Company registration number 03461815 (England and Wales)
FIRST TECHNICAL RECRUITMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FIRST TECHNICAL RECRUITMENT LIMITED
COMPANY INFORMATION
Directors
S Farthing
A Cartledge
J A Urpi
D S Robertson
Secretary
S Farthing
Company number
03461815
Registered office
Parry House
Birchwood Boulevard
Birchwood
Warrington
Cheshire
WA3 7QU
Auditor
Sumer Auditco Limited
The Beehive
City Place
Gatwick
RH6 0PA
FIRST TECHNICAL RECRUITMENT LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 36
FIRST TECHNICAL RECRUITMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

We’re delighted with our 2023 performance as it was our highest group revenue year on record of £166m.

 

Thanks to all the dedication and focus from our employee’s as it has allowed us to grow in 2023 and in certain areas surpass our forecasted numbers.

 

Key elements contributing to the increase in the revenue number include:

 

We continue to maintain a strong focus within the technical and engineering sectors to deliver both contract and permanent solutions to our clients. The market sectors remain broad and extensive, which include Oil and Gas, Petrochemical, Nuclear, Power, Utilities, Life Sciences and General Engineering Sectors.

 

Although our recruitment and workforce management services are mainly provided to UK based clients, we’ve continued our overseas expansion with the provision of recruitment, contractor payroll, compliance and managed services.

 

Continuous development, improvement and investment in our recruitment and workforce management processes and systems is a key internal focus as this will enable us to expand and protect our excellent client and candidate relationships. Workplace culture, strong alignment with our values and a steadfast commitment to quality, trust and integrity will be the basis of our strategy. This will also drive our decisions when investing in our front and back office software systems and processes, with an emphasis on in-house development of USP’s. This approach has led to the development of novel live management information reports that support our objectives, decision making and leadership.

 

During the year, the company undertook a planned share repurchase which resulted in 593 Ordinary J shares being bought back for consideration of £365k. The purchase of shares was funded from the company's working capital, with no external finance being required. Also during the year, the company incurred a non-recurring bad debt expense of £387k as a result of 2 customers entering liquidation. These 2 factors alone have contributed to the overall reduction in total net assets. The company continues to be profitable post year end which has increased net assets accordingly.,

 

At the year end, the group has significant net assets of £5.4m, which the directors believe illustrates the financial strength of the group.

Principal risks and uncertainties

The group, uses various financial instruments including an invoice discounting facilitiy and various other mainstream items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

 

The existence of these financial instruments exposes the group to a number of financial risks which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.

 

Internal control risk

Our leadership team regularly review the system of internal financial and non-financial controls in operation and these include controls designed to ensure that our assets are safeguarded and accurate accounting records are maintained. Continual improvements to our internal systems and processes ensure compliance, efficiency and integrity within a seemingly constant flow of legislative and regulatory changes, related to the hiring and engagement of permanent and contingent workers.

 

 

FIRST TECHNICAL RECRUITMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties (continued)

 

Currency risk

Fluctuations in exchange rates over the year have a minor impact on our results because of the relatively low level sales denominated in foreign currencies and we continue to minimise this risk in our commercial arrangements with customers and suppliers.

 

Financial risk

We will take quick and appropriate actions to mitigate any risks and uncertainties arising from sudden and unexpected reductions in the demand from our customers to measure, review and manage the impact of these risks regularly. With the cost of living crisis and rising inflation together with interest rate increases resulting in increased banking costs.

 

Interest rates

The Bank of England base rate increased in early 2023 from 3.5% to 5.25%. Due to the usual nature to fund working capital of a Recruitment Agency with an Invoice Discount facility or similar, our costs in 2023 went up significantly in tandem when we have grown the business. We constantly monitor these trends closely to mitigate any serious impact upon our business overheads and cash flow.

 

As changes occur, we will evaluate the impact of these on our finances to enable us to react as quickly and confidently as possible to unforeseen movements.

 

General

We have a wide customer base across a range of market sectors. We’re also anticipating continued demand for our specialist services, for high demand, skilled and experienced engineers and technical personnel on a permanent and contingent basis. Our leadership team remain focussed on continually undertaking regular and robust reviews of the future risks and opportunities that exist within our market sectors.

Key performance indicators

Our performance continues to be measured and managed against our detailed annual goals, budgets and forecasts by the leadership team.

 

We’re delighted with the performance of the group during the year and remain confident in our focus on continually reviewing and modifying our operations to meet our 2024 forecasts as we continued to operate on a profitable and cash-generative basis.

 

 

 

 

2023

2022

Turnover

 

 

£166m

£140m

Gross profit margin

 

4.7%

5.6%

Profit before tax ("PBT")

£2.3m

£3.5m

Net current assets

 

£5.1m

£6.8m

Net assets

 

 

£5.4m

£7.2m

 

The directors strategically achieved turnover growth during 2023 by focusing on the Permanent opportunities post Covid-19 and the continued growth on the contingent labour market. Our permanent revenue of over £2.4m represents a 20% increase on last year and has had a significant contribution to our profit before tax for the year. The gross profit margins have been squeezed due to the inflationary pressures felt within the UK economy.

 

The effective cost controls and profitability focus by the management team has allowed the group to maintain significant profit levels.

 

The group continues to maintain a net current asset position, illustrating liquidity has been maintained within satisfactory parameters during 2023. The planned share repurchase and exceptional bad debt expense incurred in 2023 has reduced net current assets. Improvements are envisaged for future years.

 

The significant net assets of the group continue to demonstrate the financial strength of the wider group.

FIRST TECHNICAL RECRUITMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Section 172
Our purpose, strategy and core values

We are committed to supporting our local and the wider community. Our culture is driven by our commitment to our mission, vision and values which ensures that we succeed in the current rapidly changing political and economic economy.

 

We remain positive and determined to continue to focus on investment in staff development and our business systems to minimise risk and maximise opportunities.

 

Recent investments have demonstrated our commitment to be a quality, honest and trustworthy company with efficient and reliable recruitment and workforce management solutions. We remain committed to safeguarding and maintaining our compliance and that of our clients and candidates within the highly regulated contingent workforce market sector.

Employees

We have regular social events, celebrations, gifts for births, birthdays, weddings etc. and regular group meetings to explain our operational and financial results, present employee awards and provide updates of our charity and social support initiatives.

 

 

All staff are kept up to date with our bi-weekly newsletter, highlighting personal achievements, positive clients focussed news, new employees, legislative, system, QHSE updates and more.

 

We celebrate successes on a daily basis and our staff are rewarded based on their agreed goals, service delivery and openly shared performance results.

 

We remain committed to all our staff being paid at least the “real” Living Wage.

Customers and suppliers

Our approach is based upon the values of the original founders of the company, who created a unique business model, based on a strong commitment to maintaining regular contact and good understanding of our experienced engineering and technical sector candidates. The foundations of this approach continue to change and evolve to satisfy the needs and desired work aspirations of our candidates and our clients’ workforce requirements.

 

We provide additional value through regular contact, open dialogue and by sharing with our customers our knowledge and expertise via news insights, blogs and recruitment legislation guidance. Alongside this we maintain strong relationships with our key suppliers with an emphasis on fair and ethical trading, open and honest dialogue.

 

Environmental/ social responsibility

We believe in supporting charitable organisations that align with our two main desired outcomes;

 

  1. To be effective, whilst not having to spend vital donations on employing lots of highly paid staff and;

  2. To provide sustainable support and development to poor and/or vulnerable people.

 

We’re a Disability Confident Employer (Level 2) and we approach diversity and inclusion (D&I) by actively engaging with EVENBREAK to further develop our knowledge and capabilities of disability in the workplace. We strongly believe our organisation can benefit through tapping into this broader range of talent both for ourselves and for our clients and this is central to us achieving a diverse, inclusive and vibrant organisation.

 

We are committed to full compliance with GDPR. Our GDPR processes and policy are regularly reviewed to ensure all risks are addressed and compliantly managed. We also take cyber security very seriously therefore our systems and customer data are well protected, tested and verified.

FIRST TECHNICAL RECRUITMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Senior management team and longer term objectives

The senior management team will continue to focus on delivering world class recruitment solutions to our existing clients whilst developing new relationships with clients within our chosen sectors. We’re pleased to report that our investments into “neutral vendor” workforce management services and a new fully compliant payroll and billing solution are now well established. The senior management team expect these solutions to continue to grow in line with the expectations of our clients and contractors and with the continual increases in legislative compliance requirements. Our broad range of service offerings, engagement with our contractors, our clients and the wider contingent workforce will also help to promote our brand and enhance our reputation as a provider of excellent, fully compliant recruitment solutions.

On behalf of the board

J A Urpi
Director
8 September 2024
FIRST TECHNICAL RECRUITMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

Principal activities

The principal activity of the company and group continued to be that of outsourcing and placement of permanent and contract personnel, primarily in the technical and engineering industries.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £2,997,588. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Farthing
A Cartledge
J A Urpi
D S Robertson
Disabled persons

The group attaches particular importance to the needs of disabled people. Under the terms of the group's Corporate Social Responsibility policy, managers are required to:

 

 

It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

 

To further support the needs of disabled people, the following measures have been implemented as part of the group's Diversity and Inclusion policy:

 

FIRST TECHNICAL RECRUITMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Employee involvement

The group's policy is to consult and discuss with employees, matters likely to affect employees' interests.

 

Information about matters of concern to employees is communicated through channels such as our Weekly Voice internal newsletter, social media and our intranet and these seek to achieve a common awareness on the part of all employees of the factors affecting the group's performance.

 

As part of the group's Diversity and Inclusion policy, the following areas have been identified to further promote employee involvement throughout the group:

 

Future developments

We will continue to develop and invest in current and new solutions, to the benefit of our customers, through our focus on the provision of tailored recruitment solutions, based on quality and trust.

Auditor

Sumer Auditco Limited were appointed as auditor to the company and is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The group presents its emissions and energy consumption below:

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
312,849
342,412
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
27.20
23.10
- Fuel consumed for owned transport
-
511.30
27.20
534.40
Scope 2 - indirect emissions
- Electricity purchased
33.60
32.70
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
60.80
567.10
Intensity ratio
Tonnes CO2e per £1,000,000 turnover
0.37
4.04
FIRST TECHNICAL RECRUITMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Quantification and reporting methodology

The directors report the group's emissions with reference to the UK Government Environmental Reporting Guidelines. The 2023 UK Government Conversion Factors for Company Reporting published by the UK Department for Environmental, Food and Rural Affairs (DEFRA) are used to convert energy used in the company's operations to emissions of CO2. Data sources includes bills from energy suppliers plus internal fuel use.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000,000 turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The following measures have been taken to reduce the groups CO2 emissions:

Building Energy Performance Certificate (EPC) Grade

Parry House, the main office of the group is 'Rating C' with the EPC Certificate valid until 4th March 2031.

 

EPC Certificate no: 2100-3987-4090-9200-9101

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

FIRST TECHNICAL RECRUITMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J A Urpi
Director
8 September 2024
FIRST TECHNICAL RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRST TECHNICAL RECRUITMENT LIMITED
- 9 -
Opinion

We have audited the financial statements of First Technical Recruitment Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

FIRST TECHNICAL RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIRST TECHNICAL RECRUITMENT LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to employment, off-payroll working, health & safety and data protection.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

FIRST TECHNICAL RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIRST TECHNICAL RECRUITMENT LIMITED
- 11 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

Caroline Snape (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
9 September 2024
Statutory Auditor
The Beehive
City Place
Gatwick
RH6 0PA
FIRST TECHNICAL RECRUITMENT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
165,737,655
140,312,258
Cost of sales
(157,935,460)
(132,492,257)
Gross profit
7,802,195
7,820,001
Administrative expenses
(4,584,994)
(4,063,862)
Other operating income
46,605
1,320
Exceptional item
4
(344,452)
-
0
Operating profit
5
2,919,354
3,757,459
Interest receivable and similar income
9
261
744
Interest payable and similar expenses
10
(636,589)
(272,489)
Profit before taxation
2,283,026
3,485,714
Tax on profit
11
(593,920)
285,643
Profit for the financial year
24
1,689,106
3,771,357
Other comprehensive income
Currency translation gain taken to retained earnings
14,213
23,029
Total comprehensive income for the year
1,703,319
3,794,386
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,668,185
3,794,386
- Non-controlling interests
35,134
-
1,703,319
3,794,386
FIRST TECHNICAL RECRUITMENT LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
286,423
346,846
Tangible assets
14
41,428
44,121
Investments
15
3,626
3,626
331,477
394,593
Current assets
Debtors
18
27,648,039
24,092,565
Cash at bank and in hand
1,541,110
2,301,774
29,189,149
26,394,339
Creditors: amounts falling due within one year
19
(24,073,171)
(19,627,503)
Net current assets
5,115,978
6,766,836
Net assets
5,447,455
7,161,429
Capital and reserves
Called up share capital
23
11,815
11,768
Share premium account
24
152,723
108,985
Capital redemption reserve
24
593
-
0
Other reserves
24
579,287
579,287
Profit and loss reserves
24
4,841,253
6,535,889
Equity attributable to owners of the parent company
5,585,671
7,235,929
Non-controlling interests
(138,216)
(74,500)
5,447,455
7,161,429
The financial statements were approved by the board of directors and authorised for issue on 8 September 2024 and are signed on its behalf by:
08 September 2024
J A Urpi
Director
Company registration number 03461815 (England and Wales)
FIRST TECHNICAL RECRUITMENT LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
41,428
44,121
Investments
15
853,879
853,879
895,307
898,000
Current assets
Debtors
18
12,893,110
13,076,368
Cash at bank and in hand
563,331
559,009
13,456,441
13,635,377
Creditors: amounts falling due within one year
19
(13,395,776)
(12,899,869)
Net current assets
60,665
735,508
Net assets
955,972
1,633,508
Capital and reserves
Called up share capital
23
11,815
11,768
Share premium account
24
152,723
108,985
Capital redemption reserve
24
593
-
0
Other reserves
24
579,287
579,287
Profit and loss reserves
24
211,554
933,468
Total equity
955,972
1,633,508

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,640,907 (2022 - £1,438,121 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 September 2024 and are signed on its behalf by:
08 September 2024
J A Urpi
Director
Company registration number 03461815 (England and Wales)
FIRST TECHNICAL RECRUITMENT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 January 2022
11,768
108,985
-
0
579,287
4,254,989
4,955,029
-
4,955,029
Year ended 31 December 2022:
Profit for the year
-
-
-
-
3,771,357
3,771,357
-
3,771,357
Other comprehensive income:
Currency translation differences
-
-
-
-
23,029
23,029
-
23,029
Total comprehensive income
-
-
-
-
3,794,386
3,794,386
-
3,794,386
Dividends
12
-
-
-
-
(1,513,486)
(1,513,486)
(74,500)
(1,587,986)
Balance at 31 December 2022
11,768
108,985
-
0
579,287
6,535,889
7,235,929
(74,500)
7,161,429
Year ended 31 December 2023:
Profit for the year
-
-
-
-
1,689,106
1,689,106
-
1,689,106
Other comprehensive income:
Currency translation differences
-
-
-
-
14,213
14,213
-
14,213
Amounts attributable to non-controlling interests
-
-
-
-
(35,134)
(35,134)
35,134
-
Total comprehensive income
-
-
-
-
1,668,185
1,668,185
35,134
1,703,319
Issue of share capital
23
640
43,738
-
-
-
44,378
-
44,378
Dividends
12
-
-
-
-
(2,997,588)
(2,997,588)
(98,850)
(3,096,438)
Own shares acquired
-
-
-
-
(365,233)
(365,233)
-
(365,233)
Redemption of shares
23
(593)
-
593
-
-
-
0
-
-
Balance at 31 December 2023
11,815
152,723
593
579,287
4,841,253
5,585,671
(138,216)
5,447,455
FIRST TECHNICAL RECRUITMENT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
11,768
108,985
-
0
579,287
1,008,833
1,708,873
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
1,438,121
1,438,121
Dividends
12
-
-
-
-
(1,513,486)
(1,513,486)
Balance at 31 December 2022
11,768
108,985
-
0
579,287
933,468
1,633,508
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
2,640,907
2,640,907
Issue of share capital
23
640
43,738
-
-
-
44,378
Dividends
12
-
-
-
-
(2,997,588)
(2,997,588)
Own shares acquired
-
-
-
-
(365,233)
(365,233)
Redemption of shares
23
(593)
-
593
-
-
-
0
Balance at 31 December 2023
11,815
152,723
593
579,287
211,554
955,972
FIRST TECHNICAL RECRUITMENT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
3,722,324
2,790,843
Interest paid
(636,589)
(272,489)
Income taxes paid
(417,198)
(117,952)
Net cash inflow from operating activities
2,668,537
2,400,402
Investing activities
Purchase of tangible fixed assets
(12,169)
(32,121)
Proceeds from disposal of tangible fixed assets
-
37,829
Interest received
261
744
Net cash (used in)/generated from investing activities
(11,908)
6,452
Financing activities
Proceeds from issue of shares
44,378
-
Purchase of own shares
(365,233)
-
0
Dividends paid to equity shareholders
(2,997,588)
(1,513,486)
Dividends paid to non-controlling interests
(98,850)
(74,500)
Net cash used in financing activities
(3,417,293)
(1,587,986)
Net (decrease)/increase in cash and cash equivalents
(760,664)
818,868
Cash and cash equivalents at beginning of year
2,301,774
1,482,906
Cash and cash equivalents at end of year
1,541,110
2,301,774
FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

First Technical Recruitment Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Parry House, Birchwood Boulevard, Birchwood, Warrington, Cheshire, WA3 7QU.

 

The group consists of First Technical Recruitment Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company First Technical Recruitment Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue constitutes the value of services undertaken by the company from its principal activities, which are recruitment consultancy and other ancillary services. These consist of:

 

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Customer lists
12 months
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15-33% p.a. reducing balance
Computers
33% p.a. straight line
Motor vehicles
25% p.a. reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently accounted for at cost less impairment.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

The company has issued share options to certain directors and employees. These must be measured at fair value and recognised as an expense in the profit and loss with a corresponding increase in equity. The fair value of the options was estimated at the date of grant using the option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The charge is adjusted each year to reflect the expected and actual level of vesting.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Subsidiaries and associates

The results of First Technical Recruitment Singapore Pte Ltd, a subsidiary company, have not been included within the consolidated figures as the impact is not considered material.

 

The results of First Technical (Ghana) Limited, an associate company, have not been accounted for under equity accounting as the impact is not considered material.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Cost of sales accruals

The directors make estimates regarding the cost of sales accruals required at year-end. The estimate is based on the level of corresponding accrued income less an appropriate gross margin. At the year-end, the directors have included cost of sale accruals of £3,554,977 (2022: £4,237,467).

Deferred tax asset

The realisation of the deferred tax asset is dependent upon projections of future trading coming to fruition, and therefore by its very nature there is a level of estimation uncertainty. At the year-end, the directors have included a deferred tax asset of £1,884,504 (2022: £2,226,355) based on the estimated utilisation of tax losses in future years.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
149,786,763
124,712,757
Europe
2,142,644
2,169,253
Rest of World
13,808,248
13,430,248
165,737,655
140,312,258
2023
2022
£
£
Other revenue
Interest income
261
744
4
Exceptional item
2023
2022
£
£
Expenditure
Bad debt write off
344,452
-

An exceptional bad debt write off was made during the year ended 31 December 2023, following a customer of the group entering liquidation.

5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
88,492
22,440
Depreciation of owned tangible fixed assets
14,862
14,280
Profit on disposal of tangible fixed assets
-
(10,424)
Amortisation of intangible assets
60,423
60,423
Operating lease charges
51,807
39,679
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,500
37,000
Audit of the financial statements of the company's subsidiaries
24,000
-
43,500
37,000
For other services
Other taxation services
9,500
-
FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administrative staff
68
63
54
53
Directors
4
3
4
3
Temporary staff
397
341
-
-
Total
469
407
58
56

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
40,459,141
38,812,110
1,823,390
1,867,478
Social security costs
4,979,556
4,997,117
193,570
221,091
Pension costs
2,780,642
2,453,359
66,072
63,314
48,219,339
46,262,586
2,083,032
2,151,883
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
109,487
29,038
Company pension contributions to defined contribution schemes
4,403
734
113,890
29,772

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

9
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
261
744
FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
10
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
39,592
15,804
Other interest
596,997
256,685
Total finance costs
636,589
272,489
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
252,882
414,438
Deferred tax
Origination and reversal of timing differences
(813)
(1,225)
Changes in tax rates
-
0
(168,020)
Tax losses carried forward
341,851
(530,836)
Total deferred tax
341,038
(700,081)
Total tax charge/(credit)
593,920
(285,643)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,283,026
3,485,714
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
570,757
662,286
Tax effect of expenses that are not deductible in determining taxable profit
27,679
18,387
Change in unrecognised deferred tax assets
-
0
(803,400)
Effect of change in corporation tax rate
-
(168,020)
Permanent capital allowances in excess of depreciation
-
0
(269)
Tax at marginal rate
(15,905)
-
0
Foreign tax on dividends remitted to the UK
-
0
1,729
Effect of overseas tax
11,389
3,644
Taxation charge/(credit)
593,920
(285,643)

Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
2,997,588
1,513,486
13
Intangible fixed assets
Group
Goodwill
Customer lists
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
604,228
25,000
629,228
Amortisation and impairment
At 1 January 2023
257,382
25,000
282,382
Amortisation charged for the year
60,423
-
0
60,423
At 31 December 2023
317,805
25,000
342,805
Carrying amount
At 31 December 2023
286,423
-
0
286,423
At 31 December 2022
346,846
-
0
346,846
Company
Customer lists
£
Cost
At 1 January 2023 and 31 December 2023
25,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
25,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
14
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
257,546
11,679
87,717
356,942
Additions
12,169
-
0
-
0
12,169
Disposals
(43,555)
-
0
-
0
(43,555)
At 31 December 2023
226,160
11,679
87,717
325,556
Depreciation and impairment
At 1 January 2023
218,124
11,679
83,018
312,821
Depreciation charged in the year
13,687
-
0
1,175
14,862
Eliminated in respect of disposals
(43,555)
-
0
-
0
(43,555)
At 31 December 2023
188,256
11,679
84,193
284,128
Carrying amount
At 31 December 2023
37,904
-
0
3,524
41,428
At 31 December 2022
39,422
-
0
4,699
44,121
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
257,546
87,717
345,263
Additions
12,169
-
0
12,169
Disposals
(43,555)
-
0
(43,555)
At 31 December 2023
226,160
87,717
313,877
Depreciation and impairment
At 1 January 2023
218,124
83,018
301,142
Depreciation charged in the year
13,687
1,175
14,862
Eliminated in respect of disposals
(43,555)
-
0
(43,555)
At 31 December 2023
188,256
84,193
272,449
Carrying amount
At 31 December 2023
37,904
3,524
41,428
At 31 December 2022
39,422
4,699
44,121
FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
850,253
850,253
Investments in associates
17
3,626
3,626
3,626
3,626
3,626
3,626
853,879
853,879
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2023 and 31 December 2023
3,626
Carrying amount
At 31 December 2023
3,626
At 31 December 2022
3,626
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023 and 31 December 2023
853,879
Carrying amount
At 31 December 2023
853,879
At 31 December 2022
853,879
FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
First Technical Albania SHPK
1
Recruitment consultant
Ordinary
100.00
-
First Technical Recruitment Australia PTY Limited
2
Recruitment consultant
Ordinary
100.00
-
Operam Managed Solutions Limited
3
Recruitment consultant
Ordinary
90.00
-
Lema Holdings Limited
3
Intermediate holding company
Ordinary
100.00
-
Talascend Holdings Limited
3
Intermediate holding company
Ordinary
-
100.00
Talascend Limited
3
Recruitment consultant
Ordinary
-
100.00
Talascend India Private Limited
4
Recruitment consultant
Ordinary
-
100.00
First Technical Singapore Pte Ltd
5
Recruitment consultant
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Boulevard Deshmoret e Kombit, Twin Towers, Kati 2, Zyra nr, 22, Tirana, Albania
2
Level 25, Allendale Square, 77 St Georges Terrace Perth 6000 WA, Australia
3
Parry House, Birchwood Boulevard, Birchwood, Warrington, England, WA3 7QU
4
2nd Floor, Suite 10, First India Place, Shushant Lok – I, Block B, M G Road, Gurgaon, 122002
5
Suite C05, 20 Collyer Quay, 23-01 Singapore 049319

Whilst the company owns 90% of the issued share capital of Operam Managed Solutions Limited, it has retained 100% voting control as the B Ordinary shares issued in Operam Managed Solutions Limited hold no voting rights.

17
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Operam MSP West Africa Ltd
1
Recruitment consultant
Ordinary
49

Registered office addresses (all UK unless otherwise indicated):

 

1 F676/1, Angola Road, Kuku Hill Accra, P.O Box 0854 Ghana

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
24,427,149
20,044,917
12,650,761
12,617,299
Amounts owed by group undertakings
-
-
134,157
234,157
Amounts owed by undertakings in which the company has a participating interest
-
63,294
-
63,294
Other debtors
321,341
422,495
27,433
82,688
Prepayments and accrued income
1,012,318
1,333,590
78,237
77,221
25,760,808
21,864,296
12,890,588
13,074,659
Deferred tax asset (note 20)
395,022
369,209
2,522
1,709
26,155,830
22,233,505
12,893,110
13,076,368
Amounts falling due after more than one year:
Deferred tax asset (note 20)
1,492,209
1,859,060
-
0
-
0
Total debtors
27,648,039
24,092,565
12,893,110
13,076,368
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
796,031
586,639
395,480
416,113
Amounts owed to group undertakings
-
0
-
0
1,080,401
1,610,440
Corporation tax payable
253,660
417,976
147,689
338,995
Other taxation and social security
5,750,819
5,676,004
1,580,144
1,529,927
Other creditors
13,653,261
8,435,907
9,012,234
7,355,852
Accruals and deferred income
3,619,400
4,510,977
1,179,828
1,648,542
24,073,171
19,627,503
13,395,776
12,899,869

Group

Included in other creditors are balances of £12,166,772 (2022: £7,377,086) in respect of invoice discounting facilities which are secured by a fixed and floating charge over the group's assets.

 

Company

Included in other creditors is a balance of £8,916,466 (2022: £7,258,369) in respect of an invoice discounting facility which is secured by a fixed and floating charge over the company's assets.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
(269)
(311)
Tax losses
1,884,504
2,226,355
Retirement benefit obligations
2,996
2,225
1,887,231
2,228,269
Assets
Assets
2023
2022
Company
£
£
Accelerated capital allowances
(474)
(516)
Retirement benefit obligations
2,996
2,225
2,522
1,709
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(2,228,269)
(1,709)
Charge/(credit) to profit or loss
341,038
(813)
Asset at 31 December 2023
(1,887,231)
(2,522)

The deferred tax asset set out above is the net of tax relief timing differences. Pension contributions will attract tax relief in the year paid. Accelerated capital allowances are expected to mature over the associated fixed assets useful economic life. Tax losses will be utilised against expected profits in future periods.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,780,642
2,453,359

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

As at the year-end, contributions due to the schemes in respect of the current reporting year were £304,277 (2022: £237,152).

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
22
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
640
-
44,377.60
-
Granted
-
640
-
44,377.60
Exercised
(640)
-
(44,377.60)
-
Outstanding at 31 December 2023
-
640
-
44,377.60
Exercisable at 31 December 2023
-
640
-
44,377.60

On 12 August 2022, 640 H Ordinary shares of £1 each were granted under an EMI share option to 1 employee/director of the company. . The holder of the EMI share options can exercise the share options following the satisfaction of certain performance related conditions. The EMI share options lapse if the employee leaves employment or on the 10th anniversary of the grant.

 

The market value of the shares at the date of grant has been agreed by HM Revenue and Customs at £69.34 per share.

 

On the 20th February 2023, 256 EMI share options had been exercised at market value.

 

On the 5th October 2023, the remaining 384 EMI share options had been exercised at market value.

 

As at the year end, all of the EMI share options had been exercised.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
4,500
4,500
4,500
4,500
Ordinary B shares of £1 each
4,500
4,500
4,500
4,500
Ordinary C shares of £1 each
500
500
500
500
Ordinary D shares of £1 each
1,165
1,165
1,165
1,165
Ordinary E shares of £1 each
498
498
498
498
Ordinary F shares of £1 each
1
1
1
1
Ordinary G shares of £1 each
1
1
1
1
Ordinary H shares of £1 each
650
10
650
10
Ordinary J shares of £1 each
-
593
-
593
11,815
11,768
11,815
11,768

All shares carry no fixed right to income and rank pari passu in every respect.

On 18 September 2023, 593 Ordinary J shares of £1 each were bought back as a purchase of own shares for £365,233.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
24
Reserves
Other reserves

Other reserves relates to a merger relief reserve that arose as a result of the acquisition of Lema Holdings Limited.

Other reserves

The share premium account represents consideration paid or payable in excess of the par value of the share capital.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
263,399
235,603
263,399
235,603
Between two and five years
537,918
682,087
537,918
682,087
801,317
917,690
801,317
917,690
26
Related party transactions

At the year end, the company owed £199,939 (2022: £277,383) to an entity under common control. Rent of £222,154 (2022: £3231,153) was charged in the year.

 

At the year end, the company was owed £Nil (2022: £63,294) from a company under significant influence. During the year, repayments totalling £60,000 (2022: £75,000) were received from the company. This balance relates to monies advanced in previous years. Management service fees of £74,770 (2022: £84,511) were received from this company during the year. Expense recharges of £3,294 (2022: £Nil) were charged during the year.

 

At the year end, the company was owed £28,458 (2022: £28,458) from a company under common control. This balance relates to monies advanced in previous years.

 

At the year end, a subsidiary within the group owed £Nil (2022: £5,299) to a company under significant influence. Subcontractor labour services of £66,395 (2022: £Nil) were charged from this related company during the year.

 

At the year end, a subsidiary within the group was owed £141,391 (2022: £Nil) from a company under significant influence. Subcontractor labour services of £141,705 (2022: £Nil) were charged to this related company during the year.

 

Balances outstanding at the year-end are unsecured, non-interest bearing and repayable on demand.

27
Directors' transactions

Dividends totalling £2,953,910 (2022 - £1,407,951) were paid in the year in respect of shares held by the company's directors.

FIRST TECHNICAL RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
28
Controlling party

The ultimate controlling party is deemed to be A Cartledge and S Farthing by virtue of their directorship and shareholding.

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,689,106
3,771,357
Adjustments for:
Taxation charged/(credited)
593,920
(285,643)
Finance costs
636,589
272,489
Investment income
(261)
(744)
Gain on disposal of tangible fixed assets
-
(10,424)
Amortisation and impairment of intangible assets
60,423
60,423
Depreciation and impairment of tangible fixed assets
14,862
14,280
Other non cash movements
14,213
23,029
Movements in working capital:
Increase in debtors
(3,896,512)
(1,493,957)
Increase in creditors
4,609,984
440,033
Cash generated from operations
3,722,324
2,790,843
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,301,774
(760,664)
1,541,110
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