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Registered number: 05290576









TOTAL ASSIST HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
J Rich 




Registered number
05290576



Registered office
101 New Cavendish Street
First Floor South

London

W1W 6XH




Trading Address
Blackburn House
22-26 Eastern Road

Romford

RM1 3PJ






Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

First Floor South

London

W1W 6XH





 
TOTAL ASSIST HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14 - 15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 33


 
TOTAL ASSIST HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
The director presents the strategic report for the year ended 30 November 2023.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of the business
during the year and its position at the year end. Our review is consistent with the size and non-complex nature
of our business and is written in the context of the risks and uncertainties we face.
The director is pleased to report another profitable year for the Group. Gross profit decreased to £6,375,507 (2022: £6,818,047), following strong revenue growth. The Group's financial position at the year end remains strong with net assets of £2,576,313. 

Financial key performance indicators
 
The group uses KPI's to measure performance throughout the business. The overarching KPI's are reviewed monthly and are considered to be:

2023
2022
2021
2020
        £
        £
        £
        £
Turnover

27,280,328

29,450,395

23,605,768
 
23,351,764
 
Gross profit

6,375,507

6,818,047

5,753,340
 
5,706,719
 
Profit before taxation

521,157

1,023,317

2,755,660
 
819,535
 
Shareholders' funds

2,576,313

3,376,735

3,360,147
 
3,195,886
 

Direct customer and account related KPI's are completed throughout the business and are monitored monthly by the management accounts team.

Principal risks and uncertainties
 
The group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans
to the group. The main purpose of these instruments is to finance the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The
group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of
funding and flexibility through an invoice discounting facility. The group makes use of money
market facilities when funds are available. 
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to
customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. 

Page 1

 
TOTAL ASSIST HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


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



J Rich
Director

Date: 28 August 2024

Page 2

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group 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 £435,367 (2022 - £812,590).

Dividends of £1,277,000 have been proposed in the year. 

Director

The director who served during the year was:

J Rich 

Disclosure of information to auditors

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

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





J Rich
Director

Date: 28 August 2024

Page 4

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOTAL ASSIST HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Total Assist Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the Group Statement of income and retained earnings, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company 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 Group's and of the parent Company's affairs as at 30 November 2023 and of the Group's 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 Group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 5

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOTAL ASSIST HOLDINGS 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 director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOTAL ASSIST HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent 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 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry
in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and
the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by
making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including 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.


Page 7

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOTAL ASSIST HOLDINGS LIMITED (CONTINUED)


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.





Daniel Walters (Senior statutory auditor)
for and on behalf of
Harris & Trotter LLP
Chartered Accountants
Statutory Auditors
101 New Cavendish Street
First Floor South
London
W1W 6XH

28 August 2024
Page 8

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
27,280,328
29,450,395

Cost of sales
  
(20,904,821)
(22,632,348)

Gross profit
  
6,375,507
6,818,047

Administrative expenses
  
(5,862,723)
(5,790,352)

Operating profit
  
512,784
1,027,695

Interest receivable and similar income
 8 
8,373
387

Interest payable and similar expenses
 9 
-
(4,765)

Profit before tax
  
521,157
1,023,317

Tax on profit
 10 
(85,790)
(210,727)

Profit after tax
  
435,367
812,590

  

  

Retained earnings at the beginning of the year
  
3,367,235
3,350,645

  
3,367,235
3,350,645

Profit for the year attributable to the owners of the parent
  
435,367
812,590

Dividends declared and paid
  
(1,277,000)
(796,000)

Retained earnings at the end of the year
  
2,525,602
3,367,235

Non-controlling interest at the end of the year
  

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
TOTAL ASSIST HOLDINGS LIMITED
REGISTERED NUMBER: 05290576

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
401,027
278,923

  
401,027
278,923

Current assets
  

Debtors: amounts falling due within one year
 13 
6,393,153
6,480,548

Cash at bank and in hand
 14 
894,131
1,026,506

  
7,287,284
7,507,054

Creditors: amounts falling due within one year
 15 
(5,111,998)
(4,409,242)

Net current assets
  
 
 
2,175,286
 
 
3,097,812

Total assets less current liabilities
  
2,576,313
3,376,735

Provisions for liabilities
  

Net assets excluding pension asset
  
2,576,313
3,376,735

Net assets
  
2,576,313
3,376,735


Capital and reserves
  

Called up share capital 
 21 
9,500
9,500

Other reserves
 22 
41,211
-

Profit and loss account
 22 
2,525,602
3,367,235

Equity attributable to owners of the parent Company
  
2,576,313
3,376,735

  
2,576,313
3,376,735


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Rich
Director

Date: 28 August 2024

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
TOTAL ASSIST HOLDINGS LIMITED
REGISTERED NUMBER: 05290576

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 12 
3
3

  
3
3

  

Creditors: amounts falling due within one year
 15 
(2)
(2)

Net current liabilities
  
 
 
(2)
 
 
(2)

Total assets less current liabilities
  
1
1

  

  

Net assets excluding pension asset
  
1
1

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 21 
9,500
9,500

Profit and loss account
  
(9,499)
(9,499)

  
1
1


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Rich
Director

Date: 28 August 2024

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
TOTAL ASSIST HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 December 2021
9,500
-
3,350,645
3,360,145
3,360,145


Comprehensive income for the year

Profit for the year

-
-
812,590
812,590
812,590

Dividends: Equity capital
-
-
(796,000)
(796,000)
(796,000)



At 1 December 2022
9,500
-
3,367,235
3,376,735
3,376,735


Comprehensive income for the year

Profit for the year

-
-
435,367
435,367
435,367

Other movement type 1
-
41,211
-
41,211
41,211

Dividends: Equity capital
-
-
(1,277,000)
(1,277,000)
(1,277,000)


At 30 November 2023
9,500
41,211
2,525,602
2,576,313
2,576,313


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
TOTAL ASSIST HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
9,500
(9,499)
1


Comprehensive income for the year

Profit for the year
-
796,000
796,000

Dividends: Equity capital
-
(796,000)
(796,000)



At 1 December 2022
9,500
(9,499)
1


Comprehensive income for the year

Profit for the year
-
1,277,000
1,277,000

Dividends: Equity capital
-
(1,277,000)
(1,277,000)


At 30 November 2023
9,500
(9,499)
1


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
TOTAL ASSIST HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
435,367
812,590

Adjustments for:

Depreciation of tangible assets
120,564
106,998

Interest paid
-
4,765

Interest received
(8,373)
(387)

Taxation charge
85,790
210,727

Decrease/(increase) in debtors
287,010
(10,181)

(Increase) in amounts owed by groups
(31,126)
(338,559)

(Increase) in amounts owed by participating ints
(82,781)
(735,055)

Increase in creditors
37,156
646,758

Increase in amounts owed to participating ints
754,706
658,448

Corporation tax (paid)
(193,221)
(222,859)

Other cash movements
-
(6,965)

Net cash generated from operating activities

1,405,092
1,126,280


Cash flows from investing activities

Purchase of tangible fixed assets
(242,668)
(112,334)

Interest received
8,373
387

Net cash from investing activities

(234,295)
(111,947)

Cash flows from financing activities

Repayment of loans
-
(800,000)

Dividends paid
(1,277,000)
(796,000)

Interest paid
-
(4,765)

Net cash used in financing activities
(1,277,000)
(1,600,765)
Page 14

 
TOTAL ASSIST HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£



Net (decrease) in cash and cash equivalents
(106,203)
(586,432)

Cash and cash equivalents at beginning of year
1,000,334
1,586,766

Cash and cash equivalents at the end of year
894,131
1,000,334


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
894,131
1,026,506

Bank overdrafts
-
(26,172)

894,131
1,000,334


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
TOTAL ASSIST HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

1,026,506

(132,375)

894,131

Bank overdrafts

(26,172)

26,172

-

Debt due within 1 year

(17,856)

71

(17,785)


982,478
(106,132)
876,346

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Total Assist Holdings Limited is a private company limited by shares, incorporated in England & Wales. Its registered office is 101 New Cavendish Street, First Floor South, London, W1W 6XH and its principal place of business is Blackburn House, 22-26 Eastern Rd, Romford, RM1 3PJ. 
The financial statements are presented in Sterling, which is the functional currency of the Company. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 December 2014.

  
2.3

Going concern

At the time of approving the financial statements, the director has reasonable expectation that the group and the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 17

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.4

Turnover

Turnover is recognised at the fair value of consideration received or receivable for services provided in the normal course of business, and is shown net of vat. The fair value of the consideration takes into account trade discounts.
Income relating to temporary staff is recognised in the period to which it relates when billed for each month.
Income relating to placement of permanent candidates is recognised at the point candidates commence their placements. 

 
2.5

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:

Short-term leasehold property
-
Over the life of the lease
Motor vehicles
-
50% straight line
Fixtures and fittings
-
20 straight line
Computer equipment
-
25% straight line

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

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

Page 18

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

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

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

 
2.9

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

  
2.10

Invoice discounting

Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables.
Where the group has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and corresponding liability in respect of the advance received are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in the profit and loss account as factoring charges.

 
2.11

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.

 
2.12

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.

Page 19

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Dividends

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

 
2.14

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.15

Operating leases: the Group as lessee

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

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

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.18

Borrowing costs

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

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 21

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the group's accounting policies management have decided that the following estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognised in the consolidated financial statements.
Carrying value of tangible fixed assets
Determining the carrying value of tangible fixed assets requires an estimate of the useful economic lives, residual values and depreciation methods of the individual class of assets and an assessment of any indications in a given year that may indicate an impairment at the reporting date.
The director reviews the useful economic lives, residual values and depreciation methods on a regular basis and adjust if considered necessary. The director also reviews the carrying value if there is any indication of a significant change from the previous reporting date.
Carrying value of fixed asset investments
Determining the carrying value of  fixed asset investments requires the company to review the carrying amounts and whether there is any indication that those investments have suffered impairment loss.
The director reviews the carrying value of all fixed asset investments on a regular basis and adjust this if there are any indication of impairment.


4.


Turnover

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


2023
2022
£
£

Recruitment and placement of staff
27,280,328
29,450,395

27,280,328
29,450,395


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
48,000
48,000

Page 22

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,170,538
4,077,616
-
-

Social security costs
523,611
560,132
-
-

Cost of defined contribution scheme
48,007
46,105
-
-

4,742,156
4,683,853
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









72
68
1
1


7.

Director's remuneration

2023
2022
        £
        £
Director's emoluments

1,141,257

1,151,524
 
Directors pension costs - defined contribution pension schemes

3,963

6,604
 

1,145,220

1,158,128
 

During the year retirement benefits were accruing to 3 directors (2022 - 2) in respect of defined contribution pension schemes
The highest paid director received remuneration of £310,461 (2022 - £349,958)


8.


Interest receivable

2023
2022
£
£


Other interest receivable
8,373
387

8,373
387

Page 23

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
4,765

-
4,765


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
130,287
210,727


130,287
210,727


Total current tax
130,287
210,727

Deferred tax


Origination and reversal of timing differences
(44,497)
-

Total deferred tax
(44,497)
-


Tax on profit
85,790
210,727
Page 24

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
521,157
1,023,317


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
130,289
194,430

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,077
834

Capital allowances for year in excess of depreciation
13,391
15,530

Other timing differences leading to an increase (decrease) in taxation
(44,497)
-

Other differences leading to an increase (decrease) in the tax charge
(14,470)
(67)

Total tax charge for the year
85,790
210,727


Factors that may affect future tax charges

From 1st April 2023, the corporation tax rate changed to 25% for companies whose profits exceeded £250,000. 

Page 25

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
233,094
74,410
147,075
771,782
1,226,361


Additions
177,610
-
42,274
22,785
242,669



At 30 November 2023

410,704
74,410
189,349
794,567
1,469,030



Depreciation


At 1 December 2022
120,953
61,365
123,351
641,769
947,438


Charge for the year on owned assets
25,101
3,271
15,346
76,847
120,565



At 30 November 2023

146,054
64,636
138,697
718,616
1,068,003



Net book value



At 30 November 2023
264,650
9,774
50,652
75,951
401,027



At 30 November 2022
112,141
13,045
23,724
130,013
278,923

Page 26

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
3



At 30 November 2023
3






Net book value



At 30 November 2023
3



At 30 November 2022
3


Direct subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Total Assist Healthcare Group Limited
England & Wales
Ordinary
100%
Total Assist Care Limited
England & Wales
Ordinary
100%
Total Assist Private Care Limited
England & Wales
Ordinary
100%
Total Assist Recruitment Limited
England & Wales
Ordinary
100%



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

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

Total Assist Healthcare Group Limited
1
-

Total Assist Care Limited
1,055,111
114,344

Total Assist Private Care Limited
43,614
38,935

Total Assist Recruitment Limited
1,477,590
282,086

Page 27

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Debtors

Group
Group
2023
2022
£
£


Trade debtors excluding factored debts
1,398,231
1,448,971

Factored debts
1,044,900
1,448,025

Amounts owed by group undertakings
369,685
338,559

Amounts owed by joint ventures and associated undertakings
2,660,943
2,578,162

Other debtors
232,092
280,216

Prepayments and accrued income
642,805
386,615

Deferred taxation
44,497
-

6,393,153
6,480,548


Trade debtors totaling £1,044,900 (2022: £1,448,025) have been pledged as a security against amounts due in respect of financed trade receivables.


14.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
894,131
1,026,506

Less: bank overdrafts
-
(26,172)

894,131
1,000,334


Page 28

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

15.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
26,171
-
-

Trade creditors
187,124
193,751
-
-

Amounts owed to group undertakings
-
-
2
2

Amounts owed to other participating interests
2,411,510
1,656,803
-
-

Corporation tax
100,984
163,918
-
-

Other taxation and social security
582,109
504,956
-
-

Other creditors
999,083
987,135
-
-

Accruals and deferred income
831,188
876,508
-
-

5,111,998
4,409,242
2
2



16.


Parent Company Profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. 


17.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
894,131
1,026,506

Financial assets that are debt instruments measured at amortised cost
6,186,877
6,062,835

7,081,008
7,089,341


Financial liabilities

Financial liabilities measured at amortised cost
(4,428,906)
(3,714,063)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand. 


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and accrued income.


Financial liabilities measured at amortised cost comprise of bank overdrafts, trade creditors, other creditors and accruals.

Page 29

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

18.


Share-based payments

A share option scheme for key employees was set up by the ultimate parent undertaking in November
2019. Options have a term of 10 years. Earlier termination may occur if the employee's employment is
terminated or if certain corporate changes or transactions occur. The board of directors of the ultimate
parent undertaking determines the grant and the exercise price at the time the options are granted. Each
stock option agreement specified the date and period over which the option becomes exercisable.
Vesting is conditional upon the employee remaining continuously employed by the group. During the
year, no new options were granted, all employees remained within the business and no options
exercised. The value of the services provided by employees over the 10 year period as according to the
Black Scholes model is £1.72 per option which attributes to an overall value of £103,028 to be spread
over the 10 year vesting period. During the year, an adjustment of £41,211 was reflected within the profit
and loss. Further details are shown below:

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

515

59,900

515
 
59,900
 
Outstanding at the end of the year

59,900

 
59,900
 

2023
2022

Option pricing model used


Black Scholes

Black Scholes
 
Weighted average share price (pence)


515

515
 
Exercise price (pence)


515

515
 
Weighted average contractual life (days)


3652

3652
 
Expected volatility


25%

25%
 
Expected dividend growth rate


0%

0%
 
Risk-free interest rate


0.75%

0.75%
 


Page 30

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


Deferred taxation


Group



2023


£






Charged to profit or loss
44,497



At end of year
44,497

Company


2023






At end of year
-
Group
2023
£

Share options revaluation
44,497

44,497


20.


Dividends

2023
2022
£
£


Dividends paid
1,277,000
796,000

1,277,000
796,000

Page 31

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



95,000 (2022 - 95,000) Ordinary shares of £0.10 each
9,500
9,500



22.


Reserves

Share premium account

The share premium account comprises the premium on issued share capital.

Other reserves

Other reserves comprises of the share options reserve. 

Profit and loss account

The profit and loss reserve contains the cumulative balances of retained profit and losses since the group started trading. It is a distributable reserve.


23.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totaling £17,091 (2022: £17,722) were payable to the fund at the year end and are included in other creditors.


24.


Commitments under operating leases

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


Group

Group
2023
2022
£
£

Not later than 1 year
119,062
119,062

Later than 1 year and not later than 5 years
287,733
406,795

406,795
525,857
Page 32

 
TOTAL ASSIST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

25.


Related party transactions

The group has taken advantage of the exemption available in FRS 102, section 33, whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
 


26.


Controlling party

The ultimate controlling party is J Rich.

 
Page 33