and those charged with governance. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. Based on our understanding of the entity and its environment we identified the following areas as key risks and designed our audit approach as detailed to ensure material misstatements and irregularities would be detected in these areas: Management over-ride: We undertook testing of controls and systems to gain assurance these have been operating as expected during the period. We also performed journal testing to test the efficacy of journals posted during the period. Additionally, we have reviewed the disclosures in the accounts and the Directors report to ensure they agree with our findings from the audit testing carried out. Revenue recognition: The main area of risk identified with Income recognition lies with cut off and completion of income. To ensure this is not materially misstated or manipulated we have carried out substantive testing on income cut off and completion. Going concern: We have reviewed the latest financials and performed sensitivity testing on budgets and forecast, as well as testing the assumptions behind these. Hire purchase agreements: The main risk in regards to hire purchase agreements is that the liability will be understated. We have requested documentation for all additions in the year and are substantively testing a sample to ensure they are being correctly accounted for.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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CORE PEOPLE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE PEOPLE LTD (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Sundial House
High Street
Horsell
GU21 4SU
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CORE PEOPLE LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
REGISTERED NUMBER: 08607020
BALANCE SHEET
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 24 form part of these financial statements.
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CORE PEOPLE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Core People Ltd is a private company, limited by shares, registered in England and Wales, registration number 08607020. The registered office is Unit 2, Kings Court Burrows Lane, Gomshall, Guildford, Surrey, GU5 9QE.
2.Accounting policies
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:
Functional and presentation currency
Transactions and balances
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Software development is completed in stages, at each stage of completion the associated asset will be amortised over its useful life.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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 revsion affects both current and future periods. Key estimates: The following estimates have the most significant effect on amounts recognised in the financial statements. Deferred tax: A deferred tax asset of £1,301,168 has been netted off against a deferred tax liability of £1,404,748 in the financial statements. The directors consider this appropriate as future profits will be made.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
There were no factors that may affect future tax charges.
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CORE PEOPLE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
20.Deferred taxation (continued)
The Company operates a defined contributions pension scheme. 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 £1,080 (2022 - £3,011).
The company is controlled, by virtue of 100% ownership of the called up share capital, by it's director.
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