REGISTERED NUMBER: 04255059 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
OSCAR ASSOCIATES (UK) LIMITED |
REGISTERED NUMBER: 04255059 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
OSCAR ASSOCIATES (UK) LIMITED |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
OSCAR ASSOCIATES (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The directors present their strategic report of the company and the group for the year ended 31 August 2023. |
FAIR REVIEW OF THE BUSINESS |
This financial year has seen the company continue to recover strongly from the challenges faced in the prior years due to the unique impact of the Global pandemic with the business performance for the financial year far exceeding pre-pandemic levels. The Directors are pleased with the progress and results delivered in such volatile circumstances. |
During the year the company has continued to expand its technology business in the UK, Europe and the US expanding our workforce in existing locations together with expansion into new offices in Tampa, San Diego and Arizona. |
The total Group turnover increased 83% from prior year due to a resurgence in contract revenue in the UK market which grew by 104% and also a 150% growth in Perm Placement revenue in the US market which has led to a growth in Net Fee Income (NFI) of 96% against 2021 results. |
The turnover of Oscar Associates (UK) Ltd showed a growth from prior year of 81% with growth in both Permanent and Contract markets. NFI showed a growth of 64% which was largely due to the increase in the Contract placement figures. |
The turnover of Oscar Associates LLC showed an increase of 44% and in NFI of 126% which is attributable to the increase in Perm placements. |
Overall Group profit before tax was £5.4m for the year compared to £4.3m in the prior year. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have considered the principal risks and uncertainties that might affect the company. These include any future downturn in the economy nad an increase in interest rates which might impact on turnover and financing costs. There continues to be insufficient indications as to any effects on the business as a result of the UK Brexit transition or changes to the US government and leadership. |
- Credit risk management |
The company has a policy of credit referencing all new and potential clients and utilises an alert system from the credit referencing agent. A robust system of cash collection is in place and outstanding accounts are reviewed consistently at management level. |
- Liquidity risk |
The company has an invoice discounting facility in place to provide short term working capital. The liquidity position of the company is regularly reviewed at Director level to ensure that the company has sufficient funds available. The current facility has sufficient headroom for mid-term growth plans and a good working relationship is in place with the funding provider. |
- Interest rate risk |
The company is at risk from rate increases on its invoice discounting facility. The cost effectiveness and the overall flexibility that it provides has been reviewed and the company deems this to be the best and lowest risk solution for the forthcoming year. |
-Future Developments |
For the forthcoming year the Company will continue to focus on growth within the current market sectors and seek organic growth via existing office locations whilst looking to enter new Geographical locations, particularly in the US. |
ON BEHALF OF THE BOARD: |
29 August 2024 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 August 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of providing specialist recruitment and contract employment services. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 August 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
No donations were made to political organisations during the year. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and |
Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of |
the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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), 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OSCAR ASSOCIATES (UK) LIMITED |
Opinion |
We have audited the financial statements of Oscar Associates (Uk) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 August 2023 and of the group's 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 group 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 group's and 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 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 Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OSCAR ASSOCIATES (UK) LIMITED |
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 Group 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 Group Strategic Report and the Report of the Directors 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 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 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 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 four, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OSCAR ASSOCIATES (UK) LIMITED |
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: |
Extent to which the audit was capable of detecting irregularities, including fraud |
The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations. |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. |
We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud. |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls. |
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. |
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. |
for and on behalf of |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
TURNOVER | 4 | 49,117,699 | 45,433,798 |
Cost of sales | 32,688,453 | 27,077,559 |
GROSS PROFIT | 16,429,246 | 18,356,239 |
Administrative expenses | 17,249,583 | 12,782,256 |
OPERATING (LOSS)/PROFIT | (820,337 | ) | 5,573,983 |
Interest receivable and similar income | 6 | 113 | 140 |
(820,224 | ) | 5,574,123 |
Interest payable and similar expenses | 7 | 79,479 | 50,833 |
(LOSS)/PROFIT BEFORE TAXATION | 8 | (899,703 | ) | 5,523,290 |
Tax on (loss)/profit | 10 | (102,421 | ) | 1,283,755 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (797,282 | ) | 4,239,535 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (797,282 | ) | 4,239,535 |
OTHER COMPREHENSIVE INCOME |
Repurchase of own shares | (872,500 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(872,500 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(1,669,782 |
) |
4,239,535 |
Total comprehensive income attributable to: |
Owners of the parent | (1,669,782 | ) | 4,239,535 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
CONSOLIDATED BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 | 9,145 | 9,145 |
Tangible assets | 14 | 523,897 | 594,542 |
Investments | 15 | - | - |
533,042 | 603,687 |
CURRENT ASSETS |
Debtors | 16 | 8,341,356 | 9,221,409 |
Cash at bank and in hand | 683,907 | 2,517,106 |
9,025,263 | 11,738,515 |
CREDITORS |
Amounts falling due within one year | 17 | 5,045,351 | 5,920,222 |
NET CURRENT ASSETS | 3,979,912 | 5,818,293 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 4,512,954 | 6,421,980 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(105,456 |
) |
(280,263 |
) |
PROVISIONS FOR LIABILITIES | 21 | (42,198 | ) | (104,135 | ) |
NET ASSETS | 4,365,300 | 6,037,582 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 7,500 | 10,000 |
Capital redemption reserve | 23 | 2,500 | - |
Retained earnings | 23 | 4,355,300 | 6,027,582 |
SHAREHOLDERS' FUNDS | 4,365,300 | 6,037,582 |
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: |
T J J Parker - Director |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
COMPANY BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 | 7,500 | 10,000 |
Capital redemption reserve | 23 | 2,500 | - |
Retained earnings | 23 | 46,992 | 1,665,023 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (743,031 | ) | 3,029,733 |
The financial statements were approved by the Board of Directors and authorised for issue on |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 September 2021 | 10,000 | 5,662,047 | - | 5,672,047 |
Profit for the year | - | 4,239,535 | - | 4,239,535 |
Total comprehensive income | - | 4,239,535 | - | 4,239,535 |
Dividends | - | (3,874,000 | ) | - | (3,874,000 | ) |
Balance at 31 August 2022 | 10,000 | 6,027,582 | - | 6,037,582 |
Deficit for the year | - | (797,282 | ) | - | (797,282 | ) |
Other comprehensive income | - | (875,000 | ) | 2,500 | (872,500 | ) |
Total comprehensive income | - | (1,672,282 | ) | 2,500 | (1,669,782 | ) |
Issue of share capital | (2,500 | ) | - | - | (2,500 | ) |
Balance at 31 August 2023 | 7,500 | 4,355,300 | 2,500 | 4,365,300 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 September 2021 | 10,000 | 2,509,290 | 2,519,290 |
Changes in equity |
Dividends | - | (3,874,000 | ) | - | (3,874,000 | ) |
Total comprehensive income | - | 3,029,733 | - | 3,029,733 |
Balance at 31 August 2022 | 10,000 | 1,665,023 | - | 1,675,023 |
Changes in equity |
Issue of share capital | (2,500 | ) | - | - | (2,500 | ) |
Total comprehensive income | - | (1,618,031 | ) | 2,500 | (1,615,531 | ) |
Balance at 31 August 2023 | 7,500 | 46,992 | 2,500 | 56,992 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 359,261 | 3,805,978 |
Interest paid | (79,479 | ) | (50,833 | ) |
Tax paid | (1,381,223 | ) | (500,002 | ) |
Net cash from operating activities | (1,101,441 | ) | 3,255,143 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (306,606 | ) | (392,166 | ) |
Sale of tangible fixed assets | 58,001 | - |
Interest received | 113 | 140 |
Net cash from investing activities | (248,492 | ) | (392,026 | ) |
Cash flows from financing activities |
Loan repayments in year | (268,242 | ) | (201,095 | ) |
Share buyback | (875,000 | ) | - |
Equity dividends paid | - | (3,874,000 | ) |
Net cash from financing activities | (1,143,242 | ) | (4,075,095 | ) |
Decrease in cash and cash equivalents | (2,493,175 | ) | (1,211,978 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,517,106 |
3,729,084 |
Cash and cash equivalents at end of year | 2 | 23,931 | 2,517,106 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.8.23 | 31.8.22 |
£ | £ |
(Loss)/profit before taxation | (899,703 | ) | 5,523,290 |
Depreciation charges | 291,505 | 208,914 |
Loss on disposal of fixed assets | 27,745 | - |
Finance costs | 79,479 | 50,833 |
Finance income | (113 | ) | (140 | ) |
(501,087 | ) | 5,782,897 |
Decrease/(increase) in trade and other debtors | 1,142,399 | (4,126,255 | ) |
(Decrease)/increase in trade and other creditors | (282,051 | ) | 2,149,336 |
Cash generated from operations | 359,261 | 3,805,978 |
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 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 683,907 | 2,517,106 |
Bank overdrafts | (659,976 | ) | - |
23,931 | 2,517,106 |
Year ended 31 August 2022 |
31.8.22 | 1.9.21 |
£ | £ |
Cash and cash equivalents | 2,517,106 | 3,729,084 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.9.22 | Cash flow | At 31.8.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,517,106 | (1,833,199 | ) | 683,907 |
Bank overdrafts | - | (659,976 | ) | (659,976 | ) |
2,517,106 | (2,493,175 | ) | 23,931 |
Debt |
Debts falling due within 1 year | (268,642 | ) | 93,835 | (174,807 | ) |
Debts falling due after 1 year | (280,263 | ) | 174,807 | (105,456 | ) |
(548,905 | ) | 268,642 | (280,263 | ) |
Total | 1,968,201 | (2,224,533 | ) | (256,332 | ) |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Oscar Associates (Uk) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
The company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of the group prepares publicly available consolidated financial statements, including this company,which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: |
- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash Flows' - Presentation of cash flow and related notes and disclosures; |
- Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The group financial statements incorporate those of Oscar Associates (UK) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). |
All financial statements are made up to 31 August 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Going concern |
At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis. |
Turnover |
Turnover represents amounts receivable for the provision of candidates to permanent positions and labour on a contract basis. Income is recognised for permanent fee income on the candidate start date and contract fee income is recognised over the period that the contractor works. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at costs or valuation, net of depreciation and any impairment losses. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Invoice discounting |
Amounts due in respect of invoice discounting are separately disclosed as current liabilities. The company can use these facilities to draw down on a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company. |
Equity instruments |
Equity instruments issued by the group are recorded at proceeds received, net of transactions costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period of the revision and future periods where the revision affects both current and future periods. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets are as follows: |
Doubtful debt allowance |
The directors assess the doubtful debt allowance at each reporting date. Key assumptions applied are the estimated debts recovery rates and the future market conditions that could affect recovery. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
4. | TURNOVER |
The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
31.8.23 | 31.8.22 |
£ | £ |
Recruitment business | 49,117,699 | 45,433,798 |
49,117,699 | 45,433,798 |
An analysis of turnover by geographical market is given below: |
31.8.23 | 31.8.22 |
£ | £ |
United Kingdom | 18,004,840 | 15,474,458 |
United States of America | 30,265,682 | 28,367,681 |
Belgium | 58,305 | 408,907 |
Canada | 231,677 | 134,655 |
Netherlands | 375,232 | 411,388 |
France | 98,076 | 392,928 |
Poland | - | 95,971 |
Ireland | 46,929 | 84,678 |
Italy | - | 30,254 |
Switzerland | - | 32,878 |
Germany | 14,274 | - |
Puerto Rico | 22,684 | - |
49,117,699 | 45,433,798 |
5. | EMPLOYEES AND DIRECTORS |
31.8.23 | 31.8.22 |
£ | £ |
Wages and salaries | 42,531,085 | 36,086,530 |
Social security costs | 608,261 | 663,427 |
Other pension costs | 107,439 | 92,325 |
43,246,785 | 36,842,282 |
The average number of employees during the year was as follows: |
31.8.23 | 31.8.22 |
Recruitment staff | 136 | 113 |
Administrative staff | 26 | 29 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
31.8.23 | 31.8.22 |
£ | £ |
Directors' remuneration | 575,233 | 728,011 |
Directors' pension contributions to money purchase schemes | 8,333 | 10,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | - | 1 |
Information regarding the highest paid director is as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Emoluments etc | 208,333 | 314,090 |
Pension contributions to money purchase schemes | 8,333 | 10,000 |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.8.23 | 31.8.22 |
£ | £ |
Deposit account interest | 113 | 140 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.8.23 | 31.8.22 |
£ | £ |
Bank interest | 79,479 | 50,833 |
8. | (LOSS)/PROFIT BEFORE TAXATION |
The loss (2022 - profit) is stated after charging/(crediting): |
31.8.23 | 31.8.22 |
£ | £ |
Hire of plant and machinery | 33,608 | 34,022 |
Other operating leases | 1,235,542 | 350,438 |
Depreciation - owned assets | 291,505 | 206,583 |
Loss on disposal of fixed assets | 27,745 | - |
Computer software amortisation | - | 2,331 |
Foreign exchange differences | 465,591 | (955,632 | ) |
9. | AUDITORS' REMUNERATION |
31.8.23 | 31.8.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,750 |
14,500 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
10. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax | 77,885 | 1,243,075 |
Prior period overprovision | (119,769 | ) | - |
Total current tax | (41,884 | ) | 1,243,075 |
Deferred tax | (60,537 | ) | 40,680 |
Tax on (loss)/profit | (102,421 | ) | 1,283,755 |
Reconciliation of total tax (credit)/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: |
31.8.23 | 31.8.22 |
£ | £ |
(Loss)/profit before tax | (899,703 | ) | 5,523,290 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(224,926 |
) |
1,049,425 |
Effects of: |
Expenses not deductible for tax purposes | 22,137 | 5,013 |
Capital allowances in excess of depreciation | (9,430 | ) | (14,434 | ) |
Adjustments to tax charge in respect of previous periods | 119,769 | (129 | ) |
Foreign tax adjustments | 50,566 | 203,200 |
Deferred tax movement | (60,537 | ) | 40,680 |
Total tax (credit)/charge | (102,421 | ) | 1,283,755 |
Tax effects relating to effects of other comprehensive income |
31.8.23 |
Gross | Tax | Net |
£ | £ | £ |
Repurchase of own shares | (872,500 | ) | - | (872,500 | ) |
11. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
12. | DIVIDENDS |
31.8.23 | 31.8.22 |
£ | £ |
Ordinary A shares of £1 each |
Final | - | 3,874,000 |
13. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 | 93,237 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 | 84,092 |
NET BOOK VALUE |
At 31 August 2023 | 9,145 |
At 31 August 2022 | 9,145 |
Company |
Computer |
software |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
14. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2022 | 85,208 | 617,483 | 100,877 | 299,913 | 1,103,481 |
Additions | 33,035 | 173,104 | - | 100,467 | 306,606 |
Disposals | - | - | (100,877 | ) | - | (100,877 | ) |
At 31 August 2023 | 118,243 | 790,587 | - | 400,380 | 1,309,210 |
DEPRECIATION |
At 1 September 2022 | 67,343 | 284,036 | 6,725 | 150,835 | 508,939 |
Charge for year | 3,366 | 177,160 | 8,406 | 102,573 | 291,505 |
Eliminated on disposal | - | - | (15,131 | ) | - | (15,131 | ) |
At 31 August 2023 | 70,709 | 461,196 | - | 253,408 | 785,313 |
NET BOOK VALUE |
At 31 August 2023 | 47,534 | 329,391 | - | 146,972 | 523,897 |
At 31 August 2022 | 17,865 | 333,447 | 94,152 | 149,078 | 594,542 |
Company |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
15. | FIXED ASSET INVESTMENTS |
Company |
Interest |
in other |
participating |
interests |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 | 621 |
NET BOOK VALUE |
At 31 August 2023 | 621 |
At 31 August 2022 | 621 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 945 Bunker Hill, Suite 150, Houston, Texas 77024 |
Nature of business: |
% |
Class of shares: | holding |
31.8.23 | 31.8.22 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Trade debtors | 5,940,983 | 7,566,434 |
Amounts owed by group undertakings | - | - |
Other debtors | 10,948 | 481,467 |
Tax | 578,539 | 316,193 |
Prepayments and accrued income | 1,810,886 | 857,315 |
8,341,356 | 9,221,409 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 834,783 | 268,642 |
Trade creditors | 1,412,006 | 1,421,333 |
Tax | - | 1,160,761 |
Social security and other taxes | 124,545 | 187,174 |
VAT | 193,608 | 231,002 | 193,608 | 231,002 |
Other creditors | 63,974 | 186,862 |
Accruals and deferred income | 2,416,435 | 2,464,448 |
5,045,351 | 5,920,222 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Bank loans (see note 19) | 105,456 | 280,263 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 659,976 | - |
Bank loans | 174,807 | 268,642 |
834,783 | 268,642 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 93,174 | 174,807 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 12,282 | 105,456 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Group |
Non-cancellable operating | leases |
31.8.23 | 31.8.22 |
£ | £ |
Within one year | 577,192 | 577,192 |
Between one and five years | 917,421 | 1,494,613 |
1,494,613 | 2,071,805 |
Company |
Non-cancellable operating | leases |
31.8.23 | 31.8.22 |
£ | £ |
Within one year |
Between one and five years |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.8.23 | 31.8.22 | 31.8.23 | 31.8.22 |
£ | £ | £ | £ |
Deferred tax | 42,198 | 104,135 | 42,198 | 104,135 |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2022 | 104,135 |
Provided during year | (60,537 | ) |
Prior year overstatement | (1,400 | ) |
Balance at 31 August 2023 | 42,198 |
Company |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Provided during year | ( |
) |
Prior year overstatement | (1,400 | ) |
Balance at 31 August 2023 |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary A | £1 | 5,500 | 5,500 |
Ordinary B | £1 | 2,000 | 4,500 |
7,500 | 10,000 |
All shares issued are non-redeemable and rank equally in terms of voting rights, rights to participate in all approved dividend distributions for that class of share and rights to participate in any capital distribution on winding up. |
23. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2022 | 6,027,582 | - | 6,027,582 |
Deficit for the year | (797,282 | ) | (797,282 | ) |
Purchase of own shares | (875,000 | ) | 2,500 | (872,500 | ) |
At 31 August 2023 | 4,355,300 | 2,500 | 4,357,800 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 September 2022 | 1,665,023 | - | 1,665,023 |
Deficit for the year | (743,031 | ) | (743,031 | ) |
Purchase of own shares | (875,000 | ) | 2,500 | (872,500 | ) |
At 31 August 2023 | 46,992 | 2,500 | 49,492 |
Profit and loss reserves |
Profit and loss reserves represent the accumulated earnings of the group less dividends paid. |
24. | PENSION COMMITMENTS |
A defined contribution scheme is operated for all qualifying employees, the costs are charged to the profit and loss account. The assets of the scheme are held separately from those of the group in an independently administered fund. |
At 31 August 2023 £17,037 (2022: £21,858) was payable to the defined contribution pension scheme. |
OSCAR ASSOCIATES (UK) LIMITED (REGISTERED NUMBER: 04255059) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
25. | OTHER FINANCIAL COMMITMENTS |
The company and it's subsidiary have invoice finance in place which is secured by way of a fixed and floating charge over all the property and undertakings of the company. |
26. | RELATED PARTY DISCLOSURES |
Senitor Associates Limited |
During the year the company entered into transactions with Senitor Associates Limited, a company of which Mr. T Parker and Mrs. A Leach are directors and shareholders. |
During the year the company purchased services from this company totalling £180,000 (2022: £180,000), balance of £18,000 was due to Senitor Associates Limited at 31 August 2023 (2022: £36,000). |
Outstanding balances are payable on demand, interest free and not secured. |
Key Management Personnel |
During the year, a total of key management personnel compensation of £ 1,265,518 (2022 - £ 1,248,704 ) was paid. |