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Registration number: 07732164 (England & Wales)

Gleeson Recruitment Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Gleeson Recruitment Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 25

 

Gleeson Recruitment Ltd

Company Information

Directors

J Blakey

A Gleeson

J Granger

M Jones

S Marsh

J Taylor

Registered office

8th Floor
Edmund House
12-22 Newhall Street
Birmingham
B3 3AS

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Gleeson Recruitment Ltd

Strategic Report for the Year Ended 31 December 2023

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

Principal activity

The principal activity of the group is recruitment consultancy.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £23,136k (2022 - £24,587k) and an operating profit of £920k (2022 - £1,979k). The directors are pleased with the underlying performance of the business.

At 31 December 2023 the group had net assets of £2,076k (2022 - £2,278k); and a cash at bank and in hand position of £1,036k (2022 - £1,818k); the directors consider this to be a strong foundation for further organic growth.

Future developments

The business continues to invest in its core areas whilst also pushing into new niche markets both in the UK and overseas. The directors see this as diversification of risk and an opportunity for continued growth. We continue to invest in leading edge technologies to improve both our front end effectiveness and gain back-office efficiencies.

Principal risks and uncertainties

The management of the company and the execution of the company's strategy are subject to a number of risks which include changes in client demand, changes in legislation affecting the employment industry and overall macroeconomic conditions. The Board mitigates these risks by closely monitoring income levels, controlling costs and updating internal controls as required.

Going concern

In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006', the directors of all companies are required to provide disclosures regarding the adoption of the going concern basis of accounting.

The directors have taken actions and prepared forecasts for the next 12 months and beyond, that indicate that the group has sufficient resources to continue in operational existence for the foreseeable future. The directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

Approved by the Board on 25 July 2024 and signed on its behalf by:


A Gleeson
Director

 

Gleeson Recruitment Ltd

Directors' Report for the Year Ended 31 December 2023

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

Directors of the group

The directors who held office during the year were as follows:

J Blakey

A Gleeson

J Granger

M Jones

S Marsh

J Taylor

L Penter (resigned 8 February 2023)

Financial instruments

Objectives and policies

The Group uses various financial instruments. These include loans, cash and various working capital items such as trade debtors and trade creditors. Their existence exposes the company to a number of financial risks which are described in more detail below.

Interest rate risk
The Group finances its operation through a mixture of retained profits and borrowings. The Board feel that in the present financial climate the risk from significant interest rate fluctuation is minimal.

Currency risk
The Group trades mainly in the UK and sources its supplies principally from sterling suppliers therefore currency risk is considered immaterial.

Liquidity risk
The Group manages its cash and borrowing requirements carefully to minimise interest expense, while ensuring that the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk
Credit risk arises on financial instruments such as trade debtors. Policies and procedures exist to ensure that customers have an appropriate credit history and insured credit limit. Risk is therefore considered to be well managed.

The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk selling on credit and manages this through credit control procedures.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 25 July 2024 and signed on its behalf by:


A Gleeson
Director

 

Gleeson Recruitment Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Gleeson Recruitment Ltd

Independent Auditor's Report to the Members of Gleeson Recruitment Ltd

Opinion

We have audited the financial statements of Gleeson Recruitment 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, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's 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 auditor 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Gleeson Recruitment Ltd

Independent Auditor's Report to the Members of Gleeson Recruitment Ltd

Matters on which we are required to report by exception

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

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 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor’s responsibilities for the audit of the financial statements

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

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

 

Gleeson Recruitment Ltd

Independent Auditor's Report to the Members of Gleeson Recruitment Ltd

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

25 July 2024

 

Gleeson Recruitment Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
 £ 000

2022
 £ 000

Turnover

3

23,136

24,587

Cost of sales

 

(18,551)

(19,046)

Gross profit

 

4,585

5,541

Administrative expenses

 

(3,665)

(3,562)

Operating profit

4

920

1,979

Other interest receivable and similar income

2

2

Interest payable and similar charges

-

(3)

Profit before tax

 

922

1,978

Taxation

7

(236)

(404)

Profit for the financial year

 

686

1,574

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Gleeson Recruitment Ltd

(Registration number: 07732164)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
 £ 000

2022
 £ 000

Fixed assets

 

Intangible assets

8

14

17

Tangible assets

9

361

540

 

375

557

Current assets

 

Debtors

11

3,257

2,956

Cash at bank and in hand

1,035

1,818

 

4,292

4,774

Creditors: Amounts falling due within one year

12

(2,370)

(2,842)

Net current assets

 

1,922

1,932

Total assets less current liabilities

 

2,297

2,489

Creditors: Amounts falling due after more than one year

12

(179)

(160)

Provisions for liabilities

7

(42)

(51)

Net assets

 

2,076

2,278

Capital and reserves

 

Called up share capital

14

-

-

Profit and loss account

15

2,076

2,278

Total equity

 

2,076

2,278

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

A Gleeson
Director

 

Gleeson Recruitment Ltd

(Registration number: 07732164)
Balance Sheet as at 31 December 2023

Note

2023
 £ 000

2022
 £ 000

Fixed assets

 

Intangible assets

8

14

17

Tangible assets

9

361

540

Investments

10

-

-

 

375

557

Current assets

 

Debtors

11

3,125

2,905

Cash at bank and in hand

 

807

1,420

 

3,932

4,325

Creditors: Amounts falling due within one year

12

(2,197)

(2,530)

Net current assets

 

1,735

1,795

Total assets less current liabilities

 

2,110

2,352

Creditors: Amounts falling due after more than one year

12

(179)

(160)

Provisions for liabilities

7

(42)

(51)

Net assets

 

1,889

2,141

Capital and reserves

 

Called up share capital

14

-

-

Profit and loss account

1,889

2,141

Total equity

 

1,889

2,141

The company made a profit after tax for the financial year of £636,000 (2022 - profit of £1,578,000).

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

A Gleeson
Director

 

Gleeson Recruitment Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2022

-

1,701

1,701

Profit for the year

-

1,574

1,574

Dividends

-

(997)

(997)

At 31 December 2022

-

2,278

2,278

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2023

-

2,278

2,278

Profit for the year

-

686

686

Dividends

-

(888)

(888)

At 31 December 2023

-

2,076

2,076

 

Gleeson Recruitment Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2022

-

1,560

1,560

Profit for the year

-

1,578

1,578

Dividends

-

(997)

(997)

At 31 December 2022

-

2,141

2,141

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2023

-

2,141

2,141

Profit for the year

-

636

636

Dividends

-

(888)

(888)

At 31 December 2023

-

1,889

1,889

 

Gleeson Recruitment Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
 £ 000

2022
 £ 000

Cash flows from operating activities

Profit for the year

 

686

1,574

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

212

183

Finance income

(2)

(2)

Finance costs

-

3

Income tax expense

7

236

404

 

1,132

2,162

Working capital adjustments

 

Increase in trade debtors

11

(279)

(401)

Decrease in trade creditors

12

(494)

(131)

Cash generated from operations

 

359

1,629

Income taxes paid

7

(216)

(483)

Net cash flow from operating activities

 

143

1,146

Cash flows from investing activities

 

Interest received

2

2

Acquisitions of tangible assets

9

(25)

(455)

Acquisition of intangible assets

8

(5)

(16)

Net cash flows from investing activities

 

(28)

(469)

Cash flows from financing activities

 

Interest paid

 

-

(3)

Repayment of bank borrowing

(9)

(105)

Dividends paid

(888)

(997)

Net cash flows from financing activities

 

(897)

(1,105)

Net decrease in cash and cash equivalents

 

(782)

(428)

Cash and cash equivalents at 1 January

 

1,818

2,246

Cash and cash equivalents at 31 December

 

1,036

1,818

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
8th Floor
Edmund House
12-22 Newhall Street
Birmingham
B3 3AS

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest thousand.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102. Accordingly the company in its individual financial statements has taken advantage of the exemption to present a statement of cash flows and financial instruments.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The directors have taken actions and prepared forecasts for the next 12 months and beyond. After reviewing those forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

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

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

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of recruitment services and temporary staff placements in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, credits, rebates and discounts and after eliminating sales within the group.

The group recognises revenue: on the first day of a permanent placement commencing their new post, or upon weekly invoicing of temporary staff placements, and the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5 years straight line

Computer equipment

3 years straight line

Office equipment and furniture

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Website development costs are shown at historical cost.

Website development intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

2 years straight line

Website development costs

3 years straight line

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the group is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£ 000

2022
£ 000

Rendering of services

23,136

24,587

The analysis of the group's turnover for the year by market is as follows:

2023
£ 000

2022
£ 000

UK

22,075

22,963

Rest of world

1,061

1,624

23,136

24,587

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

4

Operating profit

Arrived at after charging

2023
 £ 000

2022
 £ 000

Depreciation and amortisation expense

212

183

Foreign exchange losses

20

1

Operating lease expense - property

629

503

Operating lease expense - other

67

68

 

5

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £ 000

2022
 £ 000

Wages and salaries

6,839

6,484

Social security costs

791

737

Pension costs

192

363

7,822

7,584

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Sales

78

83

Administration

26

20

104

103

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £ 000

2022
 £ 000

Wages and salaries

6,141

5,858

Social security costs

716

666

Pension costs

179

352

7,036

6,876

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Sales

70

76

Administration

26

20

96

96

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£ 000

2022
£ 000

Remuneration

734

741

Contributions paid to money purchase schemes

49

129

783

870

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

7

7

In respect of the highest paid director:

2023
£ 000

2022
£ 000

Remuneration

230

174

Company contributions to money purchase pension schemes

2

2

 

7

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £ 000

2022
 £ 000

Current taxation

UK corporation tax

248

362

UK corporation tax adjustment to prior periods

(3)

(30)

245

332

Deferred taxation

Arising from origination and reversal of timing differences

(7)

72

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(2)

-

Total deferred taxation

(9)

72

Tax expense in the profit and loss account

236

404

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

7

Taxation (continued)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£ 000

2022
£ 000

Profit before tax

922

1,978

Corporation tax at standard rate

217

376

Effect of expense not deductible in determining taxable profit (tax loss)

1

3

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(2)

21

Decrease in UK and foreign current tax from adjustment for prior periods

(3)

-

Tax increase from effect of capital allowances and depreciation

19

3

Other tax effects for reconciliation between accounting profit and tax expense (income)

4

1

Total tax charge

236

404

Deferred tax

Group and Company

Deferred tax assets and liabilities

2023

Liability
£ 000

Difference between accumulated depreciation and capital allowances

54

Other short term timing differences

(12)

42

2022

Liability
£ 000

Difference between accumulated depreciation and capital allowances

81

Other short term timing differences

(30)

51

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

8

Intangible assets

Group

Website development costs
 £ 000

Internally generated software development costs
 £ 000

Total
£ 000

Cost

At 1 January 2023

32

4

36

Additions acquired separately

5

-

5

Eliminated at end of useful life

-

(4)

(4)

At 31 December 2023

37

-

37

Amortisation

At 1 January 2023

15

4

19

Amortisation charge

8

-

8

Amortisation eliminated at end of useful life

-

(4)

(4)

At 31 December 2023

23

-

23

Carrying amount

At 31 December 2023

14

-

14

At 31 December 2022

17

-

17

 

9

Tangible assets

Group and Company

Leasehold improvements
£ 000

Computer equipment
 £ 000

Office equipment and furniture
 £ 000

Total
£ 000

Cost

At 1 January 2023

671

170

561

1,402

Additions

-

20

5

25

At 31 December 2023

671

190

566

1,427

Depreciation

At 1 January 2023

398

87

377

862

Charge for the year

93

43

68

204

At 31 December 2023

491

130

445

1,066

Carrying amount

At 31 December 2023

180

60

121

361

At 31 December 2022

273

83

184

540

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

10

Investments

Company

2023
£

2022
£

Investments in subsidiaries

9

9

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Gleeson Futures Limited

England & Wales

Ordinary

100%

100%

Gleeson International Limited

England & Wales

Ordinary

100%

100%

Pharma Partners Recruitment Limited

England & Wales

Ordinary

100%

100%

Gleeson Recruitment (Deutschland) GmbH*

Germany

Ordinary

100%

100%

Pharma Partners Search Inc*

United States of America

Ordinary

100%

100%

* Owned indirectly via Gleeson International Limited.

Subsidiary undertakings

Gleeson Futures Limited

The principal activity of Gleeson Futures Limited is recruitment consultancy.

Gleeson International Limited

The principal activity of Gleeson International Limited is that of a holding company.

Pharma Partners Recruitment Limited

The principal activity of Pharma Partners Recruitment Limited is recruitment consultancy.

Gleeson Recruitment (Deutschland) GmbH*

The principal activity of Gleeson Recruitment (Deutschland) GmbH* is recruitment consultancy.

Pharma Partners Search Inc*

The principal activity of Pharma Partners Search Inc* is that of a dormant entity.

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

 

11

Debtors

   

Group

Company

Note

2023
 £ 000

2022
 £ 000

2023
 £ 000

2022
 £ 000

Trade debtors

 

2,331

2,473

2,066

2,075

Amounts owed by related parties

18

417

18

612

413

Other debtors

 

106

126

49

80

Prepayments

 

375

333

370

331

Corporation tax asset

 

28

6

28

6

 

3,257

2,956

3,125

2,905

 

12

Creditors

   

Group

Company

Note

2023
 £ 000

2022
 £ 000

2023
 £ 000

2022
 £ 000

Due within one year

 

Loans and borrowings

-

9

-

9

Trade creditors

 

149

108

139

103

Amounts due to related parties

18

-

60

-

60

Social security and other taxes

 

602

618

544

533

Outstanding defined contribution pension costs

 

91

121

84

121

Other creditors

 

97

163

96

160

Accrued expenses

 

1,168

1,551

1,091

1,413

Corporation tax liability

 

263

212

243

131

 

2,370

2,842

2,197

2,530

Due after one year

 

Other non-current financial liabilities

 

179

160

179

160

 

13

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £192,000 (2022 - £363,000).

Contributions totalling £91,000 (2022 - £121,000) were payable to the scheme at the end of the year and are included in creditors.

 

14

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.000001 each

1,000,000

1

1,000,000

1

Ordinary B of £0.000001 each

1,000,000

1

1,000,000

1

Ordinary C of £0.000001 each

1,000,000

1

1,000,000

1

 

3,000,000

3

3,000,000

3

 

Gleeson Recruitment Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

All shares rank pari passu as regards to voting rights, dividends, capital and participation in a distribution (including on winding up).

All shares are not redeemable and are not liable to be redeemed at the option of the Company or any shareholder.

 

15

Reserves

Group and Company

Share capital

This represents the nominal value of the issued equity share capital in the company.

Profit and loss account

Represents cumulative profits or losses, net of dividends paid and other adjustments.

 

16

Obligations under operating leases

Group and Company

The total of future minimum lease payments is as follows:

2023
£ 000

2022
£ 000

Not later than one year

639

537

Later than one year and not later than five years

873

1,148

1,512

1,685

The amount of non-cancellable operating lease payments recognised as an expense during the year was £559,000 (2022 - £511,000).

 

17

Dividends

2023
 £ 000

2022
 £ 000

Dividends paid

888

997

 

18

Related party transactions

At 31 December 2023, the directors owed £417,000 (2022 - £18,000) to the group in the form of directors loan account. The loans bear interest at 2% with interest totalling £1,507 (2022 - £503) charged during the year. There are no fixed repayment terms.

At 31 December 2023, the directors were owed £nil (2022 - £60,000) from the group in the form of directors loan account. The directors loan accounts are interest free and has no fixed repayment terms.

Dividends totalling £888,000 (2022 - £997,000) were paid to certain directors of the group.