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REGISTERED NUMBER: SC467042 (Scotland)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2023

for

Connect Appointments Limited

Connect Appointments Limited (Registered number: SC467042)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Connect Appointments Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mrs D A Harper
W Sim





REGISTERED OFFICE: 200 Bath Street
Glasgow
Lanarkshire
G2 4HG





REGISTERED NUMBER: SC467042 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Connect Appointments Limited (Registered number: SC467042)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
Connect Appointments Limited offers Temporary and permanent recruitment services to clients across a variety of sectors and geographical areas.

The company retains a majority interest in the share capital of the following companies:
Connect Driver Solutions Ltd
Connect Driver Solutions North East Ltd
Connect Appointments North East Ltd
Connect Appointments Tayfife Ltd

The directors of the business are pleased to report a performance in line with expectations. Turnover has remained consistent with the previous at £28.75m (2022: £27.33m). Overall the directors consider the profitability of the business to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk management is addressed by the company through a structured framework of policies, procedures and internal controls.

STRATEGY
The company's strategy is to continue to deliver a service to clients that exceeds their expectations.

ON BEHALF OF THE BOARD:





Mrs D A Harper - Director


29 August 2024

Connect Appointments Limited (Registered number: SC467042)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of temporary employment agency activities.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 will be £557,372.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Mrs D A Harper
W Sim

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mrs D A Harper - Director


29 August 2024

Report of the Independent Auditors to the Members of
Connect Appointments Limited

Opinion
We have audited the financial statements of Connect Appointments Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Connect Appointments Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or non- compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Connect Appointments Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

29 August 2024

Connect Appointments Limited (Registered number: SC467042)

Statement of Comprehensive Income
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 28,749,595 27,335,578

Cost of sales (25,481,975 ) (24,494,143 )
GROSS PROFIT 3,267,620 2,841,435

Administrative expenses (2,780,675 ) (2,290,633 )
486,945 550,802

Other operating income 267,077 418,654
OPERATING PROFIT 4 754,022 969,456

Income from fixed asset investments 51,495 188,400
805,517 1,157,856

Interest payable and similar expenses 5 (30,547 ) (19,345 )
PROFIT BEFORE TAXATION 774,970 1,138,511

Tax on profit 6 (178,708 ) (196,015 )
PROFIT FOR THE FINANCIAL YEAR 596,262 942,496

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

596,262

942,496

Connect Appointments Limited (Registered number: SC467042)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 803,156 933,876
Investments 10 850 850
Investment property 11 1,381,976 1,135,712
2,185,982 2,070,438

CURRENT ASSETS
Debtors 12 4,524,273 4,438,808
Cash at bank 48,478 49,168
4,572,751 4,487,976
CREDITORS
Amounts falling due within one year 13 (5,018,332 ) (4,811,476 )
NET CURRENT LIABILITIES (445,581 ) (323,500 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,740,401

1,746,938

CREDITORS
Amounts falling due after more than one
year

14

(345,466

)

(384,393

)

PROVISIONS FOR LIABILITIES 18 (50,600 ) (57,100 )
NET ASSETS 1,344,335 1,305,445

CAPITAL AND RESERVES
Called up share capital 19 167 167
Retained earnings 1,344,168 1,305,278
SHAREHOLDERS' FUNDS 1,344,335 1,305,445

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Mrs D A Harper - Director


Connect Appointments Limited (Registered number: SC467042)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 164 939,615 939,779

Changes in equity
Issue of share capital 3 - 3
Dividends - (576,833 ) (576,833 )
Total comprehensive income - 942,496 942,496
Balance at 30 November 2022 167 1,305,278 1,305,445

Changes in equity
Dividends - (557,372 ) (557,372 )
Total comprehensive income - 596,262 596,262
Balance at 30 November 2023 167 1,344,168 1,344,335

Connect Appointments Limited (Registered number: SC467042)

Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 997,736 1,503,088
Interest paid (29,163 ) (16,903 )
Interest element of hire purchase payments
paid

(1,384

)

(2,442

)
Tax paid (138,868 ) (186,122 )
Net cash from operating activities 828,321 1,297,621

Cash flows from investing activities
Purchase of tangible fixed assets (9,190 ) (641,578 )
Purchase of fixed asset investments - (219 )
Purchase of investment property (246,264 ) (464,818 )
Sale of tangible fixed assets - 131,998
Dividends received 51,495 188,400
Net cash from investing activities (203,959 ) (786,217 )

Cash flows from financing activities
Loan repayments in year (41,425 ) (45,324 )
Capital repayments in year (18,509 ) (33,734 )
Amount introduced by directors 12,254 27,746
Amount withdrawn by directors (20,000 ) (10,000 )
Share issue - 3
Equity dividends paid (557,372 ) (576,833 )
Net cash from financing activities (625,052 ) (638,142 )

Decrease in cash and cash equivalents (690 ) (126,738 )
Cash and cash equivalents at beginning of
year

2

49,168

175,906

Cash and cash equivalents at end of year 2 48,478 49,168

Connect Appointments Limited (Registered number: SC467042)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.11.23 30.11.22
£    £   
Profit before taxation 774,970 1,138,511
Depreciation charges 139,911 128,809
Profit on disposal of fixed assets - (38,030 )
Finance costs 30,547 19,345
Finance income (51,495 ) (188,400 )
893,933 1,060,235
(Increase)/decrease in trade and other debtors (77,720 ) 145,457
Increase in trade and other creditors 181,523 297,396
Cash generated from operations 997,736 1,503,088

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 48,478 49,168
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 49,168 175,906


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank 49,168 (690 ) 48,478
49,168 (690 ) 48,478
Debt
Finance leases (21,012 ) 18,509 (2,503 )
Debts falling due within 1 year (47,000 ) 5,000 (42,000 )
Debts falling due after 1 year (381,891 ) 36,425 (345,466 )
(449,903 ) 59,934 (389,969 )
Total (400,735 ) 59,244 (341,491 )

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Connect Appointments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Motor vehicles - 25% on cost
Office equipment - 25% on cost

The company's policy is to review the remaining useful economic lives and residual value of all tangible fixed
assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fixed asset investments
Fixed asset investments are recognised at cost.

Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.


Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£    £   
Wages and salaries 20,948,108 23,183,696
Social security costs 1,442,021 1,249,297
Other pension costs 218,737 220,474
22,608,866 24,653,467

The average number of employees during the year was as follows:
30.11.23 30.11.22

Temporary staff 1,010 985
Permanent staff 41 40
1,051 1,025

30.11.23 30.11.22
£    £   
Directors' remuneration 24,967 20,217
Directors' pension contributions to money purchase schemes 7,687 3,113

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. OPERATING PROFIT

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

30.11.23 30.11.22
£    £   
Depreciation - owned assets 133,010 110,619
Depreciation - assets on hire purchase contracts 6,900 18,191
Profit on disposal of fixed assets - (38,030 )
Auditors' remuneration 17,075 15,420

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank interest 20,563 12,216
Bank loan interest 8,600 4,687
Hire purchase 1,384 2,442
30,547 19,345

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
UK corporation tax 185,208 138,915

Deferred tax (6,500 ) 57,100
Tax on profit 178,708 196,015

UK corporation tax has been charged at 23.01% (2022 - 19%).

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.23 30.11.22
£    £   
Profit before tax 774,970 1,138,511
Profit multiplied by the standard rate of corporation tax in the UK of
23.011% (2022 - 19%)

178,328

216,317

Effects of:
Expenses not deductible for tax purposes 9,626 7,787
Income not taxable for tax purposes (11,849 ) (50,124 )
Capital allowances in excess of depreciation - (17,669 )
Depreciation in excess of capital allowances 16,795 -
Deferred tax (6,500 ) 57,100
Previous year adjustment - 31
Allowable repairs capitalised (7,672 ) (17,427 )
Group relief (20 ) -
Total tax charge 178,708 196,015

7. DIVIDENDS
30.11.23 30.11.22
£    £   
Ordinary shares of £1 each
Final 557,372 576,833

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 150,000
AMORTISATION
At 1 December 2022
and 30 November 2023 150,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Office
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 598,962 17,996 479,176 95,862 1,191,996
Additions - - 4,271 4,919 9,190
At 30 November 2023 598,962 17,996 483,447 100,781 1,201,186
DEPRECIATION
At 1 December 2022 26,932 11,125 149,424 70,639 258,120
Charge for year 9,382 3,231 115,996 11,301 139,910
At 30 November 2023 36,314 14,356 265,420 81,940 398,030
NET BOOK VALUE
At 30 November 2023 562,648 3,640 218,027 18,841 803,156
At 30 November 2022 572,030 6,871 329,752 25,223 933,876

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022
and 30 November 2023 30,029
DEPRECIATION
At 1 December 2022 22,934
Charge for year 6,900
At 30 November 2023 29,834
NET BOOK VALUE
At 30 November 2023 195
At 30 November 2022 7,095

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 December 2022
and 30 November 2023 850
NET BOOK VALUE
At 30 November 2023 850
At 30 November 2022 850

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Connect Driver Solutions Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Employment Agency
%
Class of shares: holding
Ordinary 100.00

Connect Franchising Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Connect Site Services Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Connect Appointments North East Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Employment Agency
%
Class of shares: holding
Ordinary 70.00

DC Recruitment Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Connect Appointments Yorkshire Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Connect Appointments North West Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Connect Appointments Tayfife Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Employment Agency
%
Class of shares: holding
Ordinary 100.00

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. FIXED ASSET INVESTMENTS - continued

Connect Driver Solutions North West Ltd
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Employment Agency
%
Class of shares: holding
Ordinary 100.00

Connect Driver Solutions North East Ltd
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Employment Agency
%
Class of shares: holding
Ordinary 94.00

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 1,135,712
Additions 246,264
At 30 November 2023 1,381,976
NET BOOK VALUE
At 30 November 2023 1,381,976
At 30 November 2022 1,135,712

The investment property was purchased in January 2021 and is currently being extensively renovated. At the completion of the project the property will be revalued.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 4,462,079 4,384,526
Amounts owed by group undertakings 7,730 1,558
Other debtors 8,705 24,505
Directors' current accounts 20,000 12,254
Prepayments and accrued income 25,759 15,965
4,524,273 4,438,808

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 15) 42,000 47,000
Hire purchase contracts (see note 16) 2,503 18,510
Trade creditors 222,895 548,017
Amounts owed to group undertakings 200,647 99,565
Tax 185,223 138,883
Social security and other taxes 327,548 279,770
VAT 645,706 690,648
Other creditors 91,016 149,734
Advance from factor 2,801,018 2,321,189
Accrued expenses 499,776 518,160
5,018,332 4,811,476

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 15) 345,466 381,891
Hire purchase contracts (see note 16) - 2,502
345,466 384,393

15. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 42,000 47,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 345,466 381,891

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 2,503 18,510
Between one and five years - 2,502
2,503 21,012

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 27,347 7,839
Between one and five years 10,908 -
38,255 7,839

17. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 387,466 428,891
Hire purchase contracts 2,503 21,012
Advance from factor 2,801,018 2,321,189
3,190,987 2,771,092

The advance from factor is secured by a floating charge over all the company's assets.

The Bank of Scotland have standard security over the company's freehold properties and investment properties.

18. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 50,600 57,100

Deferred
tax
£   
Balance at 1 December 2022 57,100
Provided during year (6,500 )
Balance at 30 November 2023 50,600

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary £1 100 100
16 Ordinary B £1 18 18
48 Ordinary C £1 49 49
167 167

Connect Appointments Limited (Registered number: SC467042)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

20. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Connect Management Services Limited, a company incorporated in Scotland, by virtue of it holding 60% of the company's issued share capital, which it acquired on 1 August 2021.

Connect Management Services Limited is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

200 Bath Street
Glasgow
G2 4HG