REGISTERED NUMBER: 07673189 (England and Wales) |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 30 SEPTEMBER 2023 |
REGISTERED NUMBER: 07673189 (England and Wales) |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 30 SEPTEMBER 2023 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
The directors present their strategic report of the company and the group for the period 1 April 2022 to 30 September 2023. |
The directors have changed the period end date to enable them complete period end financial statements after their busiest trading period. This has created an 18 month period and therefore the comparatives are not entirely comparable. |
The principal activity of the group in the period under review was that of the recruitment of transport personnel as well as the supply of a complete logistics service. |
REVIEW OF BUSINESS |
The directors recognise that the results from the previous period reflect the challenges seen across the wider economy and, in particular, the logistics recruitment sector. A number of consecutive interest rate rises, along with many other cost pressures, has led to a fall in consumer confidence and ultimately demand. |
The directors have managed overheads closely throughout the period to ensure that the group remains agile and with the ability to adapt to changes in the economy and to the sector. Such review has also led to a restructure of the Senior Management team, further aligning costs to the current situation, whilst also ensuring that we remain in a positive position to maximise growth opportunities. |
More recently, the group has seen a return to growth and subsequently profit, which in turn has led to an improving cash flow position. The Directors are confident that this improved performance will continue. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board of directors continually review the risks and uncertainties relating to the group. In previous years, they concluded that the risks associated with leaving Europe could affect the supply of drivers and as such a shortage of qualified drivers could inhibit growth and reduce the gross profit achieved. |
The directors are pleased that margins have been maintained despite the economic challenges that they have faced. |
The group recognises that the cost of hiring and retaining staff has increased during the period, largely due to the high inflation in the UK, along with the shortage of suitably qualified individuals. Despite this, the group has maintained a reasonable level of cost and is pleased with its current levels of retention. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The following Key Performance Indicators are part of the tools used by management to monitor the group's performance: |
The directors monitor the gross profit margin, turnover and cashflow on a daily and weekly basis. |
Overheads are closely monitored by management, resulting in a decrease in administrative expenses subsequent to the period end and is a key factor in mitigating the costs of the economic downturn. |
FUTURE DEVELOPMENTS |
The group will continue to develop its logistics division, increasing the number of operating centres across the UK. Upon continued review, the group will look at developing its branch structure whilst also maximising gross profit achieved in each of the existing branches within the network. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
FINANCIAL INSTRUMENTS |
The group has a normal level of exposure to price, credit, liquidity and cashflow risks arising from trading activities which are all conducted in sterling. |
ON BEHALF OF THE BOARD: |
19 September 2024 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the period 1 April 2022 to 30 September 2023. |
DIVIDENDS |
Interim dividends of £144.40 per ordinary share were paid during the period. |
The total distribution of dividends for the period ended 30 september 2023 is £724,622 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The group has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, financial instruments and the principal activity. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Lakeview Southern Audit Limited, 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 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED |
Opinion |
We have audited the financial statements of Drivers Direct Recruitment Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2023 which comprise the Consolidated Statement of Comprehensive Income, 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 30 September 2023 and of the group's profit for the period 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. |
Material uncertainty relating to going concern |
We draw attention to note 11 in the financial statements, which provides details of matters which indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Key audit matters |
Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit mattters to be communicated in our 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 Strategic Report and the Report of the Directors for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
- the 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 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED |
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 four, 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: |
We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance. |
Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud. |
The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing. |
Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business. |
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error. |
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 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED |
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 and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 31,041,078 | 22,660,788 |
Cost of sales | 24,633,396 | 18,133,565 |
GROSS PROFIT | 6,407,682 | 4,527,223 |
Administrative expenses | 5,466,736 | 3,267,603 |
940,946 | 1,259,620 |
Other operating income | 3 | 77,461 | 80,778 |
OPERATING PROFIT | 5 | 1,018,407 | 1,340,398 |
Interest receivable and similar income | 6,123 | 44 |
1,024,530 | 1,340,442 |
Interest payable and similar expenses | 7 | 320,731 | 189,576 |
PROFIT BEFORE TAXATION | 703,799 | 1,150,866 |
Tax on profit | 8 | 160,810 | 227,129 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME |
Share buyback | - | (1,128,639 | ) |
Capital redemption Reserve | - | (600 | ) |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
- |
(1,129,239 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
542,989 |
(205,502 |
) |
Profit attributable to: |
Owners of the parent | 542,989 | 923,737 |
Total comprehensive income attributable to: |
Owners of the parent | 542,989 | (205,502 | ) |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2023 |
30.9.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | - | - |
Tangible assets | 13 | 198,939 | 214,088 |
Investments | 14 | - | - |
198,939 | 214,088 |
CURRENT ASSETS |
Debtors | 15 | 3,590,602 | 4,847,757 |
Cash at bank and in hand | 772,396 | 1,721,091 |
4,362,998 | 6,568,848 |
CREDITORS |
Amounts falling due within one year | 16 | 5,105,602 | 6,687,235 |
NET CURRENT LIABILITIES | (742,604 | ) | (118,387 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(543,665 |
) |
95,701 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,764,978 |
) |
(3,211,787 |
) |
PROVISIONS FOR LIABILITIES | 22 | (6,939 | ) | (5,777 | ) |
NET LIABILITIES | (3,315,582 | ) | (3,121,863 | ) |
CAPITAL AND RESERVES |
Called up share capital | 23 | 5,018 | 7,104 |
Share premium | 24 | 9,975 | 19,975 |
Capital redemption reserve | 24 | (600 | ) | (600 | ) |
Retained earnings | 24 | (3,329,975 | ) | (3,148,342 | ) |
SHAREHOLDERS' FUNDS | (3,315,582 | ) | (3,121,863 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by: |
D Jellicoe - Director |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2023 |
30.9.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 | 9,975 | 19,975 |
Capital redemption reserve | 24 | ( |
) | ( |
) |
Retained earnings | 24 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 744,622 | 1,675,024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 279,243 | (2,381,393 | ) | 24,970 | - | (2,077,180 | ) |
Changes in equity |
Reduction in share capital | (272,139 | ) | - | - | - | (272,139 | ) |
Dividends | - | (562,047 | ) | - | - | (562,047 | ) |
Total comprehensive income | - | (204,902 | ) | - | (600 | ) | (205,502 | ) |
Balance at 31 March 2022 | 7,104 | (3,148,342 | ) | 24,970 | (600 | ) | (3,116,868 | ) |
Changes in equity |
Reduction in share capital | (2,086 | ) | - | - | - | (2,086 | ) |
Dividends | - | (724,622 | ) | - | - | (724,622 | ) |
Total comprehensive income | - | 542,989 | - | - | 542,989 |
Balance at 30 September 2023 | 5,018 | (3,329,975 | ) | 24,970 | (600 | ) | (3,300,587 | ) |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Reduction in share capital | (272,139 | ) | - | - | - | (272,139 | ) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 31 March 2022 | 7,104 | (15,494 | ) | 24,970 | ( |
) | 15,980 |
Changes in equity |
Reduction in share capital | (2,086 | ) | - | - | - | (2,086 | ) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2023 | 5,018 | 4,506 | 24,970 | ( |
) | 33,894 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 306,575 | 1,413,954 |
Interest paid | (320,731 | ) | (189,576 | ) |
Tax paid | (270,639 | ) | (148,845 | ) |
Government grants | - | 16,447 |
Net cash from operating activities | (284,795 | ) | 1,091,980 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (7,265 | ) | (4,812 | ) |
Interest received | 6,123 | 44 |
Net cash from investing activities | (1,142 | ) | (4,768 | ) |
Cash flows from financing activities |
New loans in year | - | 1,750,000 |
Loan repayments in year | (289,581 | ) | - |
Movement on invoice financing debt | 235,935 | (107,599 | ) |
Amount introduced by directors | 120,510 | 51,506 |
Amount withdrawn by directors | - | (36,289 | ) |
Share buyback | (5,000 | ) | (3,155,000 | ) |
Equity dividends paid | (724,622 | ) | (562,047 | ) |
Net cash from financing activities | (662,758 | ) | (2,059,429 | ) |
Decrease in cash and cash equivalents | (948,695 | ) | (972,217 | ) |
Cash and cash equivalents at beginning of period |
2 |
1,721,091 |
2,693,308 |
Cash and cash equivalents at end of period |
2 |
772,396 |
1,721,091 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Profit before taxation | 703,799 | 1,150,866 |
Depreciation charges | 22,414 | 16,523 |
Government grants | - | (16,447 | ) |
Finance costs | 320,731 | 189,576 |
Finance income | (6,123 | ) | (44 | ) |
1,040,821 | 1,340,474 |
Decrease in trade and other debtors | 85,106 | 115,600 |
Decrease in trade and other creditors | (819,352 | ) | (42,120 | ) |
Cash generated from operations | 306,575 | 1,413,954 |
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: |
Period ended 30 September 2023 |
30.9.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 772,396 | 1,721,091 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,721,091 | 2,693,308 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,721,091 | (948,695 | ) | 772,396 |
1,721,091 | (948,695 | ) | 772,396 |
Debt |
Debts falling due within 1 year | (4,108,703 | ) | 744,726 | (3,363,977 | ) |
Debts falling due after 1 year | (1,617,647 | ) | 450,981 | (1,166,666 | ) |
(5,726,350 | ) | 1,195,707 | (4,530,643 | ) |
Total | (4,005,259 | ) | 247,012 | (3,758,247 | ) |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Drivers Direct Recruitment Group Limited is a |
The functional currency of the business is pound sterling. |
The place of business is 13 Whitworth Court, Runcorn, Cheshire, WA7 1WA. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate those of Drivers Direct Recruitment Group Limited and it's subsidiary. Both financial statements are made up to 31 March using the same accounting policies. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. |
Turnover |
Turnover represents net amounts receivable for services provided in recruiting haulage personnel, haulage services and franchise fees. All amounts are shown within the financial statements excluding value added tax. |
Turnover is recognised during the period in which the service is carried out. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, was amortised evenly over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation. The depreciation policy noted above for freehold property is not applied to land. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
The group has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments. |
Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument. |
Basic Financial Assets and Liabilities, which include trade debtors and other debtors, loans to and from group companies, trade creditors and cash and bank balances, are initially measured at transaction price including transaction costs. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. 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. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 profit or loss in the period to which they relate. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
The company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The company does not have any such investments. |
Impairment of financial assets |
Financial assets, are assessed for indicators of impairment at the end of each reporting period, Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows of the investment have been affected. |
Any impairment identified is recognised in the profit and loss. |
3. | OTHER OPERATING INCOME |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Other income | 77,461 | 64,331 |
Government grants | - | 16,447 |
77,461 | 80,778 |
During the previous year the group received £16,447 from the Coronavirus Job Retention Scheme, no grants were received in the period. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Wages and salaries | 2,606,262 | 1,609,982 |
Social security costs | 243,245 | 140,628 |
Other pension costs | 38,952 | 20,006 |
2,888,459 | 1,770,616 |
The average number of employees during the period was as follows: |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
Direct Staff | 6 | 6 |
Administrative staff | 60 | 57 |
The average number of employees by undertakings that were proportionately consolidated during the period was 66 (2022 - 63 ) . |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Directors' remuneration | 137,275 | 121,206 |
Remuneration paid to the highest paid Director in the period totalled £26,580 (2022: £22,306). |
Directors pension costs totalled £339 (2022: £nil). |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery | 7,786 | 7,368 |
Other operating leases | 345,456 | 205,892 |
Depreciation - owned assets | 22,414 | 16,526 |
6. | AUDITORS' REMUNERATION |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
18,641 |
11,400 |
Total audit fees | 18,641 | 11,400 |
Taxation compliance services | 13,570 | 1,215 |
Other non- audit services | 15,300 | 8,550 |
Total non-audit fees | 28,870 | 9,765 |
Total fees payable | 47,511 | 21,165 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Bank loan interest | 133,020 | - |
Interest payable | 187,711 | 189,576 |
320,731 | 189,576 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | 159,648 | 227,771 |
Deferred tax | 1,162 | (642 | ) |
Tax on profit | 160,810 | 227,129 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Profit before tax | 703,799 | 1,150,866 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
175,950 |
218,665 |
Effects of: |
Expenses not deductible for tax purposes | 10,114 | 7,155 |
Capital allowances in excess of depreciation and net of deferred tax | 4,949 | 1,309 |
Effect of marginal rate of tax | (30,203 | ) | - |
Total tax charge | 160,810 | 227,129 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the period ended 30 September 2023. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
8. | TAXATION - continued |
31.3.22 |
Gross | Tax | Net |
£ | £ | £ |
Share buyback | (1,128,639 | ) | - | (1,128,639 | ) |
Capital redemption reserve | (600 | ) | - | (600 | ) |
(1,129,239 | ) | - | (1,129,239 | ) |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
Period |
1.4.22 |
to | Year Ended |
30.9.23 | 31.3.22 |
£ | £ |
Ordinary A shares of £1 each |
Interim | - | 37,345 |
Ordinary B shares of £1 each |
Interim | 139,266 | 88,412 |
Ordinary C shares of £1 each |
Interim | 121,644 | 76,764 |
Ordinary D shares of £1 each |
Interim | 132,108 | 85,380 |
Ordinary E shares of £1 each |
Interim | 138,375 | 88,716 |
Ordinary F shares of £1 each |
Interim | 86,619 | 50,496 |
Ordinary H shares of £1 each |
Interim | 34,379 | 52,992 |
Ordinary J shares of £1 each |
Interim | 8,331 | 49,992 |
Ordinary N shares of £1 each |
Interim | 63,900 | 31,950 |
724,622 | 562,047 |
The total distribution of dividend for the period ended 30 September 2023 is £724,622 (2022: £562,047). |
There are different classes of shares each attracting different rates of dividend. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
11. | GOING CONCERN |
The directors consider the group to be a going concern. However, the following matters indicate there is a material uncertainty that may cast a significant doubt on the group's ability to continue as a going concern: |
There is an open enquiry from HMRC into the group. Whilst the vast majority of the enquiry has been satisfactorily resolved, there remains one line of enquiry that HMRC have not yet concluded upon. The directors have taken external expert advice in relation to this one area of the business and have continued to do so throughout the enquiry. As a result, they are confident that the enquiry will be closed without having a significant impact on the group. |
However, HMRC are currently not in agreement. If HMRC decide to take the matter further and are ultimately successful in their line of enquiry, an unquantifiable assessment may be made on the group which could be significant. If this was to be the outcome, it could have a material impact on the group's ability to continue as a going concern and, therefore, that it might be unable to realise its assets and discharge its liabilities in the normal course of business. |
Subsequent to the period end, cash flow continues to be an issue for the group with the historically built up cash reserves further depleted. The directors are confident that the group will trade through the current cash flow issues and will return to positive cash flow, provided the continued support from the bank, in relation to the invoice discounting facility and loan, and HMRC is not withdrawn. Should this support be withdrawn, the directors would endeavor to arrange alternative funding. There is uncertainty as to whether this would be achievable. Should alternative funding not be available this would have a material impact on the group's ability to continue as a going concern and, therefore, that it might be unable to realise its assets and discharge its liabilities in the normal course of business. |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 30 September 2023 | 3,197,800 |
AMORTISATION |
At 1 April 2022 |
and 30 September 2023 | 3,197,800 |
NET BOOK VALUE |
At 30 September 2023 | - |
At 31 March 2022 | - |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 230,019 | 72,889 | 52,189 | 355,097 |
Additions | - | 7,265 | - | 7,265 |
At 30 September 2023 | 230,019 | 80,154 | 52,189 | 362,362 |
DEPRECIATION |
At 1 April 2022 | 46,336 | 58,193 | 36,480 | 141,009 |
Charge for period | 12,501 | 4,511 | 5,402 | 22,414 |
At 30 September 2023 | 58,837 | 62,704 | 41,882 | 163,423 |
NET BOOK VALUE |
At 30 September 2023 | 171,182 | 17,450 | 10,307 | 198,939 |
At 31 March 2022 | 183,683 | 14,696 | 15,709 | 214,088 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 March 2022 |
The above investment relates entirely to the 100% owned subsidiary Drivers Direct Recruitment Agency Ltd. As disclosed in that company's financial statements, and in note 11 to these consolidated financial statements, the group continues to have cash flow concerns subsequent to the period end. Should the financial support from the bank and HMRC not continue, there is uncertainty as to whether alternative funding would be available. Should this occur, there is a significant risk that a material adjustment may be required in relation to the carrying amount of the investment, which is currently included at cost. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.9.23 | 31.3.22 |
£ | £ |
Trade debtors | 3,490,949 | 4,658,020 |
Other debtors | 36,230 | 800 |
Directors' current accounts | 4,215 | 36,289 |
Prepayments | 59,208 | 152,648 |
3,590,602 | 4,847,757 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.23 | 31.3.22 | 30.9.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 291,667 | 132,353 |
Other loans (see note 18) | 3,072,310 | 3,976,350 |
Trade creditors | 244,749 | 147,768 |
Amounts owed to group undertakings | - | - |
Tax | 159,648 | 354,973 |
Social security and other taxes | 1,017,258 | 1,438,565 |
Other creditors | 128,140 | 3,675 |
Directors' current accounts | 88,436 | - | - | - |
Accrued expenses | 103,394 | 633,551 |
5,105,602 | 6,687,235 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.9.23 | 31.3.22 | 30.9.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans (see note 18) | 1,166,666 | 1,617,647 |
Other creditors | 1,598,312 | 1,594,140 |
2,764,978 | 3,211,787 |
Other creditors arose as a result of the reclassification of preference shares under Section 22 of FRS102 and further details are contained within note 21 to the financial statements. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.9.23 | 31.3.22 | 30.9.23 | 31.3.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 291,667 | 132,353 |
Invoice discounting | 3,072,310 | 3,976,350 |
3,363,977 | 4,108,703 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 291,667 | 176,471 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 874,999 | 1,441,176 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.9.23 | 31.3.22 |
£ | £ |
Within one year | 153,565 | 220,065 |
Between one and five years | 20,833 | 173,950 |
In more than five years | - | 14,124 |
174,398 | 408,139 |
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.9.23 | 31.3.22 |
£ | £ |
Invoice discounting | 3,072,310 | 3,976,350 |
The group has an invoice discounting advance which is secured by a fixed charge over the trade debtors and also a floating charge over all other assets. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
21. | FINANCIAL INSTRUMENTS |
The redeemable preference shares are treated as financial instruments in accordance with FRS102. |
The shares are redeemable at the option of the issuer and have a fixed payment due on them. They are therefore split between equity and creditors within the accounts. |
The method used to calculate the split is set out in Section 22 of FRS102. This method has been used applying an assumed interest rate of 8% and a period to redemption of ten years from 1 April 2015. The resultant creditor is therefore disclosed as due after more than one year. The discount is then amortised over ten years. |
The payments made annually on these shares are then split between the creditor and the interest charge in the year as set out in the guidelines. |
22. | PROVISIONS FOR LIABILITIES |
Group |
30.9.23 | 31.3.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 5,777 | 6,419 |
Deferred tax | 1,162 | (642 | ) |
6,939 | 5,777 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 5,777 |
Provided during period | 1,162 |
Balance at 30 September 2023 | 6,939 |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 31.3.22 |
value: | £ | £ |
Preference | £1 | 4,018 | 6,104 |
(31.3.22 - 6,104 ) |
530 | Ordinary B | £1 | 530 | 530 |
120 | Ordinary C | £1 | 120 | 120 |
120 | Ordinary D | £1 | 120 | 120 |
120 | Ordinary E | £1 | 120 | 120 |
25 | Ordinary F | £1 | 25 | 25 |
25 | Ordinary H | £1 | 25 | 25 |
25 | Ordinary J | £1 | 25 | 25 |
5 | Ordinary K | £1 | 5 | 5 |
25 | Ordinary N | £1 | 25 | 25 |
5 | Ordinary O | £1 | 5 | 5 |
5,018 | 7,104 |
Preference shares have no voting rights but have rights to be notified of and attend any general meeting. They have a right to a fixed coupon rate payment. They are redeemable at the option of the company, they are therefore disclosed in the accounts partly within creditors and partly within share capital as outlined in section 22 of FRS102. |
B Ordinary shares hold 100% of the voting rights of the company, they have a right to a dividend as determined by the company and a right to capital on winding up. |
All other ordinary shares have no voting rights, they have a right to a dividend as determined by the company and a right to capital on winding up. |
All preference shares and ordinary shares are redeemable at par by the company in the event of the shareholder leaving the company and other specified circumstances. Full details of this are disclosed in the company's articles of association. The preference shares are treated as financial instruments in accordance with FRS 102. The details of this are in note 21. |
The ordinary H, J and K shares are currently held in treasury by the company to enable them to be reassigned at a later date. |
24. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | (3,148,342 | ) | 19,975 | (600 | ) | (3,128,967 | ) |
Profit for the period | 542,989 | 542,989 |
Dividends | (724,622 | ) | (724,622 | ) |
Purchase of own shares | - | (10,000 | ) | - | (10,000 | ) |
At 30 September 2023 | (3,329,975 | ) | 9,975 | (600 | ) | (3,320,600 | ) |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
24. | RESERVES - continued |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | ( |
) | ( |
) | 3,881 |
Profit for the period |
Dividends | ( |
) | ( |
) |
Purchase of own shares | - | (10,000 | ) | - | (10,000 | ) |
At 30 September 2023 | 9,975 | ( |
) | 13,881 |
The retained earnings is the cumulative profit and loss net of distributions. This also includes the amortised distribution on redeemable preference shares which does not reduce the company's realised, and, therefore, distributable profits. |
The share premium account represents amounts paid for share capital in excess of the par value. |
25. | PENSION COMMITMENTS |
The group makes contributions to a defined contribution pension scheme. During the period contributions of £38,952 (2022: £20,006) were paid. The contributions due are those specified in the legal requirements of auto-enrolment. The costs of these contributions are charged to the statement of comprehensive income on an accruals basis as the become payable under the scheme. |
26. | ULTIMATE PARENT COMPANY |
Drivers Direct Recruitment Group Limited is regarded by the directors as being the group's ultimate parent company. |
The registered office where the financial statements may be obtained is 2 Lakeview Stables, Lower St. Clere, Kemsing, Sevenoaks, Kent, TN15 6NL. |
Drivers Direct Recruitment Group Limited holds 100% of the voting shares in Drivers Direct Recruitment Agency Limited. |
The subsidiary's registered office where the financial statements may be obtained is 2 Lakeview Stables, Lower St. Clere, Kemsing, Sevenoaks, Kent, TN15 6NL. |
The principal place of business of the parent and the subsidiary is 13 Whitworth Court, Runcorn, Cheshire, WA7 1WA. |
27. | RELATED PARTY DISCLOSURES |
At the balance sheet date, some directors were owed a combined £88,436 and one director owed the group £4,215 (2022: the directors owed the group £36,289). No interest has been charged on this balance. |
During the period, dividends were paid to the directors in their capacity as shareholders. |
Directors remuneration is disclosed in note 4 to the financial statements. |
DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 SEPTEMBER 2023 |
28. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is D Jellicoe. |