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Registered number: 03869014









TOTAL ASSIST RECRUITMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TOTAL ASSIST RECRUITMENT LIMITED
 
 
COMPANY INFORMATION


Directors
J Rich 
G Finn 
J Smith 
J Sergeant 
A Browne 




Registered number
03869014



Registered office
101 New Cavendish Street
1st Floor South

London

United Kingdom

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

1st Floor South

London

United Kingdom

W1W 6XH





 
TOTAL ASSIST RECRUITMENT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 24

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

Introduction
 
The directors present their 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 directors are pleased to report another profitable year for the company. The Company is continuing to focus on our costs base which puts the business in a strong position to see improved growth in its Gross Profit and bottom line profitability. The company's financial position at the year end remains strong with net assets of £1,477,590 (2022: £2,431,293).

Financial key performance indicators
 
The company uses KPI's to measure performance throughout the business. The overarching KPI's are reviewed
monthly and are considered to be:
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Principal risks and uncertainties
 
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company'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 the use of an invoice discounting facility. The company makes use of money market facilities when funds are available.
In respect of loans, these comprise interest free loans from group companies. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. 
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 RECRUITMENT LIMITED
 

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: 27 August 2024
Page 2

 
TOTAL ASSIST RECRUITMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors

The directors who served during the year were:

J Rich 
G Finn 
J Smith 
J Sergeant 
A Browne 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

The principal activity of the company continued to be that of of the recruitment and placement of staff in the medical sector.

Results and dividends

The profit for the year, after taxation, amounted to £282,086 (2022 - £804,872).

A dividend of £1,277,000 has been proposed in the year

Page 3

 
TOTAL ASSIST RECRUITMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

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

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





J Rich
Director

Date: 27 August 2024
Page 4

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

Opinion


We have audited the financial statements of Total Assist Recruitment Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

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


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

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


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
  
 • We 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 RECRUITMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOTAL ASSIST RECRUITMENT 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
1st Floor South
London
United Kingdom
W1W 6XH

27 August 2024
Page 8

 
TOTAL ASSIST RECRUITMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,991,750
25,242,538

Cost of sales
  
(16,728,312)
(19,348,500)

Gross profit
  
5,263,438
5,894,038

Administrative expenses
  
(4,945,173)
(4,864,323)

Operating profit
  
318,265
1,029,715

Interest receivable and similar income
 8 
7,632
242

Interest payable and similar expenses
 9 
-
(16,169)

Profit before tax
  
325,897
1,013,788

Tax on profit
 10 
(43,811)
(208,916)

Profit for the financial year
  
282,086
804,872

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 13 to 24 form part of these financial statements.
Page 9

 
TOTAL ASSIST RECRUITMENT LIMITED
REGISTERED NUMBER: 03869014

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
401,026
278,923

  
401,026
278,923

Current assets
  

Debtors: amounts falling due within one year
 13 
4,771,965
5,500,436

Cash at bank and in hand
 14 
581,208
662,749

  
5,353,173
6,163,185

Creditors: amounts falling due within one year
 15 
(4,276,609)
(4,010,815)

Net current assets
  
 
 
1,076,564
 
 
2,152,370

Total assets less current liabilities
  
1,477,590
2,431,293

  

Net assets
  
1,477,590
2,431,293


Capital and reserves
  

Called up share capital 
 18 
1
1

Other reserves
 19 
41,211
-

Profit and loss account
 19 
1,436,378
2,431,292

  
1,477,590
2,431,293

Page 10

 
TOTAL ASSIST RECRUITMENT LIMITED
REGISTERED NUMBER: 03869014
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.




J Rich
Director

The notes on pages 13 to 24 form part of these financial statements.
Page 11

 
TOTAL ASSIST RECRUITMENT LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
1
-
2,422,420
2,422,421


Comprehensive income for the year

Profit for the year
-
-
804,872
804,872

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



At 1 December 2022
1
-
2,431,292
2,431,293


Comprehensive income for the year

Profit for the year
-
-
282,086
282,086

Share option reserve
-
41,211
-
41,211


Contributions by and distributions to owners

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


At 30 November 2023
1
41,211
1,436,378
1,477,590


The notes on pages 13 to 24 form part of these financial statements.
Page 12

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

1.


General information

Total Assist Recruitment Limited is a private company limited by shares, incorporated in England & Wales. Its registered office is 101 New Cavendish Street, 1st 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The company is in a net asset position and as a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

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.

 
2.4

Interest income

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

Page 13

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

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 14

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

2.Accounting policies (continued)


2.8
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:

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

 
2.9

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.

 
2.10

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.

 
2.11

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

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 15

 
TOTAL ASSIST RECRUITMENT 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company'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 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 directors review the useful economic lives, residual values and depreciation methods on a regular
basis and adjust if considered necessary. The directors also review the carrying value if there is any
indication of a significant change from the previous reporting date.


4.


Turnover

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


2023
2022
£
£

Recruitment and placement of staff
21,991,750
25,242,538

21,991,750
25,242,538


2023
2022
£
£

United Kingdom
21,991,750
25,242,538

21,991,750
25,242,538


All turnover arose within the United Kingdom.

Page 16

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

5.


Auditors' remuneration

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


2023
2022
£
£

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

6.


Employees

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


2023
2022
£
£

Wages and salaries
3,559,875
3,347,020

Social security costs
394,105
450,737

Cost of defined contribution scheme
42,919
42,377

3,996,899
3,840,134


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


        2023
        2022
            No.
            No.







Employees
64
59


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,141,257
1,151,524

Company contributions to 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).

Page 17

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

8.


Interest receivable

2023
2022
£
£


Other interest receivable
7,632
242

7,632
242


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
16,169

-
16,169


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
88,308
208,916


88,308
208,916



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


Tax on profit
43,811
208,916
Page 18

 
TOTAL ASSIST RECRUITMENT 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 higher than 2022, the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
325,897
1,013,788


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
81,474
192,620

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
(44,498)
-

Other differences leading to an increase (decrease) in the tax charge
(7,633)
(68)

Total tax charge for the year
43,811
208,916


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. 


11.


Dividends

2023
2022
£
£


Dividend paid
1,277,000
796,000

1,277,000
796,000

Page 19

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

12.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 December 2022
233,094
74,410
147,074
771,782
1,226,360


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



At 30 November 2023

410,704
74,410
189,348
794,567
1,469,029



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
50,651
75,951
401,026



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

Page 20

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

13.


Debtors

2023
2022
£
£


Trade debtors excluding factored debts
866,430
1,206,460

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

Amounts owed by group undertakings
1,176,917
1,160,474

Amounts owed by joint ventures and associated undertakings
923,189
1,037,552

Other debtors
148,726
270,986

Prepayments and accrued income
567,306
376,939

Deferred taxation
44,497
-

4,771,965
5,500,436






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


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
581,208
662,749

581,208
662,749



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
184,176
191,184

Amounts owed to group undertakings
88,537
-

Amounts owed to other participating interests
1,865,622
1,546,536

Corporation tax
59,005
162,107

Other taxation and social security
393,921
357,858

Other creditors
923,317
946,698

Accruals and deferred income
762,031
806,432

4,276,609
4,010,815


Page 21

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

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
581,208
662,749




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


17.


Deferred taxation




2023


£






Charged to profit or loss
44,497



At end of year
44,497

The deferred tax asset is made up as follows:

2023
2022
£
£


Valuation of share options
44,497
-

44,497
-


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 22

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

19.


Reserves

Other reserves

Share options reserve

Profit and loss account

Cumulative profit and loss net of distribution to owners.


20.


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
0

59,900

0
 
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 23

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

21.


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.


22.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
119,062
119,062

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

406,795
525,857


23.


Related party transactions

The company has taken advantage of the exemption available in FRS 102, section 33, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidairy undertakings of the group.
Included in short term debtors is an amount of £2,100,106 (2022: £2,198,026) due from a company under common control.
Included in short term creditors is an amount of £1,954,159 (2022: £1,546,536) due to a company under common control.


24.


Controlling party

The immediate parent company is Total Assist Healthcare Group Limited. The ultimate parent company is Total Assist Holdings Limited. Copies of the group accounts can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party is J Rich.
 
Page 24