Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytruetruetruetruetrue2023-01-01false3131truefalse 02568476 2023-01-01 2023-12-31 02568476 2022-01-01 2022-12-31 02568476 2023-12-31 02568476 2022-12-31 02568476 1 2023-01-01 2023-12-31 02568476 1 2022-01-01 2022-12-31 02568476 d:CompanySecretary1 2023-01-01 2023-12-31 02568476 d:Director1 2023-01-01 2023-12-31 02568476 d:Director2 2023-01-01 2023-12-31 02568476 d:Director3 2023-01-01 2023-12-31 02568476 d:RegisteredOffice 2023-01-01 2023-12-31 02568476 e:MotorVehicles 2023-01-01 2023-12-31 02568476 e:MotorVehicles 2023-12-31 02568476 e:MotorVehicles 2022-12-31 02568476 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02568476 e:FurnitureFittings 2023-01-01 2023-12-31 02568476 e:FurnitureFittings 2023-12-31 02568476 e:FurnitureFittings 2022-12-31 02568476 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02568476 e:OfficeEquipment 2023-01-01 2023-12-31 02568476 e:ComputerEquipment 2023-01-01 2023-12-31 02568476 e:ComputerEquipment 2023-12-31 02568476 e:ComputerEquipment 2022-12-31 02568476 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02568476 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02568476 e:CurrentFinancialInstruments 2023-12-31 02568476 e:CurrentFinancialInstruments 2022-12-31 02568476 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02568476 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02568476 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 02568476 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 02568476 e:UKTax 2023-01-01 2023-12-31 02568476 e:UKTax 2022-01-01 2022-12-31 02568476 e:ShareCapital 2023-12-31 02568476 e:ShareCapital 2022-12-31 02568476 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02568476 e:RetainedEarningsAccumulatedLosses 2023-12-31 02568476 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02568476 e:RetainedEarningsAccumulatedLosses 2022-12-31 02568476 e:RetainedEarningsAccumulatedLosses 2022-01-01 02568476 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02568476 d:OrdinaryShareClass1 2023-12-31 02568476 d:OrdinaryShareClass1 2022-12-31 02568476 d:FRS102 2023-01-01 2023-12-31 02568476 d:Audited 2023-01-01 2023-12-31 02568476 d:FullAccounts 2023-01-01 2023-12-31 02568476 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02568476







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PROACTIVE APPOINTMENTS LIMITED






































img5e73.png                        

 


PROACTIVE APPOINTMENTS LIMITED
 


 
COMPANY INFORMATION


Directors
N. A. Allen 
S. V. Allen 
A. Robinson 




Company secretary
S. V. Allen



Registered number
02568476



Registered office
Old Forge House
11 Pleasant Place

Hersham

Walton-on-Thames

Surrey

KT12 4HR




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


PROACTIVE APPOINTMENTS LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 - 19


 


PROACTIVE APPOINTMENTS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present the strategic report for the year ended 31 December 2023.
 
Principal activity
 
The principal activity of the Company during the year was that of the provision of contract personnel and permanent placements.

Business review
 
The Company’s performance in the year has been impacted by the slowdown in the economy as a whole and the impact that this has had on the employment market and recruitment sectors. Turnover decreased by 7%, the value of gross margin in 2023 at £4.6m decreased by 7% from 2022 at £4.9m. This reflects the reduced number of permanent placements achieved in 2023 against the previous year and can be seen in the small change in the gross margin % achieved at 17.0% in 2023 compared to 17.2% in 2022. The Company’s working capital requirements remain fully covered with available cash of £96k (2022 - £235k) at the year end. 
The Company believes that the year ahead will still be challenging as the UK economy continues to avoid recession by achieving very low growth rates. However, it is making sure that the sales team are focused on maintaining the contractor placement base and looking for new and existing client opportunities in contract and permanent placements.

Financial and non financial key performance indicators

The Company uses a series of key performance indicators to monitor the performance of the business. These include, but are not limited to the following;

Financial indicators

- Total turnover
- Gross margin

Non-financial indicators

- Contractor numbers
The directors' assessment of the above key performance indicators for the period is included in the Business Review above.

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to several risks. 
The key business risks and uncertainties affecting the Company are its ability to effectively manage its customer base to maintain and develop market share. This is in a competitive recruitment sector where finding the right mix of candidates who have the skills demanded by clients is key to success. To operate with the latest systems and infrastructure to ensure a strong platform on which to grow the business. The retention and recruitment of the right standard of employees to maintain and grow a positive culture within the company.
The directors have mitigated against these risks by differentiating themselves in the marketplace by focusing on the highest possible standards of customer care and fulfilling open client vacancies with a strong selection of candidates. The company invests in building and maintaining a robust infrastructure capable of supporting and growing the business and developing the culture of the company working with employees to give them opportunities to train and develop their skills to retain and motivate them.
Page 1

 


PROACTIVE APPOINTMENTS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


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

................................................
S. V. Allen
Company Secretary

Date: 9 July 2024

Page 2

 


PROACTIVE APPOINTMENTS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

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.

Results and dividends

The profit for the year, after taxation, amounted to £43,878 (2022 -£39,401).

The directors have not recommended a dividend for the current or previous year. 

Directors

The directors who served during the year were:

N. A. Allen 
S. V. Allen 
A. Robinson 

Future developments

The directors plan to keep the same business model as in previous years. 

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.

Page 3

 


PROACTIVE APPOINTMENTS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28
days after these financial statements were sent to members or 28 days after the latest date prescribed for filing
the accounts with the registrar, whichever is earlier.

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





................................................
S. V. Allen
Director

Date: 9 July 2024

Page 4

 


PROACTIVE APPOINTMENTS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROACTIVE APPOINTMENTS LIMITED

Opinion


We have audited the financial statements of Proactive Appointments Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 31 December 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.


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.

Page 5

 


PROACTIVE APPOINTMENTS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROACTIVE APPOINTMENTS LIMITED (CONTINUED)

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.

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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK Employment Legislation;
UK Health and Safety Legislation;
UK Tax Legislation;
General Data Protection Regulation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements.
Page 6

 


PROACTIVE APPOINTMENTS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROACTIVE APPOINTMENTS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of legal and professional expense codes and journal testing.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included;

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions;
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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.


Page 7

 


PROACTIVE APPOINTMENTS LIMITED


img15c9.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PROACTIVE APPOINTMENTS LIMITED (CONTINUED)



Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants & Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

9 July 2024
Page 8

 


PROACTIVE APPOINTMENTS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
26,725,019
28,645,469

Cost of sales
  
(22,162,084)
(23,714,136)

Gross profit
  
4,562,935
4,931,333

Administrative expenses
  
(4,510,037)
(4,881,093)

Operating profit
 5 
52,898
50,240

Interest receivable and similar income
  
6,848
1,665

Interest payable and similar expenses
 9 
(15,868)
(12,644)

Profit before tax
  
43,878
39,261

Tax on profit
 10 
-
140

Profit after tax
  
43,878
39,401

  

  

Retained earnings at the beginning of the year
  
405,229
365,828

  
405,229
365,828

Profit for the year
  
43,878
39,401

Retained earnings at the end of the year
  
449,107
405,229

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

The notes on pages 11 to 19 form part of these financial statements.

Page 9

 


PROACTIVE APPOINTMENTS LIMITED
REGISTERED NUMBER:02568476



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
261,822
162,888

  
261,822
162,888

Current assets
  

Debtors: amounts falling due within one year
 12 
4,328,840
3,992,802

Cash at bank and in hand
  
95,872
235,680

  
4,424,712
4,228,482

Creditors: amounts falling due within one year
 13 
(4,217,427)
(3,966,141)

Net current assets
  
 
 
207,285
 
 
262,341

Total assets less current liabilities
  
469,107
425,229

  

Net assets
  
469,107
425,229


Capital and reserves
  

Called up share capital 
 14 
20,000
20,000

Profit and loss account
 15 
449,107
405,229

  
469,107
425,229


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




................................................
S. V. Allen
Director

Date: 9 July 2024

The notes on pages 11 to 19 form part of these financial statements.

Page 10

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Proactive Appointments Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the Company information page.

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 judgement in applying the Company's accounting policies (see note 3)

The accounts are presented in sterling and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Fahari Limited as at 31 December 2023 and these financial statements may be obtained from the Company's registered office address, which can be found on the company information page.

 
2.3

Turnover recognition

The Company is recognised as the principal for contract placements as they are obligated to arrange services from third parties for their customers, and they have control over the establishment of pricing. Turnover from contracts is therefore recognised as the work is done.
Turnover from permanent placements is recognised in the month the placement commences.

Page 11

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Motor vehicles
-
Over 4 years
Office equipment
-
Over 5 years
Computer equipment
-
Over 2 years

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.

 
2.5

Financial instruments

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

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £. 

Transactions and balances

Foreign currency transactions are translated into the functional currency using an appropriate average approximation of the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.7

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.

 
2.8

Defined contribution plans

The Company has entered into pension fund arrangements for the benefit of certain employees. The Company operates a defined contribution scheme. Contributions made by the Company and its employees are administered by trustees in a fund independent from the Company's assets.
Contributions, which are expected to cover the cost of benefits arising from the current services of employees are charged to the profit and loss account as incurred. 

Page 12

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for
revenues and expenses during the year. These estimates and judgements are continually reviewed and are based
on experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.

The directors do not assess there to be any material areas of judgement and key sources of estimation uncertainty in the preparation of the financial statements in the current or previous financial year.


4.


Turnover

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


2023
2022
£
£

Contract personnel and permanent placements
26,725,019
28,645,469

26,725,019
28,645,469


All sales were made within the United Kingdom, except for £1,300,437 (2022 - £1,200,232) to EU countries.  

Page 13

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible assets
122,376
92,824

(Gain)/loss on disposal of tangible assets
(108,444)
(41,292)

Foreign exchange differences
(77)
(1,502)

Other operating lease rentals
65,000
65,000


6.


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

8,500
8,155


7.


Employees

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


2023
2022
£
£

Wages and salaries
1,839,980
1,978,735

Social security costs
257,364
294,941

Cost of defined contribution scheme
29,604
27,340

2,126,948
2,301,016


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


        2023
        2022
            No.
            No.







Employees
31
31

Page 14

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
328,988
357,376

Company contributions to defined contribution pension schemes
1,316
1,097

330,304
358,473


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension  schemes.

The highest paid director received remuneration of £274,390 (2022 - £268,714).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,316 (2022 - £1,097).


9.


Interest payable

2023
2022
£
£


Bank interest payable
-
92

Other loan interest payable
15,868
12,552

15,868
12,644


10.


Taxation on ordinary activities


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(140)


-
(140)


Total current tax
-
(140)
Page 15

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation on ordinary activities (continued)


Reconciliation of tax expense

The tax assessed for the year is lower than (2022 -lower than) the standard rate of corporation tax in the UK of 25% (2022 -19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
43,878
39,261


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%)
10,320
7,460

Effects of:


Fixed asset difference
(425)
(1,835)

Expenses not deductible for tax purposes
1,127
326

Remeasurement of deferred tax for changes in tax rates
696
2,375

Unrecognised deferred tax
(11,755)
(9,894)

Other timing differences leading to an increase (decrease) in taxation
37
1,568

Over provision in previous year
-
(140)

Total tax charge for the year
-
(140)


Factors that affected the tax charge

On 1 April 2023 the corporation tax rate increased from 19% to 25%.

Page 16

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 January 2023
337,491
84,453
249,374
671,318


Additions
296,179
4,331
29,499
330,009


Disposals
(296,263)
-
(163,540)
(459,803)



At 31 December 2023

337,407
88,784
115,333
541,524



Depreciation


At 1 January 2023
200,050
78,066
230,314
508,430


Charge for the year
92,830
2,773
26,773
122,376


Disposals
(187,627)
-
(163,477)
(351,104)



At 31 December 2023

105,253
80,839
93,610
279,702



Net book value



At 31 December 2023
232,154
7,945
21,723
261,822



At 31 December 2022
137,441
6,387
19,060
162,888


12.


Debtors

2023
2022
£
£


Trade debtors
2,979,294
2,922,007

Other debtors
783,599
-

Prepayments and accrued income
565,947
1,070,795

4,328,840
3,992,802


Of the trade debtors total above £2,979,294 (2022 - £2,911,061) is factored debt.

Page 17

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
845,671
788,015

Amounts owed to group undertakings
2,914,593
2,432,854

Other taxation and social security
248,229
174,400

Other creditors
49
170,550

Accruals and deferred income
208,885
400,322

4,217,427
3,966,141


Included within creditors are amounts advanced on sales of £Nil (2022 - £164,366). These are secured by a fixed and floating charge over all assets of the company. 


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 -20,000) Ordinary shares of £1.00 each
20,000
20,000

The shares have attached to them full voting, dividend and capital distribution rights.



15.


Reserves

Profit and loss account
This reserve records accumulated profits and losses of the Company.


16.


Pension commitments

The Company operates a defined contribution plan for its employees. The assets of the plan are held separately from the Company in independently administered funds.
The amount recognised in profit and loss as an expense in relation to defined contribution plans during the year was £29,604 (2022 - £27,340). At the year end the amount included in creditors in respect of unpaid pension contributions was £49 (2022 - £6,184).


17.


Related party transactions

The Company paid market rent of £65,000 (2022 - £65,000) to Old Forge House Limited, a company under common control.
In accordance with the exemptions by Financial Reporting Standard 102, transactions with other Group Companies have not been disclosed in these financial statements.

Page 18

 


PROACTIVE APPOINTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Controlling party

The immediate and ultimate parent company is Fahari Limited, a company that is registered in Guernsey.
The results of Proactive Appointments Limited are included in the consolidated accounts of Fahari Limited, which is the largest and the smallest group of undertakings for which consolidated financial statements are drawn up. 
Copies of the consolidated financial statements of Fahari Limited may be obtained from the Company's registered office. The address is: Old Forge House, 11 Pleasant Place, Hersham, Walton-on-Thames, KT12 4HR.
The directors do not consider there to be an ultimate controlling party.

 
Page 19