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Registration number: 01334361

Travail Employment Group Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Travail Employment Group Limited

Contents
_________________________________________________________________________________

Company Information

1

Directors' Report

2

Strategic Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 20

 

Travail Employment Group Limited

Company Information
_________________________________________________________________________________

Directors

Mr A P Wyer

Mr N C Elford

Mr K Green

Company secretary

Mrs J C Mullan

Registered office

24 Southgate Street
Gloucester
GL1 2DP

Solicitors

Lutton Dunsford Solicitors
49 Brunswick Road
Gloucester
GL1 1JS

Bankers

National Westminster Bank Plc
Commercial Banking
2nd Floor Trinity Quay 2
Avon Street
Bristol
BS2 0PT

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Travail Employment Group Limited

Directors' Report
for the Year Ended 31 December 2023
_________________________________________________________________________________

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

Principal activity

The principal activity of the company is that of an employment agency.

Directors of the company

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

Mr A P Wyer

Mr N C Elford

Mr K Green

Dividends
The directors recommended a final dividend payment of £213,831 (2022 - £751,313) in respect of the financial year end 31 December 2023. This dividend has been recognised as a liability in the financial statements.

Disclosure of information to the auditors

Each director has taken 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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

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


Mr N C Elford
Director

 

Travail Employment Group Limited

Strategic Report
for the Year Ended 31 December 2023
_________________________________________________________________________________

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

Business review

The results for the year, which are set out in the profit and loss account, show a pre-tax profit of £287,768 (2022 - £913,054). The directors consider that the business has performed in line with expectations during the year and the financial position at the year end is satisfactory.

Key performance indicators

Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£'000

10,868

12,971

Gross profit

£'000

3,621

4,262

Gross profit margin

%

33

33

Pre-tax profit

£'000

288

913

Net current assets

£'000

793

845

Trade debtors

£'000

1,078

1,524

Trade creditors

£'000

102

54

Financial instruments

The company 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.

Future developments

The market in which the company operates remain bouyant and competitive. The directors continually monitor the market and the company performance against it in order to maintain a strong position.

Principal risks and uncertainties

The management of the company and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from other national employment agencies and changes in legislation affecting the employment industry.

Going concern

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

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


Mr N C Elford
Director

 

Travail Employment Group Limited

Statement of Directors' Responsibilities
_________________________________________________________________________________

The directors are responsible for preparing the Directors' Report, Strategic 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards has 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Travail Employment Group Limited

Independent Auditor's Report to the Members of Travail Employment Group Limited

Opinion

We have audited the financial statements of Travail Employment Group Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

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.

 

Travail Employment Group Limited

Independent Auditor's Report to the Members of Travail Employment Group Limited

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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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 company’s industry and its control environment and reviewed the company’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 company 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 company’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 judgements 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;.

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.

 

Travail Employment Group Limited

Independent Auditor's Report to the Members of Travail Employment Group Limited

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 September 2024

 

Travail Employment Group Limited

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

Note

2023
 £

2022
 £

Turnover

3

10,867,899

12,970,842

Cost of sales

 

(7,246,873)

(8,708,999)

Gross profit

 

3,621,026

4,261,843

Administrative expenses

 

(3,366,846)

(3,365,248)

Other operating income

4

8,418

12,500

Operating profit

5

262,598

909,095

Interest receivable and similar income

25,170

3,959

Profit before tax

 

287,768

913,054

Taxation

9

(73,676)

(161,741)

Profit for the financial year

 

214,092

751,313

The above results were derived from continuing operations.

The company has no other comprehensive income for the year other than the above.

 

Travail Employment Group Limited

(Registration number: 01334361)
Balance Sheet
as at 31 December 2023
_________________________________________________________________________________

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

10

573,588

516,512

Investments

11

200

200

 

573,788

516,712

Current assets

 

Stocks

2,422

2,916

Debtors

12

1,138,957

1,586,223

Cash at bank and in hand

13

865,530

1,222,909

 

2,006,909

2,812,048

Creditors: Amounts falling due within one year

14

(1,214,449)

(1,967,140)

Net current assets

 

792,460

844,908

Total assets less current liabilities

 

1,366,248

1,361,620

Provisions for liabilities

9

(28,033)

(23,666)

Net assets

 

1,338,215

1,337,954

Capital and reserves

 

Called up share capital

17

6,998

6,998

Share premium reserve

34,332

34,332

Revaluation reserve

194,120

195,562

Retained earnings

1,102,765

1,101,062

Total equity

 

1,338,215

1,337,954

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


Mr K Green
Director

 

Travail Employment Group Limited

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

Share capital
£

Share premium
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

6,998

34,332

197,004

1,099,620

1,337,954

Profit for the year

-

-

-

751,313

751,313

Dividends

-

-

-

(751,313)

(751,313)

Transfers

-

-

(1,442)

1,442

-

At 31 December 2022

6,998

34,332

195,562

1,101,062

1,337,954

Share capital
£

Share premium
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

6,998

34,332

195,562

1,101,062

1,337,954

Profit for the year

-

-

-

214,092

214,092

Dividends

-

-

-

(213,831)

(213,831)

Transfers

-

-

(1,442)

1,442

-

At 31 December 2023

6,998

34,332

194,120

1,102,765

1,338,215

 

Travail Employment Group Limited

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

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

214,092

751,313

Adjustments to cash flows from non-cash items:

 

Depreciation

5

51,828

97,915

Profit on disposal of tangible fixed assets

5

(12,528)

(38,495)

Interest received

(25,170)

(3,959)

Taxation

9

73,676

161,741

 

301,898

968,515

Working capital adjustments:

 

Decrease/(increase) in stock

494

(174)

Decrease in debtors

12

447,266

175,079

Decrease in creditors

14

(643,955)

(243,372)

Cash generated from operations

 

105,703

900,048

Income taxes paid

 

(178,045)

(208,162)

Net cash flow from operating activities

 

(72,342)

691,886

Cash flows from investing activities

 

Interest received

25,170

3,959

Purchases of tangible fixed assets

(112,976)

(105,840)

Proceeds from sale of tangible fixed assets

 

16,600

38,495

Net cash flows from investing activities

 

(71,206)

(63,386)

Cash flows from financing activities

 

Dividends paid

 

(213,831)

(751,313)

Net cash flows from financing activities

 

(213,831)

(751,313)

Net decrease in cash and cash equivalents

 

(357,379)

(122,813)

Cash and cash equivalents at 1 January

 

1,222,909

1,345,722

Cash and cash equivalents at 31 December

 

865,530

1,222,909

 

Analysis of changes in net debt

At 1 January 2023
£

At 31 December 2023
£

Cash and cash equivalents

Cash

1,222,909

835,530

 

Travail Employment Group Limited

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 United Kingdom.

The address of its registered office is:
24 Southgate Street
Gloucester
GL1 2DP

 

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 Pound.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a medium sized group. Although the Companies Act 2006 requires medium sized groups to prepare consolidated accounts, the company has not prepared them on the basis that the results and net assets of the subsidiary undertakings are not material to the group.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Going concern

The directors have taken actions and prepared forecasts for the next 12 months and beyond that indicate that the company has sufficient resources to continue in operational existence for the foreseeable future. After reviewing those forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company 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 company’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.
 

 

Travail Employment Group Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the placement of temporary and permanent staff in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises UK corporation tax and deferred tax. Tax is recognised in the profit or loss account, 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.

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax asset so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible fixed assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Freehold buildings

Over 100 years

Fixtures and fittings

20% - 33% of cost per annum

Motor vehicles

33% - 45% of written down value

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stock is valued at the lower of cost and net realisable value.

 

Travail Employment Group Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company 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 subsequently measured at amortised cost using the effective interest method.

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the obligation to pay 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 company 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.

Financial instruments


Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttable ordinary shares.

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 company after deducting all of its liabilities.


 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate.

 

Travail Employment Group Limited

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

 

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2023
 £

2022
 £

Temporary and permanent placements in the United Kingdom

10,867,899

12,970,842

 

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

8,418

12,500

 

5

Operating profit

Arrived at after charging:

2023
 £

2022
 £

Depreciation expense

51,828

97,915

Operating lease expense

89,300

89,335

Profit on disposal of tangible fixed assets

(12,528)

(38,495)

 

6

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

17,000

16,650


 

 

Travail Employment Group Limited

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

 

7

Staff costs

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

2023
£

2022
£

Wages and salaries

2,282,344

2,221,639

Social security costs

271,716

261,756

Pension costs, contribution scheme

176,817

168,214

2,730,877

2,651,609

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

2023
No.

2022
No.

Administration and support

16

14

Sales, marketing and distribution

25

25

41

39

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration (including benefits in kind)

700,301

653,037

Contributions paid to pension schemes

77,876

81,591

778,177

734,628

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

2023
No.

2022
No.

Accruing benefits under pension scheme

2

2

In respect of the highest paid director:

2023
£

2022
£

Remuneration

309,032

261,299

Company contributions to pension schemes

-

36,190

 

Travail Employment Group Limited

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

 

9

Taxation

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

2023
£

2022
£

Current taxation

UK corporation tax

55,529

167,863

UK corporation tax adjustment to prior periods

13,780

(4,049)

69,309

163,814

Deferred taxation

Arising from origination and reversal of timing differences

17,070

5,193

Arising from changes in tax rates and laws

-

1,640

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

(12,703)

(8,906)

Total deferred taxation

4,367

(2,073)

Tax expense in the income statement

73,676

161,741

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
£

2022
£

Profit before tax

287,768

913,054

Corporation tax at standard rate

67,683

173,480

Fixed asset differences

3,893

167

Expenses not deductible for tax purposes

493

540

Other tax adjustments, reliefs and transfers

(480)

(1,131)

Adjustments to tax charge in respect of previous periods

13,780

(4,049)

Adjustments to tax charge in respect of previous periods - deferred tax

(12,703)

(8,906)

Remeasurement of deferred tax for changes in tax rates

1,010

1,640

Total tax charge

73,676

161,741

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and capital allowances

(15,504)

Other timing differences

(4,993)

Revaluation gain on property

48,530

28,033

 

Travail Employment Group Limited

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

2022

Liability
£

Differences between accumulated depreciation and capital allowances

(21,038)

Other timing differences

(5,243)

Revaluation gain on property

49,947

23,666

 

10

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

485,000

61,023

235,664

781,687

Additions

-

50,227

62,749

112,976

Disposals

-

(10,588)

(37,950)

(48,538)

At 31 December 2023

485,000

100,662

260,463

846,125

Depreciation

At 1 January 2023

40,896

36,378

187,901

265,175

Charge for the year

3,408

13,065

35,355

51,828

Eliminated on disposal

-

(10,588)

(33,878)

(44,466)

At 31 December 2023

44,304

38,855

189,378

272,537

Carrying amount

At 31 December 2023

440,696

61,807

71,085

573,588

At 31 December 2022

444,104

24,645

47,763

516,512

Revaluation

The fair value of the company's freehold land and buildings was revalued on 31 December 2015 by an independent valuer. This value has been treated as deemed cost following transition for FRS 102. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £246,576 (2022 - £248,542).

 

11

Investments in subsidiaries

£

Cost and net book value

At 1 January 2023 and at 31 December 2023

200

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

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2023

2022

Travail Franchise Limited (dormant)

United Kingdom

Ordinary

100%

100%

Travail Employment Limited (dormant)

United Kingdom

Ordinary

100%

100%

 

Travail Employment Group Limited

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

 

12

Debtors

2023
 £

2022
 £

Trade debtors

1,078,412

1,523,612

Prepayments and accrued income

60,545

62,611

1,138,957

1,586,223

 

13

Cash and cash equivalents

2023
£

2022
£

Cash on hand

3,900

4,000

Cash at bank

861,630

1,218,909

865,530

1,222,909

 

14

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

102,207

53,823

Amounts owed to group undertakings

200

200

Social security and other taxes

471,776

554,559

Outstanding defined contribution pension costs

33,517

64,856

Other creditors

213,831

751,313

Accruals and deferred income

337,389

378,124

Corporation tax liability

55,529

164,265

1,214,449

1,967,140

 

15

Dividends

The directors declared a final dividend of £213,831 (2022 - £751,313).

Dividends of £nil (2022 - £280,998) were payable to the company's directors.

 

16

Contribution pension scheme

The company operates a contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £176,817 (2022 - £168,214).

Contributions totalling £33,517 (2022 - £64,856) were payable to the scheme at the end of the year and are included in creditors.

 

Travail Employment Group Limited

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

 

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4,950

4,950

4,950

4,950

Non-voting shares of £1 each

2,048

2,048

2,048

2,048

 

6,998

6,998

6,998

6,998

The company's issued Ordinary shares of £1 are divided into five separate classes:

1,150 - £1 Ordinary voting 1 shares
1,150 - £1 Ordinary voting 2 shares
1,150 - £1 Ordinary voting 3 shares
1,150 - £1 Ordinary voting 4 shares
350 - £1 C Ordinary shares

These shares rank pari-passu in all respects, except they have separate rights to dividends.

The non-voting shares rank equally with the Ordinary shares in all respects except that they do not confer upon the holders any rights to receive notices of, or attend, or vote at, General Meetings of the company.

 

18

Obligations under operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

25,875

39,250

Later than one year and not later than five years

28,271

54,146

54,146

93,396

The amount of non-cancellable operating lease payments recognised as an expense during the year was £39,250 (2022 - £39,250).

 

19

Related party transactions

Group
The company has taken advantage of the exemption from disclosing transactions with other members of the group.

Self Invested Pension Plan (where a director is a beneficiary)
During the year the company paid rentals of £14,570 (2022 - £14,570) in connection with a property it occupies. At the balance sheet date no amounts (2022 - no amounts) were owed to the Self Invested Pension Plan.

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 8 to the financial statements.
 

 

20

Parent and ultimate parent undertaking

The company is not controlled by a single entity.