Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31true8The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-09-01falseEmployment placement agencies9true 10105004 2022-08-31 10105004 2022-09-01 2023-08-31 10105004 2021-12-01 2022-11-30 10105004 2023-08-31 10105004 2022-11-30 10105004 c:Director1 2022-09-01 2023-08-31 10105004 d:MotorVehicles 2022-09-01 2023-08-31 10105004 d:MotorVehicles 2023-08-31 10105004 d:MotorVehicles 2022-11-30 10105004 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 10105004 d:FurnitureFittings 2022-09-01 2023-08-31 10105004 d:FurnitureFittings 2023-08-31 10105004 d:FurnitureFittings 2022-11-30 10105004 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 10105004 d:OfficeEquipment 2022-09-01 2023-08-31 10105004 d:OfficeEquipment 2023-08-31 10105004 d:OfficeEquipment 2022-11-30 10105004 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 10105004 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 10105004 d:CurrentFinancialInstruments 2023-08-31 10105004 d:CurrentFinancialInstruments 2022-11-30 10105004 d:Non-currentFinancialInstruments 2023-08-31 10105004 d:Non-currentFinancialInstruments 2022-11-30 10105004 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 10105004 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 10105004 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 10105004 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 10105004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 10105004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 10105004 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 10105004 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 10105004 d:ShareCapital 2023-08-31 10105004 d:ShareCapital 2022-11-30 10105004 d:RetainedEarningsAccumulatedLosses 2023-08-31 10105004 d:RetainedEarningsAccumulatedLosses 2022-11-30 10105004 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 10105004 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 10105004 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-08-31 10105004 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-11-30 10105004 c:FRS102 2022-09-01 2023-08-31 10105004 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 10105004 c:FullAccounts 2022-09-01 2023-08-31 10105004 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-09-01 2023-08-31 10105004 2 2022-09-01 2023-08-31 10105004 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 10105004 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 10105004 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 10105004 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 10105004 d:RetirementBenefitObligationsDeferredTax 2023-08-31 10105004 d:RetirementBenefitObligationsDeferredTax 2022-11-30 10105004 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number:  10105004














PEOPLE DYNAMIX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


 
PEOPLE DYNAMIX LIMITED
REGISTERED NUMBER: 10105004

BALANCE SHEET
AS AT 31 AUGUST 2023

31 Aug 2023
30 Nov 2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,280,632
1,152,551

Tangible assets
 5 
11,462
13,822

  
1,292,094
1,166,373

Current assets
  

Debtors: amounts falling due within one year
 6 
633,830
416,545

Cash at bank and in hand
 7 
8,555
54,635

  
642,385
471,180

Creditors: amounts falling due within one year
 8 
(2,268,321)
(1,012,617)

Net current liabilities
  
 
 
(1,625,936)
 
 
(541,437)

Total assets less current liabilities
  
(333,842)
624,936

Creditors: amounts falling due after more than one year
 9 
(1,125,735)
(1,633,086)

Provisions for liabilities
  

Deferred tax
 12 
-
(55,476)

  
 
 
-
 
 
(55,476)

Net liabilities
  
(1,459,577)
(1,063,626)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,459,677)
(1,063,726)

  
(1,459,577)
(1,063,626)


Page 1

 
PEOPLE DYNAMIX LIMITED
REGISTERED NUMBER: 10105004
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
G C Williams
Director

Date: 12 July 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 10105004). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is that of a recruitment outsource and technology solution.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Rendering of services

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

 
2.3

Operating leases: the Company as lessee

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

Page 3

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
Development expenditure - 6 years

 
2.11

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.

Page 5

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Motor vehicles
-
20%
Straight line
Fixtures & fittings
-
25%
Straight line
Office 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.

 
2.12

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.

 
2.13

Cash and cash equivalents

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

 
2.14

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.

 
2.15

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.

Page 6

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

  
2.16

Research and development

In the research phase of an internal project where, in the opinion of the directors, it is not possible to demonstrate that the project will generate future economic benefits, all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised where, in the opinion of the directors, the research work is likely to lead to the development of products that will generate probable future economic benefits. The capitalised research and development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 10 years.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 9).

Page 7

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Develop-ment

£



Cost


At 1 September 2022
1,812,882


Additions
405,361



At 31 August 2023

2,218,243



Amortisation


At 1 September 2022
660,331


Charge for the year on owned assets
277,279



At 31 August 2023

937,610



Net book value



At 31 August 2023
1,280,633



At 31 August 2022
1,152,551



Page 8

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
14,000
22,459
32,067
68,526


Additions
-
-
2,923
2,923



At 31 August 2023

14,000
22,459
34,990
71,449



Depreciation


At 1 September 2022
7,933
22,354
24,417
54,704


Charge for the year on owned assets
2,100
105
3,078
5,283



At 31 August 2023

10,033
22,459
27,495
59,987



Net book value



At 31 August 2023
3,967
-
7,495
11,462



At 31 August 2022
6,067
105
7,650
13,822


6.


Debtors

2023
2022
£
£


Trade debtors
548,671
303,067

Other debtors
56,559
98,479

Prepayments and accrued income
28,600
14,999

633,830
416,545



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,555
54,635

8,555
54,635


Page 9

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
940,752
185,996

Trade creditors
549,414
465,724

Other taxation and social security
115,207
66,789

Other creditors
532,230
245,363

Accruals and deferred income
130,718
48,745

2,268,321
1,012,617


The following liabilities were secured:

2023
2022
£
£



Other loans
909,246
106,716

Other creditors
508,229
233,667

1,417,475
340,383

Details of security provided:

An amount of £909,246 (Nov 2022: £106,716) within other loans is secured by fixed and floating charges against the assets of the company.
An amount of £508,229 (Nov 2022: £233,667) within other creditors is an invoice financing facility secured by fixed and floating charges against the assets of the company.

Page 10

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
92,106
843,041

Other creditors
1,033,629
790,045

1,125,735
1,633,086


The following liabilities were secured:

2023
2022
£
£



Other loans
92,106
843,041

92,106
843,041

Details of security provided:

An amount of £92,106 (Nov 2022: £843,041) within other loans is secured by fixed and floating charges against the assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
940,752
185,996

Amounts falling due 1-2 years

Other loans
26,316
106,716

Amounts falling due 2-5 years

Other loans
65,791
736,325


1,032,859
1,029,037


Page 11

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
8,554
54,634

Financial assets measured at amortised cost
552,777
307,173

561,331
361,807


Financial liabilities


Financial liabilities measured at amortised cost
3,180,898
2,555,390


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


Financial assets measured at amortised cost comprise of trade and other debtors.


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


12.


Deferred taxation




2023


£






At beginning of year
(55,476)


Charged to profit or loss
55,476



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(218,766)
(273,740)

Tax losses carried forward
218,747
218,185

Short term timing differences
19
79

-
(55,476)

Page 12

 
PEOPLE DYNAMIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,797 (Nov 2022 - £3,253). The amount payable into the scheme at the balance sheet date is £1,158 (Nov 2022 - £1,212).


14.


Controlling party

The ultimate parent undertaking is Dynamix Corporation Limited, the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
The controlling party of Dynamix Corporation Limited is Gareth & Jill Williams.

Page 13