Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30false796truetruetrue2022-10-01Temporary employment agency activitiesfalse888truefalse 05139457 2022-10-01 2023-09-30 05139457 2021-10-01 2022-09-30 05139457 2023-09-30 05139457 2022-09-30 05139457 2021-10-01 05139457 1 2022-10-01 2023-09-30 05139457 d:CompanySecretary1 2022-10-01 2023-09-30 05139457 d:Director1 2022-10-01 2023-09-30 05139457 d:Director2 2022-10-01 2023-09-30 05139457 d:RegisteredOffice 2022-10-01 2023-09-30 05139457 d:Agent1 2022-10-01 2023-09-30 05139457 c:FurnitureFittings 2022-10-01 2023-09-30 05139457 c:FurnitureFittings 2023-09-30 05139457 c:FurnitureFittings 2022-09-30 05139457 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05139457 c:ComputerEquipment 2022-10-01 2023-09-30 05139457 c:ComputerEquipment 2023-09-30 05139457 c:ComputerEquipment 2022-09-30 05139457 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05139457 c:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 05139457 c:OtherPropertyPlantEquipment 2023-09-30 05139457 c:OtherPropertyPlantEquipment 2022-09-30 05139457 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05139457 c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05139457 c:CurrentFinancialInstruments 2023-09-30 05139457 c:CurrentFinancialInstruments 2022-09-30 05139457 c:Non-currentFinancialInstruments 2023-09-30 05139457 c:Non-currentFinancialInstruments 2022-09-30 05139457 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 05139457 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 05139457 e:UnitedKingdom 2022-10-01 2023-09-30 05139457 e:UnitedKingdom 2021-10-01 2022-09-30 05139457 c:UKTax 2022-10-01 2023-09-30 05139457 c:UKTax 2021-10-01 2022-09-30 05139457 c:ShareCapital 2022-10-01 2023-09-30 05139457 c:ShareCapital 2023-09-30 05139457 c:ShareCapital 2021-10-01 2022-09-30 05139457 c:ShareCapital 2022-09-30 05139457 c:ShareCapital 2021-10-01 05139457 c:SharePremium 2022-10-01 2023-09-30 05139457 c:SharePremium 2023-09-30 05139457 c:SharePremium 2021-10-01 2022-09-30 05139457 c:SharePremium 2022-09-30 05139457 c:SharePremium 2021-10-01 05139457 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 05139457 c:RetainedEarningsAccumulatedLosses 2023-09-30 05139457 c:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 05139457 c:RetainedEarningsAccumulatedLosses 2022-09-30 05139457 c:RetainedEarningsAccumulatedLosses 2021-10-01 05139457 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 05139457 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-09-30 05139457 c:TaxLossesCarry-forwardsDeferredTax 2023-09-30 05139457 c:TaxLossesCarry-forwardsDeferredTax 2022-09-30 05139457 d:OrdinaryShareClass1 2022-10-01 2023-09-30 05139457 d:OrdinaryShareClass1 2023-09-30 05139457 d:OrdinaryShareClass1 2022-09-30 05139457 d:OrdinaryShareClass2 2022-10-01 2023-09-30 05139457 d:OrdinaryShareClass2 2023-09-30 05139457 d:OrdinaryShareClass2 2022-09-30 05139457 d:FRS102 2022-10-01 2023-09-30 05139457 d:Audited 2022-10-01 2023-09-30 05139457 d:FullAccounts 2022-10-01 2023-09-30 05139457 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05139457 c:Subsidiary1 2022-10-01 2023-09-30 05139457 c:Subsidiary1 1 2022-10-01 2023-09-30 05139457 c:WithinOneYear 2023-09-30 05139457 c:WithinOneYear 2022-09-30 05139457 c:BetweenOneFiveYears 2023-09-30 05139457 c:BetweenOneFiveYears 2022-09-30 05139457 6 2022-10-01 2023-09-30 05139457 7 2022-10-01 2023-09-30 05139457 f:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05139457









PREMIER WORK SUPPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PREMIER WORK SUPPORT LIMITED
 
 
COMPANY INFORMATION


Directors
Joseph Green 
Darren Liebman 




Company secretary
Joseph Green



Registered number
05139457



Registered office
Magma House 16 Davy Court,
Castle Mound Way,

Rugby,

CV23 0UZ




Independent auditors
Fraser Russell Limited

77 Francis Road

Birmingham

B16 8SP




Bankers
Santander UK PLC
2 Triton Square

Regent's Place

London

NW1 3AN





 
PREMIER WORK SUPPORT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12 - 13
Notes to the Financial Statements
14 - 31


 
PREMIER WORK SUPPORT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The Directors present their Report and the Financial Statements for the year ended 30 September 2023.

Business review
 
During the challenging year for the UK economy, the Company's performance is testament to the quality and loyalty of employees and clients.
The Company expects to continue to maintain its performance based on the business' robust fundamentals placing it in a good position to benefit from the expected improvement in the UK economy.
The directors continually review the marketplace and manage the risks to maintain and improve the Company's performance.

Position at the year end
At the year end the Company has net current assets of £2,372,526 (£1,495,638) and net assets of £2,385,507  (£1,514574).

Overall the management are satisfied that there has been an improvement on the balance sheet position of the Company.
The Company has received an assessment from HMRC covering the accounting periods from 2010 to 2016. We are challenging all Advance Payment Notices (APNs) and demands issued for these periods, asserting that they were improperly raised, and in some cases, issued on a precautionary basis while technical aspects are being reviewed and disputed. We do not believe that a liability exists, and there is no case law supporting the enforcement of these past APNs. Consequently, the APNs from these earlier periods are no longer being pursued. As it appears that there is no possible outflow, a contingent liability has been  disclosed. 

Principal risks and uncertainties
 
The Company's operations expose it to a variety of financial risks that include the effects of those listed below. 
The Company has in place a risk management program that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The Company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of Directors are implemented by the finance department.
Price risk
The Company is exposed to price risk due to normal inflationary increases in the price of services purchased and increases made to the UK national living wage. The Company has no exposure to equity securities as it holds no listed or other equity investments.
Liquidity risk
The Company actively maintains short-term debt finance that is designed to ensure that the Company has sufficient available funds for operations and planned expansions.
The Company has interest bearing liabilities. The Company has a policy of maintaining debt to ensure certainty
Page 1

 
PREMIER WORK SUPPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

of future interest cash flows. The directors will revisit the appropriateness of this policy if the Company's operations change in size or nature.

Engagement with employees and Health and safety of employees
The Company places considerable value on the involvement of its employees. In response to evolving regulatory requirements of employment right, national minimum wage, health and safety, employment agency and other regulations relation to the employment and best practices, the Company has implemented comprehensive policies for continue development in regulations, regular training programs for laws and regulations, and rigorous risk assessment procedures.
Maintaining the highest standards of health and safety remains a core priority for the Company and it is committed to providing a safe and healthy working environment for all employees, clients, and stakeholders. By prioritising health and safety, the Company not only protects its workforce but also enhance operational efficiency and uphold our reputation as a responsible and caring employer.
Company's policy for payment of creditors
All creditors will be paid in accordance with the credit limits mutually agreed upon by the company and its creditors. These limits are reviewed and updated periodically to ensure timely and accurate payments.
Pension scheme
The Company operates a defined contribution pension scheme. This is regularly reviewed by the directors for performance to ensure it meets the employee expectations.
Engagement with suppliers, customers and others
The Company recognizes that engaging with its stakeholders is crucial to achieving its strategic goals and fostering responsible business practices that drive long-term sustainable growth. 
Customers
The Company strives to achieve and maintain good customer relationships, a key ingredient is regular dialogue. These relationships culminate in long term contracts, ensuring continuity and achieving the strategic goal.
Community and environment
The Company is deeply committed to environmental sustainability and takes its ecological responsibilities very seriously and is dedicated to reducing its carbon footprint through ongoing evaluations of its energy consumption. By implementing these measures, it aims to minimize the environmental impact and contribute positively to a sustainable future
Greenhouse gas emissions, energy consumption and energy efficiency action
UK Greenhouse gas emissions and energy use data for the period 1 October 2022 to 30 September 2023
                                                                                                              KWh      tCO2e      KWh    tCO2e
                                                                                                              2023       2023        2022    2022
Electricity                                                                                           185,000          39    185,000       39
Average number of employees                                                                   796         796          888     888
 
Per employee                                                                                           232          .05          208      .04
Energy consumption figures taken from energy bills and converted to metric tonnes of CO2e using relevant UK conversion factors
Page 2

 
PREMIER WORK SUPPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Financial key performance indicators
 
Given the nature of business, the directors believe the only necessary KPI's that given an understanding of the development, performance or position of the business to be: turnover, margin percentage and profit before tax.

Other key performance indicators
 
The Company's non Financial key performance indicators include customer retention and customer satisfaction.


This report was approved by the board on 21 August 2024 and signed on its behalf.



Joseph Green
Director

Page 3

 
PREMIER WORK SUPPORT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 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.

Results and dividends

The profit for the year, after taxation, amounted to £870,933 (2022 - £740,371).

No dividends were declared for the year ended 30 September 2023.

Directors

The directors who served during the year were:

Joseph Green 
Darren Liebman 

Financial instruments
The Company uses financial instruments, which include cash borrowings, cash and other liquid resources. The main risks arising from the company's financial instruments are interest rate and liquidity risk. The directors regularly review and agree policies for the mitigation of these risks.
Principal activity
The principal activity of the Company in the year under review was that of a holding and temporary recruitment services.

Page 4

 
PREMIER WORK SUPPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Future developments

The directors anticipate that the next financial year will present ongoing challenges. However, they remain optimistic that the Company's pro active strategies will allow it to capitalise on any improvement in the economy and market opportunities as they arise.

Disabled employees

During the year, the policy of providing employees with information about the company has been continued through internal media methods. Regular meeting are held between management and employees to allow a free flow of information and ideas.

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 auditorsFraser Russell Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 August 2024 and signed on its behalf.
 





Joseph Green
Director

Page 5

 
PREMIER WORK SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER WORK SUPPORT LIMITED
 

Opinion


We have audited the financial statements of Premier Work Support Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 30 September 2023 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 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 6

 
PREMIER WORK SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER WORK SUPPORT 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 4, 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 7

 
PREMIER WORK SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER WORK SUPPORT 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; through communications with other group auditors, through communications with legal counsel, and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of noncompliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly the company is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: operating licences; employment legislation; health and safety legislation; trade and export legislation; legislation relevant to the commercial/domestic property rental environment; the regulatory requirements; GDPR; anti-bribery and corruption legislation.
International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
• Challenging assumptions made by management in its significant accounting estimates in particular;
• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management;
• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
• Ensuring that testing undertaken on both the Statement of Comprehensive Income including Profit or Loss
Page 8

 
PREMIER WORK SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER WORK SUPPORT LIMITED (CONTINUED)


Account and the Balance Sheet includes a number of items selected on a random basis;
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing noncompliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.


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.





Shokat Zaman (Senior Statutory Auditor)
  
for and on behalf of
Fraser Russell Limited
 
77 Francis Road
Birmingham
B16 8SP
 

21 August 2024
Page 9

 
PREMIER WORK SUPPORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,067,983
20,633,430

Cost of sales
  
(14,759,363)
(16,637,790)

Gross profit
  
3,308,620
3,995,640

Administrative expenses
  
(4,008,707)
(3,030,469)

Operating (loss)/profit
  
(700,087)
965,171

Interest payable and similar expenses
 9 
(113,720)
(57,400)

(Loss)/profit before tax
  
(813,807)
907,771

Tax on (loss)/profit
 10 
1,684,740
(167,400)

Profit for the financial year
  
870,933
740,371

Other comprehensive income for the year
  

Total comprehensive income for the year
  
870,933
740,371

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
PREMIER WORK SUPPORT LIMITED
REGISTERED NUMBER: 05139457

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
12,913
18,868

Investments
 12 
68
68

  
12,981
18,936

Current assets
  

Debtors: amounts falling due after more than one year
 13 
400,060
677,000

Debtors: amounts falling due within one year
 13 
6,239,752
7,615,374

Cash at bank and in hand
 14 
10,607
105,048

  
6,650,419
8,397,422

Creditors: amounts falling due within one year
 15 
(4,277,893)
(6,901,784)

Net current assets
  
 
 
2,372,526
 
 
1,495,638

Total assets less current liabilities
  
2,385,507
1,514,574

  

Net assets
  
2,385,507
1,514,574


Capital and reserves
  

Called up share capital 
 19 
179
179

Share premium account
 20 
249,960
249,960

Profit and loss account
 20 
2,135,368
1,264,435

  
2,385,507
1,514,574


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.




Joseph Green
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 11

 
PREMIER WORK SUPPORT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
179
249,960
1,264,435
1,514,574


Comprehensive income for the year

Profit for the year

-
-
870,933
870,933


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
870,933
870,933


Total transactions with owners
-
-
-
-


At 30 September 2023
179
249,960
2,135,368
2,385,507


The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
PREMIER WORK SUPPORT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021
179
249,960
524,064
774,203


Comprehensive income for the year

Profit for the year

-
-
740,371
740,371


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
740,371
740,371


Total transactions with owners
-
-
-
-


At 30 September 2022
179
249,960
1,264,435
1,514,574


The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Premier Work Support Limited is a private company limited with ordinary share capital. The company was incorporated on 27 May 2004, having a a registered office address of Magma House 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ, with a registration number of 05139457. The company's principal activities and nature of its business are as shown in the strategic and directors reports which form part of this annual report and financial statements.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Prem Work Limited as at 30 September 2023 and these financial statements may be obtained from Magma House 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ.

 
2.3

Going concern

As at 30 September 2023, the Company had net current assets of £2,372,526 and net assets of £2,385,507. The directors have assessed the future cash flow while taking into consideration the liabilities as detailed in notes 15 and 16. They believe that the Company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements. In addition, the Company wil receive support from its parent companies as and when required.

Page 14

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

 
2.6

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.

Page 15

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Page 16

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.12

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.

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:

Fixtures and fittings
-
15%
Computer equipment
-
33%
Improvements to the Land
-
10%

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

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 17

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

  
2.15

Invoice discounting

The gross amount of invoice discounted debts is included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Factoring charges and interest are recognised in the profit and loss account as they accrue..

 
2.16

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.

 
2.17

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.

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.19

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.

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.

Page 18

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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

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.

Page 19

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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.

Derecognition 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the Directors are required to make judgments, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. During the year, the company reviewed its estimates containing depreciation, provisions, including accruals and prepayments and that of bad debts and no areas of material uncertainty were noted.


4.


Turnover

2023
2022
£
£

United Kingdom
18,067,983
20,633,430

18,067,983
20,633,430


Page 20

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
159,191
200,800

Depreciation
7,692
7,680


6.


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
19,630
17,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2023
2022
£
£

Wages and salaries
15,310,977
17,104,190

Social security costs
1,106,562
1,264,000

Pension Costs
151,756
154,000

16,569,295
18,522,190


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


        2023
        2022
            No.
            No.







Temporary
755
844



Adminsitration
29
33



Management
12
11

796
888

Page 21

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
6,690
4,927

6,690
4,927


The highest paid director received remuneration of £NIL (2022 - £NIL).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

The total accrued pension provision of the highest paid director at 30 September 2023 amounted to £NIL (2022 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 30 September 2023 amounted to £NIL (2022 - £NIL).


9.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
113,720
57,400

113,720
57,400

Page 22

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(1,737,337)
167,400


(1,737,337)
167,400


Total current tax
(1,737,337)
167,400

Deferred tax


Origination and reversal of timing differences
52,597
-

Total deferred tax
52,597
-


Tax on (loss)/profit
(1,684,740)
167,400
Page 23

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(813,807)
907,771


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(203,452)
172,476

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
287,046
(5,076)

Change in tax rates from 19% to 25%
(10,031)
-

Adjustments to tax charge in respect of prior periods
(1,810,900)
-

Short-term timing difference leading to an increase (decrease) in taxation
52,597
-

Total tax charge for the year
(1,684,740)
167,400


Factors that may affect future tax charges

In the Spring Budget of 2021, It was announced that the main rate of Corporation tax would increase to 25% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using their enacted tax rates and applied in their financial statements.
The adjustments to tax charge in respect of prior period of £1,810,900 is related to the Advanced Payment Notices (APNs) issued to the company. As already noted in the Strategic Report and note 21, this is now recognised as a contingent liability.

Page 24

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 October 2022
111,138
330,087
69,314
510,539


Additions
-
1,737
-
1,737



At 30 September 2023

111,138
331,824
69,314
512,276



Depreciation


At 1 October 2022
111,138
328,771
51,762
491,671


Charge for the year on owned assets
-
492
7,200
7,692



At 30 September 2023

111,138
329,263
58,962
499,363



Net book value



At 30 September 2023
-
2,561
10,352
12,913



At 30 September 2022
-
1,316
17,552
18,868


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
68



At 30 September 2023
68




Page 25

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Work Support Ltd
Magma House 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, England, CV23 0UZ
Ordinary Shares
100%

The aggregate of the share capital and reserves as at 30 September 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Work Support Ltd
(1,606)
-

Page 26

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
400,060
677,000

400,060
677,000


2023
2022
£
£

Due within one year

Trade debtors
3,095,480
3,312,311

Amounts owed by group undertakings
2,470,538
3,338,827

Amounts owed by related parties
141,065
114,022

Other debtors
50,000
128,663

Prepayments and accrued income
482,669
668,954

Deferred taxation
-
52,597

6,239,752
7,615,374


Trade debtors includes £1,999,317 (£2,780,823) of invoice discounted debts.


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,607
105,048

10,607
105,048


Page 27

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans (factoring loan)
1,999,317
2,780,823

Trade creditors
120,836
69,927

Corporation tax
95,071
1,974,192

Other taxation and social security
766,059
1,068,734

Other creditors
869,737
540,011

Accruals and deferred income
426,873
468,097

4,277,893
6,901,784


The following liabilities were secured:

2023
2022
£
£



Factoring loan
1,999,317
2,780,823

1,999,317
2,780,823

Details of security provided:

Asset based lending is secured via fixed and floating charge over the company's leased property, bearing an interest rate over the Bank of England base rate.This facility is cross guaranteed by Prem Prop Limited and Premier Work Holdings Limited which are related entities due to having common directorship and ownership.


16.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans (Factoring loans)
1,999,318
2,780,823


1,999,318
2,780,823




1,999,318
2,780,823


Page 28

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
10,607
105,048




Financial assets measured at fair value through profit or loss comprise.


18.


Deferred taxation




2023


£






At beginning of year
52,597


Utilised in year
(52,597)



At end of year
-

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
-
52,597

-
52,597


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



51,361 (2022 - 51,361) Ordinary Shares - Class A shares of - £0.01 each
51
51
128,403 (2022 - 128,403) Ordinary Shares - Class B shares of - £0.001 each
128
128

179

179


Page 29

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Reserves

Share premium account

In relation to shares issued at premium with the premium value shown in the Share premium account

Profit and loss account

The profit or loss account includes all current and prior period retained profits or losses.


21.


Contingent liabilities

The Company has received an assessment from HMRC covering the accounting periods from 2010 to 2016. It is challenging all Advance Payment Notices (APNs) and demands issued for these periods, asserting that they were improperly raised, and in some cases, issued on a precautionary basis while technical aspects are being reviewed and disputed. The Company believes that a liability does not exists, and there is no case law supporting the enforcement of these past APNs. Consequently, the APNs from these earlier periods are no longer being pursued. As it appears that there is no possible outflow, a contingent liability has been disclosed. 


22.


Pension commitments

The company operates a defined contributions 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 £151,756 (2022: £154,000). Contributions totalling £57,601 (2022: £230,000) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
132,867
192,000

Later than 1 year and not later than 5 years
426,000
278,000

558,867
470,000

Page 30

 
PREMIER WORK SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

24.


Related party transactions

The company has taken advantage of the exemptions under Financial Reporting Standard No 102, not to disclose transactions with wholly owned companies in the same group with 100% common ownership.
Transactions between Group companies which have been eliminated on consolidation are not disclosed within the financial statements. 
Copies of the consolidated financial statements can be obtained from Magma House 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ.
During the year the Company made purchases of £158,000 (£82,000) from a company with a common directorship. As at 30 Sep 2023, there was a balance of £141,065 (£73,000) due from this company.
During the year the Company paid £87,600 (£78,000) in respect of consultancy fees to a company with a common directorship. As at 30 Sep 2023, there were a balance of £nil (£nil) due from this company.


25.


Third Party Guarantee

Prem Prop Ltd has a common directroship. A cross guarantee arrangement exists between Premier Work Support Limited and Prem Prop Limited in relation to a bank loan held in Prem Prop Limited. At 30 September 2023, the potential liability amounted to £1,755,765 (£1,867,000)


26.


Post balance sheet events

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


27.


Ultimate Parent Company

The company's ultimate parent undertaking is Prem Work Limited, a company registered in England and Wales. The consolidated group are prepared and are available to view on the public domain.


28.


Immediate Parent Company

The company was a wholly owned subsidiary of Premier Work Support Holdings Limited, a company incorporated in England & Wales, throughout the current and preceding year.


29.


Controlling party

Richard Blood is considered the ultimate controlling party by virtue of his majority shareholding in the ultimate parent company.

 
Page 31