REGISTERED NUMBER: 04386504 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INDUSTRIA PERSONNEL SERVICES LTD. |
REGISTERED NUMBER: 04386504 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INDUSTRIA PERSONNEL SERVICES LTD. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Profit and loss account | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
INDUSTRIA PERSONNEL SERVICES LTD. |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the Group is that of an employment agency providing temporary labour and staff. The group was affected by macro events including the war in Ukraine, high interest rates, and economic uncertainty in 2023 in both the UK and Germany, for the first 8 months, but had encouraging growth in the latter part of the year, which has continued into 2024. Industria are actively seeking growth opportunities over the next five years both organically and through potential acquisition. Industria expect significant 15% growth in 2024 based on current plans and run rates compared with 2023 and the stated aim remains to achieve £100m revenue by 2028 which will in turn greatly improve profitability through economies of scale and margin enhancement. |
The Group's turnover reduced in 2023 from £55.4m for the year ending 31 December 2022 to £50.2m million for the year ending 31 December 2023, a reduction of 9.4%. The Gross Profit for the year was £4.3m which reduced from £4.7m in 2022. |
The results of the Group were adversely affected by interest rates and the economic uncertainty outlined above, from £215.8k in 2022 to £133.7k. Despite the 10.4% reduction in volume, Interest paid that was the single biggest factor in the profit change. |
Industria Personnel Services Limited delivered a net profit of £37k vs. £58k in 2022, and this can be attributed to higher Interest rates and hence discounting interest in 2023 (£144k adverse). Overheads were lower in 2023 by £193k which was due to Industria reacting to the downturn in volume quickly and decisively (particularly staff salaries lower £263k). Bank charges were also significantly lower than 2023 (£45k) as the new improved contract delivered savings. |
Industria Personnel Services Ltd continues to be reactive to changes in the economic macro and micro conditions of the market and of our clients. The 2023 economy and market started with a large decline, due to uncertainty and inflation following the Russia-Ukraine conflict and consumer confidence. Despite these challenges, Industria have a secure platform to capitalise on for the opportunities that came in the final part of 2023 and into 2024. |
Industria UK has opened a new branch in 2023 and is experiencing growth from new and existing customers across the country. |
All these factors ensure the company is in a strong financial position to ensure growth and improved profitability. |
The German company made a profit of €68k vs. €142k in 2022 as we did lose some contracts in 2023, but as in the UK, Industria are seeing a return to growth in 2024. |
Position at year end |
Group position at the year end shows net current assets of £441,861 (2022: £429,158). Overall shareholders funds are £616,008 (2022: £468,781). |
Company position at the year end shows net current assets of £668,599 (2022: £775,006). Overall shareholders funds are £992,905 (2022: £955,605). |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
FUTURE PROSPECTS |
The directors of the business remain focussed on growth and profitability. |
The Board continue to develop strategic locations throughout the UK, Germany and in Poland. |
The group continues its aim to diversify its client base to improve margin and reduce reliance on certain sectors. Industria have targeted new recruitment and staff replacement on Business development skills and wide experience to help achieve this. |
The board is also focussed on diversifying into technical sectors and develop its permanent recruitment to complement its current portfolio. |
The group did invest significantly in a new Customer Relationship Management system in 2023 which will help achieve our growth goals. Industria continued to improve all IT systems, particularly cyber security in the light of the ever-changing threat that is widely publicised. |
The cost base will continue to evolve and be aligned to volume. Industria Poland will continue to play a strong role in this, with high skill levels and lower overheads. |
The group is in a stable and improved financial position in 2024 due to Industria Personnel Services GmbH returning capital to the UK and Directors repaying loans in 2023 further strengthening the cash position of the group. This has created a solid base to facilitate the directors' objectives to invest and grow the group. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Management and the Board regularly review the risks facing the business. |
The directors perceive the main risks factors that could materially affect the future operating profits or financial position of the group are the market risk, interest rate risk, liquidity risk, low unemployment and credit risk. |
Market Risk |
Current economic risks include the Ukraine war, world political instability, interest rates and consumer confidence. These risks are mitigated by continuously reviewing the customer base, cost structure, systems, sales strategies, and operations. Corrective action is taken when appropriate to re-align the business to the market environment. |
Interest Risk |
The Group seeks to manage its financial risk relating to interest rate changes by monitoring interest rates and the effect this has on the profitability of the group. The Group's invoice discounting facility incurs interest based upon Base Rate but did secure improved finance charges in 2023 to partially mitigate this. |
Liquidity and Cash flow risk |
The Group seeks to manage financial risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Operations and working capital requirements are funded principally out of short-term banking facilities and invoice discounting. The Group received a £220k loan repayment in 2023 from Directors. This has improved the cash flow position of Industria. |
Credit Risk |
The Group reviews the credit quality of customers and limits credit exposures accordingly. Credit exposures on trade debtors are minimised using credit insurance as an integral part of the invoice discounting facility. |
Key Performance Indicators |
The directors consider a range of performance indicators for both trading companies on a weekly, monthly and annual basis. The board seeks to keep management of the business simple and reactive. To that end it utilises a limited number of operational KPI's, including: |
1. Turnover |
2. Margins by projects |
3. Branch running costs and profitability |
4. Profit before Tax |
5. Operational cash flows |
Due to the fluctuating nature of some clients and the cyclical nature of other parts of the business these numbers are monitored on weekly/monthly basis based upon the board's projections. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
SECTION 172(1) STATEMENT |
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of Industria Personnel Services Limited (the 'Group') for the benefit of its members and stakeholders as a whole, and in doing so have regard, amongst other matters, to: |
- | The likely consequences of any decision in the long term |
- | The interests of the Group's employees |
- | The need to foster the Group's business relationships with customers, suppliers and other interested parties |
- | The impact of the Group's operations on the community and the environment |
- | The desirability of the Group maintaining a reputation for high standards of business conduct |
- | The need to act fairly between members and stakeholders of the Group. |
The Directors have received guidance and training from the Company Secretary to support the performance of their statutory duties and have been briefed on the additional reporting requirements introduced by the Companies Act (Miscellaneous Reporting) Regulations 2018. The Board reviewed their current approach to corporate governance and decision making, engagement with stakeholders and the Group's impact on the environment. The following summarises how the group's Board fulfils its duties under Section 172. |
Decision making |
The Board fulfils its duties to act in good faith to promote the success of the Group through its implementation of the Industria Strategy. As part of this Strategy, the Board aims to become a leading people provider across multiple sectors, by offering excellence, value without compromise, and flexibility. The Group aims to deliver significant growth by delivering this vision by 2026 with double digit growth each year and 'to be the obvious choice for agency and recruitment needs'. |
The Board ensures that strategic initiatives feed directly into the following fundamental ambitions: |
- | To be simple to do business with |
- | To be accessible across all channels |
- | Always customer oriented and inspire trust |
- | To achieve service excellence, through agility, colleague training and diversification |
The Board review and consider the various stakeholders when arriving at recommended business decisions consistent with this strategy. |
The Group strategy allows us to be competitive, flexible, and resilient whilst also responding to rapidly changing market situations. |
Examples of Board decision making during 2023 include: |
- | Implementation of a new CRM system to offer 'App functionality' to our clients and employees; |
- | Review of the Group's operational structure to align itself with this growth strategy. Changing key employees to ensure the skills to achieve this; and |
- | Strengthening of the training programme to all colleagues within the Group and the creation of a UK training manager to achieve this. The Board requires that all staff attend regular training and the board have increased communications to ensure all associates know the aims of the business and remain fully engaged. |
Employee Engagement |
Our colleagues are our most valuable asset. The group invests in training, qualifications, coaching, and skills acquisition. Personal development of our employees is a key pillar of the Group's strategy. The health, safety and wellbeing of our employees is one of the primary considerations in the way we do business. |
Examples of the Board's engagement with employees during 2023 include: |
- | Regular meetings (Weekly) between all branches/companies to share and discuss learnings, training, and information; |
- | Monthly business wide newsletter that provides updates from all departments; and |
- | In person events to discuss strategy, further training and share best practice. These are attended by directors to ensure 360-degree feedback. We celebrate success of our associates and ensure excellence is rewarded. |
Business Relationships |
The Board engages with a variety of stakeholders, including customers, regulators, and suppliers, to inform and enable balanced decisions that incorporate multiple viewpoints, whilst maintaining the Group's Strategy. In making decisions the Board considers outcomes from engagements with stakeholders as well as the importance of maintaining the Group's integrity and reputation. |
Examples of the Board's engagement with stakeholders during 2023 include: |
- | Regular face-to-face meetings with our clients to ensure we are delivering and surpassing their expectations. This feedback influences our decision-making regarding customer focused initiatives with all our clients. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
- | Regular meetings with our finance partners (banks, insurers etc) to ensure openness and future support to achieve our stated goals (including possible acquisitions). This ensures Finance stakeholders understand the strategic direction of the Group. |
Community and Environment |
The Group has sustainability and environmental concerns core to its business strategy. The Group strives to ensure sustainability, from energy-saving, recycling, and resource-sharing policies in our offices. Social Responsibility is important to the Group. |
Below are some of examples of our 2023 actions: |
- | The Group and its colleagues organised many fundraising events throughout the year which was supported by the Group; |
- | The Group has moved to green energy and lighting, and is electrifying its group car fleet in line with national/international carbon reduction goals; and |
- | The Group has continued to develop hybrid 'work from home policies' which reduces carbon miles. |
Cultures and values |
The Group's culture is characterised by honesty, responsibility, respect, and trust. Lawful conduct and fairness to all our stakeholders is integral to its business activities and an important condition for maintaining our reputation, which, we believe, will ensure our long-term success and growth. The Group is focused on people, with both customers and employees being at the heart of its business. The Group embraces diversity, flexibility, sustainability, and continuous improvement throughout the organisation. The Group has a customer centric philosophy. The Board and senior management have taken active steps to ensure this culture, and this has been embraced by all our colleagues. |
As a result of the activities above, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the Directors to comply with their legal duty under section 172 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of an employment agency providing mainly temporary staff. |
DIVIDENDS |
Dividends of £nil have been declared for the year ended 31 December 2023 (2022: £nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The Group's operations are financed by an invoice discounting arrangement whereby the Group retains the significant risks and benefits associated with discounted debts. The factored borrowings are subject to fixed interest rates, designed to ensure appropriate liquidity and cash flow at appropriate expense. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year the group made charitable donations of £25,873 (2022: £10,520). |
DISABLED EMPLOYEES |
The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
EMPLOYEE INVOLVEMENT |
During the year, the policy of providing employees with information about the Group has been continued through internal media methods. Regular meetings are held between management and employees to allow a free flow of information and ideas. |
STREAMLINED ENERGY AND CARBON REPORTING |
The group is exempt from disclosing their emissions and energy consumed in the UK on the basis that the group has consumed less than 40,000kWh in the United Kingdom during the period in respect of which the directors' report is prepared. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INDUSTRIA PERSONNEL SERVICES LTD. |
Opinion |
We have audited the financial statements of Industria Personnel Services Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and loss account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INDUSTRIA PERSONNEL SERVICES LTD. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Group and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates. |
Audit procedures performed by the engagement team included: |
- | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation, and fraud; |
- | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions; |
- | Challenging assumptions made by management in their significant estimates, such as those used to |
value investments, the recoverable value of debtors and the holiday pay accrual. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INDUSTRIA PERSONNEL SERVICES LTD. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
CONSOLIDATED |
PROFIT AND LOSS ACCOUNT |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 50,178,349 | 55,420,180 |
Cost of sales | (45,892,898 | ) | (50,749,940 | ) |
GROSS PROFIT | 4,285,451 | 4,670,240 |
Administrative expenses | (3,799,236 | ) | (4,257,355 | ) |
OPERATING PROFIT | 5 | 486,215 | 412,885 |
Interest payable and similar expenses | 6 | (352,548 | ) | (197,018 | ) |
PROFIT BEFORE TAXATION | 133,667 | 215,867 |
Tax on profit | 7 | (9,382 | ) | (35,286 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Foreign exchange (loss) / gain | 22,942 | 27,275 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
22,942 |
27,275 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
147,227 |
207,856 |
Profit attributable to: |
Owners of the parent | 124,285 | 180,581 |
Total comprehensive income attributable to: |
Owners of the parent | 147,227 | 207,856 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
CONSOLIDATED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 130,965 | 51,146 |
Tangible assets | 10 | 112,819 | 120,614 |
Investments | 11 | - | - |
243,784 | 171,760 |
CURRENT ASSETS |
Stocks | 12 | 15,000 | 15,000 |
Debtors | 13 | 10,771,553 | 10,557,751 |
Cash at bank and in hand | 276,818 | 356,809 |
11,063,371 | 10,929,560 |
CREDITORS |
Amounts falling due within one year | 14 | (10,621,510 | ) | (10,500,402 | ) |
NET CURRENT ASSETS | 441,861 | 429,158 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
685,645 |
600,918 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(64,583 |
) |
(127,083 |
) |
PROVISIONS FOR LIABILITIES | 19 | (5,054 | ) | (5,054 | ) |
NET ASSETS | 616,008 | 468,781 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100 | 100 |
Retained earnings | 21 | 615,908 | 468,681 |
SHAREHOLDERS' FUNDS | 616,008 | 468,781 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by: |
M T Walker - Director |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
COMPANY BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 37,300 | 57,503 |
The financial statements were approved by the Board of Directors and authorised for issue on |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 100 | 315,375 | 315,475 |
Changes in equity |
Purchase of own shares | - | (2,250 | ) | (2,250 | ) |
Total comprehensive income | - | 155,556 | 155,556 |
Balance at 31 December 2022 | 100 | 468,681 | 468,781 |
Changes in equity |
Total comprehensive income | - | 147,227 | 147,227 |
Balance at 31 December 2023 | 100 | 615,908 | 616,008 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Purchase of own shares | - | (2,250 | ) | (2,250 | ) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 210,216 | (2,706,548 | ) |
Interest paid | (352,548 | ) | (197,018 | ) |
Tax paid | (34,694 | ) | (38,112 | ) |
Net cash from operating activities | (177,026 | ) | (2,941,678 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (88,838 | ) | - |
Purchase of tangible fixed assets | (32,256 | ) | (47,786 | ) |
Net cash from investing activities | (121,094 | ) | (47,786 | ) |
Cash flows from financing activities |
Loan repayments in year | (62,500 | ) | (62,500 | ) |
Movement in director loan accounts | 195,590 | 7,008 |
Increase / (decrease) in factored debt | 62,097 | 2,734,021 |
Purchase of own shares | - | (2,250 | ) |
Net cash from financing activities | 195,187 | 2,676,279 |
Decrease in cash and cash equivalents | (102,933 | ) | (313,185 | ) |
Cash and cash equivalents at beginning of year |
2 |
356,809 |
695,019 |
Effect of foreign exchange rate changes | 22,942 | (25,025 | ) |
Cash and cash equivalents at end of year | 2 | 276,818 | 356,809 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 133,667 | 215,867 |
Depreciation charges | 40,051 | 42,125 |
Goodwill amortisation | 3,934 | 3,934 |
Amortisation charges | 5,085 | - |
Finance costs | 352,548 | 197,018 |
535,285 | 458,944 |
Increase in trade and other debtors | (409,392 | ) | (2,270,009 | ) |
Increase/(decrease) in trade and other creditors | 84,323 | (895,483 | ) |
Cash generated from operations | 210,216 | (2,706,548 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 276,818 | 356,809 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 356,809 | 695,019 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 356,809 | (79,991 | ) | 276,818 |
356,809 | (79,991 | ) | 276,818 |
Debt |
Debts falling due within 1 year | (50,000 | ) | - | (50,000 | ) |
Debts falling due after 1 year | (127,083 | ) | 62,500 | (64,583 | ) |
(177,083 | ) | 62,500 | (114,583 | ) |
Total | 179,726 | (17,491 | ) | 162,235 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Industria Personnel Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page. |
The group is an employment agency providing mainly temporary staff. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Statement of compliance |
The statements of the group have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006. |
Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparing the financial statements |
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss. |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes to the accounts. |
Basis of consolidation |
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings. |
A subsidiary is a controlled entity of the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied, net of returns, discounts and rebates allowed by the group and value added taxes. |
The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of group’s sales channels have been met. |
Intangible assets and amortisation |
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the group's share of the net identifiable assets of the business acquired at the date of acquisition. Identifiable assets are those which can be sold separately or which arise from the legal rights regardless of whether those rights are separable. |
Purchased goodwill and intangible assets are capitalised and amortised over their expected economic life. The goodwill is amortised on a straight-line basis over it's estimated economic life of 20 years. The intangible asset is amortised on a straight-line basis over its estimated economic life of 5 years. |
Impairment reviews are carried out to ensure that goodwill and intangible assets are carried at their recoverable amounts. Any amortisation or impairment write downs are charged to the profit and loss account. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal proceeds, over its estimated useful economic life. Depreciation is charged at the following rates: |
Fixtures and fittings | - | 20% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Investments in subsidiaries |
Investments in subsidiaries shown in the company's own financial statements are held at cost less accumulated impairment losses. |
Financial instruments |
The Group 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 non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
(i) Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. |
(ii) Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
At each year 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. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss. Foreign exchange gains and losses arising through the consolidation of foreign subsidiaries are recognised in other comprehensive income. |
Operating lease commitments |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the profit and loss account in the period to which they relate. |
Invoice discounting |
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Invoice discounting charges and interest are recognised in the profit and loss account as they accrue. |
Share capital |
Ordinary shares are classified as equity. |
Related party transactions |
The group does not disclose transactions with members of the same group that are wholly owned. |
Financial instruments |
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances, investments and loans to fellow group companies are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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. |
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. Trade creditors are classified as current liabilities if payment is due within one year or less. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting estimates and assumptions |
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Carrying value of investments |
The group makes an estimate as to the carrying value of its investments at year end. When assessing the value of the investments, management consider the going concern position of the companies in which the investments are made. |
(ii) Impairment of debtors |
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
(iii) Holiday pay accrual |
The group makes an estimate of the amount of holiday pay liability at the year end. To assess the accrual, directors take into consideration previous trends to conclude as to the likelihood of the holiday pay being taken by the employees. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 47,600,152 | 51,927,470 |
Europe | 2,578,197 | 3,492,710 |
50,178,349 | 55,420,180 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was as follows: |
2023 | 2022 |
2,372 | 2,521 |
The average number of employees by undertakings that were proportionately consolidated during the year was 87 (2022 - 104). |
2023 | 2022 |
£ | £ |
Directors' remuneration | 400,691 | 375,390 |
Directors' pension contributions to money purchase schemes | 3,963 | 2,492 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 2 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 235,779 | 226,591 |
Pension contributions to money purchase schemes | 1,321 | 1,246 |
Key management compensation |
The directors deem key management to include directors only. |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 96,545 | 75,439 |
Other operating leases | 176,384 | 183,746 |
Depreciation - owned assets | 40,051 | 42,125 |
Goodwill amortisation | 3,934 | 3,934 |
Computer software amortisation | 5,085 | - |
Auditors' remuneration | 18,500 | 16,800 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Factoring charges | 352,548 | 197,018 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 9,382 | 35,286 |
Tax on profit | 9,382 | 35,286 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 133,667 | 215,867 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.500 % (2022 - 19 %) |
31,412 |
41,015 |
Effects of: |
Expenses not deductible for tax purposes | (1,803 | ) | (7,003 | ) |
Capital allowances in excess of depreciation | (20,227 | ) | (1,389 | ) |
Provisions tax adjustment | - | 2,663 |
Total tax charge | 9,382 | 35,286 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange (loss) / gain | 22,942 | - | 22,942 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange (loss) / gain | 27,275 | - | 27,275 |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and loss of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 78,684 | 3,913 | 82,597 |
Additions | - | 88,838 | 88,838 |
At 31 December 2023 | 78,684 | 92,751 | 171,435 |
AMORTISATION |
At 1 January 2023 | 27,538 | 3,913 | 31,451 |
Amortisation for year | 3,934 | 5,085 | 9,019 |
At 31 December 2023 | 31,472 | 8,998 | 40,470 |
NET BOOK VALUE |
At 31 December 2023 | 47,212 | 83,753 | 130,965 |
At 31 December 2022 | 51,146 | - | 51,146 |
Company |
Computer |
software |
£ |
COST |
Additions |
At 31 December 2023 |
AMORTISATION |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2023 | 481,604 |
Additions | 32,256 |
At 31 December 2023 | 513,860 |
DEPRECIATION |
At 1 January 2023 | 360,990 |
Charge for year | 40,051 |
At 31 December 2023 | 401,041 |
NET BOOK VALUE |
At 31 December 2023 | 112,819 |
At 31 December 2022 | 120,614 |
Company |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Other loans |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Germany |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: Poland |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Company |
Other |
loans |
£ |
At 1 January 2023 |
and 31 December 2023 |
Other loans represents an amount loaned to the subsidiary company, Industria Personnel Services Germany GmbH. The directors deem it appropriate to show this amount within investments as they expect this to be a long term loan. |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 15,000 | 15,000 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 10,300,507 | 9,892,588 |
Amounts owed by group undertakings | - | - |
Other debtors | 101,011 | 128,700 |
Directors' loan accounts | 49,333 | 244,923 | 49,333 | 244,923 |
Prepayments and accrued income | 320,702 | 291,540 |
10,771,553 | 10,557,751 |
Trade debtors includes £5,009,439 (2022: £4,947,342) of invoiced discounted debts. |
Statutory disclosures relating to amounts due from the directors are given in note 22 to the financial statements. |
Amounts owed by group undertakings is repayable on demand, however the directors will only demand repayment when the subsidiary has sufficient resources to repay the loan. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 50,000 | 50,000 |
Amounts due in respect of factored debts | 5,009,439 | 4,947,342 |
Trade creditors | 204,808 | 315,475 |
Tax | 7,263 | 34,694 |
Social security and other taxes | 1,173,294 | 1,088,486 |
VAT | 2,394,483 | 2,247,627 | 2,368,485 | 2,247,627 |
Other creditors | 898,510 | 733,796 |
Accruals and deferred income | 883,713 | 1,082,982 |
10,621,510 | 10,500,402 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 64,583 | 127,083 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 50,000 | 50,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 64,583 | 50,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 77,083 |
Included within bank loans are balances totalling £114,583 (2022: £177,083) which carry an interest rate of 5% per annum. |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 87,247 | 135,592 |
Between one and five years | 125,834 | 192,254 |
213,081 | 327,846 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Invoice discounted debts | 5,009,439 | 4,947,342 | 5,013,400 | 4,681,752 |
Bank Loan | 114,583 | 177,083 | 114,583 | 177,083 |
5,124,022 | 5,124,425 |
The amounts due in respect of invoice discounted debts are secured by an all assets debenture given to the invoice discounting provider. |
The amounts due in respect of the bank loan are secured by a debenture given to the bank loan provider. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 5,054 | 5,054 | 5,054 | 5,054 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 5,054 |
Balance at 31 December 2023 | 5,054 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Balance at 31 December 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 468,681 |
Profit for the year | 124,285 |
Foreign exchange gain / (loss) | 22,942 |
At 31 December 2023 | 615,908 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
M T Walker |
Balance outstanding at start of year | 225,434 | 232,010 |
Amounts advanced | 24,910 | 27,330 |
Amounts repaid | (220,500 | ) | (33,906 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 29,844 | 225,434 |
M Coulson |
Balance outstanding at start of year | 19,489 | 19,489 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 19,489 | 19,489 |
A Baker |
Balance outstanding at start of year | - | 432 |
Amounts repaid | - | (432 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
INDUSTRIA PERSONNEL SERVICES LTD. (REGISTERED NUMBER: 04386504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
The maximum amounts outstanding in the year are as follows: |
M T Walker £227,124 |
M Coulson £19,489 |
The loans are interest free and have no fixed repayment terms. |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year wages of £63,730 (2022 : £59,578) were paid to T Walker, shareholder and wife of M T Walker, director. |
During the year a total of £44,925 was written off in respective of related party balances with Industria Outsourcing Limited and Industria Personnel Services (Ireland). These balances were included within other debtors during the previous financial year. |
24. | ULTIMATE CONTROLLING PARTY |
The group is controlled by M T Walker by virtue of his majority shareholding during the current and preceding period. |