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REGISTERED NUMBER: 12122090 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2023

for

Tapa Holdings Limited

Tapa Holdings Limited (Registered number: 12122090)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Tapa Holdings Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: C Coyle
Ms A Coyle
P Groves





SECRETARY: C Coyle





REGISTERED OFFICE: 124 City Road
Old Street
London
EC1V 2NX





REGISTERED NUMBER: 12122090 (England and Wales)





AUDITORS: Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

Tapa Holdings Limited (Registered number: 12122090)

Group Strategic Report
for the Year Ended 30 September 2023

The Board present the Strategic Report for the Year Ended 30 September 2023.

This strategic report has been prepared for the group as a whole and therefore gives greater emphasis to those matters which are significant to Tapa Holdings Limited and its subsidiary undertakings when viewed as a whole.

REVIEW OF BUSINESS
The Board considers that the company has had a reasonable period of trading, given current trading conditions,showing an decrease in turnover, gross profit, and profitability.

The Board monitors the company's performance through the use of a variety of measurements, both financial and non-financial in order to maintain effective control over the business. The most important of these are known as key performance indicators (KPIs). The main financial KPIs that the company monitors are turnover, gross profit and gross margin % and these are set out below.


2023 2022 2021

Turnover £ 55,534,371 £60,374,557 £ 45,141,190

Turnover movement (£ 4,840,186) £ 15,233,367 £ 3,441,970

Gross profit margin 29.96% 30.73% 31.96%

Profit before tax 10.54% 12.93% 12,14%

The turnover of the Group decreased by 8.02% year on year, amounting to £ 55,534,371 (2022: increased by 33.75% to £60,374,557).


Tapa Holdings Limited (Registered number: 12122090)

Group Strategic Report
for the Year Ended 30 September 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The Board takes a conservative approach to risk and financial stability leaving sufficient reserves in the business to allow the business to expand and grow.

Principal risks
Downturns in the economic environment have historically been the biggest threat to the service sector. The Group is also exposed to changes in government policy in the markets in which it operates such as changes in employment law and changes in the legislation around sensitive data management.
We mitigate these risks by closely managing our cost base as well as adjusting headcount through periods of
economic uncertainty

Financial risks
The Group's operations expose it to a variety of financial risks including the effects of changes in interest rates, credit risk, and liquidity risk.

The Group's principal financial instruments comprise cash and bank deposits, together with trade and intercompany debtors that arise directly from its operations.

The main risks from the Group's financial instruments can be analysed below:

Credit risk
The Group's principal financial assets are trade and intercompany debtors, which represent the Company's major exposure to credit risk in relation to the financial assets of the Group. Reporting in this area covers weekly aged debt for every client as well as overall ledger profiles from the invoicing date taking into account any pre agreed payment terms.

The Group has no significant concentration of credit risk, with the exposure spread over a large number of customers. The risk is further mitigated with a strong credit control function with minimal bad debts experienced.

Liquidity risk
The Group's policy has been to ensure continuity of funding through the operation of invoice discounting facilities.

The Group was not materially exposed in its trading operations to the risk of changes in foreign currency exchange rates as, until close to the year end, our principal operations remained within the UK.

It is not considered necessary for an understanding of the development, performance, or position of the company's business to comment here on environmental matters, the entity's employees or social, community and human rights issues. However, the company is very much aware and respectful of such matters and takes them in to account when planning and implementing business policy and procedures.


Tapa Holdings Limited (Registered number: 12122090)

Group Strategic Report
for the Year Ended 30 September 2023


In accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, a summary of that compliance report is set out below.

Tapa Holdings believes that it has materially complied with Companies Act during the relevant period. There have been no instances during the reporting period in which suppliers have either alleged a breach or made a reference to potential non-compliance with the Companies Act.

Below is a detailed summary of the compliance report.

Total Tapa Holdings Greenhouse Gas Emissions 2022/23

This year
2022/23
('000 tonnes)

Scope 1 emissions 0
Scope 2 emissions 11.6
Scope 3 emissions 11.4
Total location based scope 1, 2 and 3 emissions 23

ENERGY EFFICIENCY INITIATIVES IMPLEMENTED THIS YEAR

LED lighting in all offices including automatic timers for when the lights are not in use.
Recycling facilities in all offices
Use of electric vehicles thereby reducing the fuel consumption.
Use of digital timesheets has reduced paper usage.
Behaviour change - Energy efficiency has been a focus in our communications to colleagues this year, reminding colleagues to switch off lights when not in use, limit their use of paper, and encouraging recycling.

ON BEHALF OF THE BOARD:





P Groves - Director


28 October 2024

Tapa Holdings Limited (Registered number: 12122090)

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of recruitment services.

DIVIDENDS
No interim dividends were paid during the year ended 30 September 2023.

The directors recommend final dividends per share as follows:

Ordinary 1p shares £12000
Redeemable preference £1 shares NIL
Non-redeemable preference £1 shares NIL

The total distribution of dividends for the year ended 30 September 2023 will be £ 3,869,198 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

C Coyle
Ms A Coyle

Other changes in directors holding office are as follows:

P Groves - appointed 1 December 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Tapa Holdings Limited (Registered number: 12122090)

Report of the Directors
for the Year Ended 30 September 2023


AUDITORS
The auditors, Evolve Accounting and Tax Solutions Limited, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Groves - Director


28 October 2024

Report of the Independent Auditors to the Members of
Tapa Holdings Limited

Opinion
We have audited the financial statements of Tapa Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tapa Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Tapa Holdings Limited


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.

Our risk assessment procedures included:

- Enquiring of directors and inspection of policy documentation at the company's high level policies and procedures to prevent and detect fraud including the company's channel for whistle blowing as well as whether they have knowledge of any actual or alleged fraud.
- Reading board minutes
- Considering remuneration incentive schemes and performance targets
- Using analytical procedures to identify any unusual or unexpected relationships

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unusual journals posted to cash and borrowing accounts.

Identifying and responding to risks of material misstatement due to non compliance with laws and regulations.

We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management for policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our audit team and remained alert to any indications of noncompliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements.

Report of the Independent Auditors to the Members of
Tapa Holdings Limited


Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




Paul O'Rourke FCA (Senior Statutory Auditor)
for and on behalf of Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

28 October 2024


Evolve Accounting and Tax Solutions Limited

Tapa Holdings Limited (Registered number: 12122090)

Consolidated Income Statement
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   

TURNOVER 55,534,371 60,374,557

Cost of sales 38,895,200 41,819,488
GROSS PROFIT 16,639,171 18,555,069

Administrative expenses 10,248,526 9,815,936
6,390,645 8,739,133

Other operating income 4 206,916 160,627
OPERATING PROFIT 7 6,597,561 8,899,760

Income from interest in associated
undertakings

331,483

-
Interest receivable and similar income 13,383 368
344,866 368
6,942,427 8,900,128

Interest payable and similar expenses 8 1,091,536 1,090,851
PROFIT BEFORE TAXATION 5,850,891 7,809,277

Tax on profit 9 1,499,375 1,698,032
PROFIT FOR THE FINANCIAL YEAR 4,351,516 6,111,245
Profit attributable to:
Owners of the parent 4,342,874 5,545,047
Non-controlling interests 8,642 566,198
4,351,516 6,111,245

Tapa Holdings Limited (Registered number: 12122090)

Consolidated Other Comprehensive Income
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   

PROFIT FOR THE YEAR 4,351,516 6,111,245


OTHER COMPREHENSIVE INCOME
Share buy back (19 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(19

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,351,497

6,111,245

Total comprehensive income attributable to:
Owners of the parent 4,342,855 5,545,047
Non-controlling interests 8,642 566,198
4,351,497 6,111,245

Tapa Holdings Limited (Registered number: 12122090)

Consolidated Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 21,530,476 21,530,476
Tangible assets 13 - 13,105
Investments 14 - -
21,530,476 21,543,581

CURRENT ASSETS
Debtors 15 8,928,375 10,477,558
Prepayments and accrued income 1,182,290 768,690
Cash at bank 2,615,392 3,324,611
12,726,057 14,570,859
CREDITORS
Amounts falling due within one year 17 9,715,312 12,055,518
NET CURRENT ASSETS 3,010,745 2,515,341
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,541,221

24,058,922

CREDITORS
Amounts falling due after more than one
year

18

18,756,486

18,756,486
NET ASSETS 5,784,735 5,302,436

CAPITAL AND RESERVES
Called up share capital 22 2 2
Retained earnings 23 4,065,537 3,591,880
SHAREHOLDERS' FUNDS 27 4,065,539 3,591,882

NON-CONTROLLING INTERESTS 24 1,719,196 1,710,554
TOTAL EQUITY 5,784,735 5,302,436

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





P Groves - Director


Tapa Holdings Limited (Registered number: 12122090)

Company Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 27,256,388 27,307,448
27,256,388 27,307,448

CURRENT ASSETS
Debtors 15 3,553,578 303,338
Investments 16 51,142 -
Prepayments and accrued income 114,610 114,532
Cash at bank 379,626 3,390,714
4,098,956 3,808,584
CREDITORS
Amounts falling due within one year 17 5,466,802 5,483,765
NET CURRENT LIABILITIES (1,367,846 ) (1,675,181 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,888,542

25,632,267

CREDITORS
Amounts falling due after more than one
year

18

18,756,486

18,756,486
NET ASSETS 7,132,056 6,875,781

CAPITAL AND RESERVES
Called up share capital 22 2 2
Retained earnings 23 7,132,054 6,875,779
SHAREHOLDERS' FUNDS 27 7,132,056 6,875,781

Company's profit for the financial year 2,656,275 2,985,700

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





P Groves - Director


Tapa Holdings Limited (Registered number: 12122090)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 October 2021 2 3,650,431 3,650,433 1,144,356 4,794,789

Changes in equity
Dividends - (5,603,598 ) (5,603,598 ) - (5,603,598 )
Total comprehensive income - 5,545,047 5,545,047 566,198 6,111,245
Balance at 30 September 2022 2 3,591,880 3,591,882 1,710,554 5,302,436

Changes in equity
Dividends - (3,869,198 ) (3,869,198 ) - (3,869,198 )
Total comprehensive income - 4,342,855 4,342,855 8,642 4,351,497
Balance at 30 September 2023 2 4,065,537 4,065,539 1,719,196 5,784,735

Tapa Holdings Limited (Registered number: 12122090)

Company Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 2 7,590,079 7,590,081

Changes in equity
Dividends - (3,700,000 ) (3,700,000 )
Total comprehensive income - 2,985,700 2,985,700
Balance at 30 September 2022 2 6,875,779 6,875,781

Changes in equity
Dividends - (2,400,000 ) (2,400,000 )
Total comprehensive income - 2,656,275 2,656,275
Balance at 30 September 2023 2 7,132,054 7,132,056

Tapa Holdings Limited (Registered number: 12122090)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,052,356 5,955,468
Finance costs paid (1,091,536 ) (1,090,851 )
Tax paid (2,136,072 ) (904,656 )
Net cash from operating activities 2,824,748 3,959,961

Cash flows from investing activities
Interest received 13,383 368
Dividends received 331,483 -
Net cash from investing activities 344,866 368

Cash flows from financing activities
Share buyback (19 ) -
Equity dividends paid (3,869,198 ) (5,603,598 )
Net cash from financing activities (3,869,217 ) (5,603,598 )

Decrease in cash and cash equivalents (699,603 ) (1,643,269 )
Cash and cash equivalents at beginning of
year

2

3,314,995

4,958,264

Cash and cash equivalents at end of year 2 2,615,392 3,314,995

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.23 30.9.22
£    £   
Profit before taxation 5,850,891 7,809,277
Depreciation charges 13,105 17,958
Finance costs 1,091,536 1,090,851
Finance income (344,866 ) (368 )
6,610,666 8,917,718
Decrease/(increase) in trade and other debtors 1,135,583 (3,519,037 )
(Decrease)/increase in trade and other creditors (1,693,893 ) 556,787
Cash generated from operations 6,052,356 5,955,468

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 2,615,392 3,324,611
Bank overdrafts - (9,616 )
2,615,392 3,314,995
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 3,324,611 4,958,264
Bank overdrafts (9,616 ) -
3,314,995 4,958,264


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 3,324,611 (709,219 ) 2,615,392
Bank overdrafts (9,616 ) 9,616 -
3,314,995 (699,603 ) 2,615,392
Debt
Debts falling due after 1 year (18,756,486 ) - (18,756,486 )
(18,756,486 ) - (18,756,486 )
Total (15,441,491 ) (699,603 ) (16,141,094 )

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Tapa Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All revenue is recognised in the Financial Statements as soon as the service has been supplied to the customer.

Goodwill
Goodwill represents the difference between the amounts paid on the cost of a business combination, and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, the carrying value of Goodwill in the financial statements is assessed by the directors and an appropriate provision for amortisation is made.

Goodwill relates to the amount paid in connection with the acquisition of businesses in 2019. The valuation of goodwill is assessed by the directors either annually or when a triggering event occurs which causes the value of goodwill to drop below the carrying value. Such triggering events will include adverse changes to the market in which the companies operate, increased competition, changes to the laws governing the market, changes to key personnel, declining cash flows, and conditions where the current assets owned by the company show a decline in value.

The directors review the profitability of each company within the group to establish if any impairments to the
value of goodwill exist, with reference to management's experience in the sector and market trends. The credit profiles of customers are also assessed, as well as benchmark information on the companies' competitors and the prospects for the wider economy. Future trading forecasts for each company are also considered. After considering all of these factors, a decision is made by the directors as to whether an impairment to the carrying value of goodwill has arisen and a provision is made as necessary.

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Intangible assets and goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial
liabilities classified as payable within one year are not amortised.

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

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Invoice discounting
Some companies within the group use an invoice discounting service. As and when loans are drawn dow, these amounts are secured on the trade debtors. Discounting charges and interest are charged to the profit and loss account to reflect the cost of borrowing.

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical evidence and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may differ from those estimates.

In preparing these financial statements, the directors have had to make the following judgements:

- Determine whether there are indicators of impairment to the group's tangible assets. Factors taken into
consideration in reaching such a decision include economic viability and expected future financial performance of the asset.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where
appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Determine whether there are indicators of impairment to the group's intangible fixed assets.

Goodwill which arose on the acquisition of subsidiary companies is reviewed by the directors based on the
current and expected performance of each company within the Group. Based on this assessment, and an assessment of the company and its subsidiaries in the wider market, an appropriate provision is made against the carrying value of Goodwill in the accounts. After careful consideration, the directors do not believe that a provision against the carrying value of Goodwill is required in the accounts for the period ended 30 September 2023.

4. OTHER OPERATING INCOME
30.9.23 30.9.22
£    £   
R&D tax relief 203,682 160,627
Interest on overpaid tax 3,234 -
206,916 160,627

5. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 6,753,819 6,771,873
Social security costs 670,325 641,895
7,424,144 7,413,768

The average number of employees during the year was as follows:
30.9.23 30.9.22

Sales 81 94
Administration 23 19
104 113

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

6. DIRECTORS' EMOLUMENTS

30.09.23 30.09.22
£    £   

Directors remuneration 1,385,520 1,527,524

Information regarding the highest paid director is as follows:

30.09.23 30.09.22
£    £   

Emoluments etc, 937,465 877,605

7. OPERATING PROFIT

The operating profit is stated after charging:

30.9.23 30.9.22
£    £   
Hire of plant and machinery 29,890 24,535
Depreciation - owned assets 13,105 17,959
Auditors' remuneration 47,000 76,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Redeemable preference share dividend 67,707 67,022
Non redeemable preference share dividend 1,023,829 1,023,829
1,091,536 1,090,851

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax 1,494,607 1,698,032
Tax misprovided in previous periods 4,768 -

Tax on profit 1,499,375 1,698,032

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 5,850,891 7,809,277
Profit multiplied by the standard rate of corporation tax in the UK of 22 %
(2022 - 19 %)

1,287,196

1,483,763

Effects of:
Expenses not deductible for tax purposes 247,488 211,455
Income not taxable for tax purposes (73,734 ) (108 )
Capital allowances in excess of depreciation - (992 )
Depreciation in excess of capital allowances 1,843 -
Utilisation of tax losses 31,676 3,914
Adjustments to tax charge in respect of previous periods 4,768 -
Change in tax rate 138 -
Total tax charge 1,499,375 1,698,032

Tax effects relating to effects of other comprehensive income

30.9.23
Gross Tax Net
£    £    £   
Share buy back (19 ) - (19 )

The rate of corporation tax was changed from 19% to 25% from 1st April 2023. For the year ended 30 September 2023, the weighted average rate of corporation tax was 22%.

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
30.9.23 30.9.22
£    £   
Ordinary shares of 1p each
Final 3,869,198 5,603,598

Included in the total above are dividends payable to minority interests of £1,467,498 (2022 - £1,903,598),

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 21,530,476
NET BOOK VALUE
At 30 September 2023 21,530,476
At 30 September 2022 21,530,476

The directors consider that no provision is required against the carrying value of Goodwill in the accounts for the period.

13. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2022 15,369 23,694 39,063
Disposals (10,665 ) (2,256 ) (12,921 )
At 30 September 2023 4,704 21,438 26,142
DEPRECIATION
At 1 October 2022 10,964 14,994 25,958
Charge for year 4,405 8,700 13,105
Eliminated on disposal (10,665 ) (2,256 ) (12,921 )
At 30 September 2023 4,704 21,438 26,142
NET BOOK VALUE
At 30 September 2023 - - -
At 30 September 2022 4,405 8,700 13,105

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2022 27,307,448
Reclassification/transfer (51,060 )
At 30 September 2023 27,256,388
NET BOOK VALUE
At 30 September 2023 27,256,388
At 30 September 2022 27,307,448

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

VIP Nursing Limited
Registered office: Hygeia, 66-68 College Road Harrow HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 63,889 7,933
Profit for the year 418,439 604,019

Medical 24 Limited
Registered office: Hygeia, 66-68 College Road, Harrow, HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 3,049 50,654
Profit for the year 77,702 188,655

Pro Health 24 Limited
Registered office: Hygeia, 66-68 College Road, Harrow, HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 12,852 110,679
Profit for the year 343,772 452,029

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

14. FIXED ASSET INVESTMENTS - continued

Platinum Solutions Group Limited
Registered office: Hygeia, 1st Floor, 66-68 College Road, Harrow, Middlesex, HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 80.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves (13,684 ) 42,405
(Loss)/profit for the year (56,089 ) 7,800

Plan B Healthcare Limited
Registered office: Hygeia Building, 66-68 College Road, Harrow, Middlesex, HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 192,474 52,398
Profit for the year 349,118 139,751

Direct Healthcare 24 Limited
Registered office: Hygeia Building 1st Floor 66-68 College Road, Harrow, England, HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 60.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 3,498,106 2,826,309
Profit for the year 2,924,027 3,925,113

Nationwide Staffing Limited
Registered office: Hygeia House 66-68 College Road, Harrow, Middlesex, England HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 51.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 193 100,448
(Loss)/profit for the year (77,438 ) 180,082

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

14. FIXED ASSET INVESTMENTS - continued

Red Group Personnel Limited
Registered office: 124 City Road, London EC1V 2NX
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 56.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 621,713 965,891
Profit for the year 1,146,796 1,725,249

Amix Associates Limited
Registered office: Level 3 207 Regent Street, London W1B 3HH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 51.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 100,000 100,000

Palladium Staffing Limited
Registered office: Office 9, Dalton House, 60 Windsor Avenue, London, SW19 2RR
Nature of business: Dormant
%
Class of shares: holding
Ordinary 60.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 100 100


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Trade debtors 4,792,537 10,364,699 - -
Other debtors 4,135,838 112,859 3,249,840 -
VAT - - 303,738 303,338
8,928,375 10,477,558 3,553,578 303,338

16. CURRENT ASSET INVESTMENTS

Company
30.9.23 30.9.22
£    £   
Shares in group undertakings 51,142 -

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Bank loans and overdrafts (see note 19) - 9,616 - -
Trade creditors 97,997 69,486 - -
Amounts owed to group undertakings - - 174,812 51,060
Tax 911,295 1,547,992 - -
Social security and other taxes 718,108 987,725 - -
Other creditors 5,417,788 5,120,099 2,950,000 3,650,000
Invoice discounting 24,163 2,430,936 - -
Accruals and deferred income 215,169 118,159 11,198 11,200
Redeemable preference share dividend 6,307 6,307 6,307 6,307
Non redeemable preference share dividend 2,324,485 1,765,198 2,324,485 1,765,198
9,715,312 12,055,518 5,466,802 5,483,765

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Preference shares (see note 19) 18,756,486 18,756,486 18,756,486 18,756,486

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 9,616 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 18,756,486 18,756,486 18,756,486 18,756,486

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
1,692,677 Redeemable preference £1 1,692,677 1,692,677
17,063,809 Non-redeemable preference £1 17,063,809 17,063,809
18,756,486 18,756,486

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

19. PREFERENCE SHARES - continued

Holders of the Redeemable preference shares hold no voting rights but have the right to a dividend accrued annually at the option of the holders of the Redeemable preference shares. Any unpaid but accrued dividends payable will remain fully payable to the holders of the Redeemable preference shares upon redemption.

On a winding up of the company, the holders of the Redeemable preference shares rank pari passu with the holders of the Non redeemable preference shares and are entitled to be paid out in preference to the holders of the Ordinary shares.

The holders of the Non-redeemable preference shares hold no voting rights but have the right to receive dividends after making all the necessary provisions for the satisfaction of the holders of the Redeemable preference shares, but before the payment of a dividend to the holders of Ordinary shares.

On a winding up of the company, the holders of the Non-redeemable preference shares rank pari passu with the holders of the Redeemable preference shares.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.9.23 30.9.22
£    £   
Within one year 213,216 38,400
Between one and five years 5,112 88,386
218,328 126,786

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.23 30.9.22
£    £   
Invoice discounting 24,163 2,430,936

There is a fixed and floating charge over the assets of the group in favour of RBS Invoice Finance Limited.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
200 Ordinary 1p 2 2

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

23. RESERVES

Group
Retained
earnings
£   

At 1 October 2022 3,591,880
Profit for the year 4,342,874
Dividends (3,869,198 )
Purchase of own shares (19 )
At 30 September 2023 4,065,537

Company
Retained
earnings
£   

At 1 October 2022 6,875,779
Profit for the year 2,656,275
Dividends (2,400,000 )
At 30 September 2023 7,132,054


24. NON-CONTROLLING INTERESTS

Equity



Company
Minority
interest shares
%


Net assets


2023


Net assets


2022
£    £    £    £   

Direct Healthcare 24 Limited 40% 3,498,106 1,399,242 2,826,309 1,130,524
Red Group Personnel Limited 44% (2022 - 49% ) 621,713 273,554 965,891 473,287
Nationwide Nursing Limited 49% 193 95 100,448 49,220
Platinum Nursing 24 Limited 20% -13,683 -2,737 42,405 8,481
Palladium Staffing Limited 40% 100 40 100 40
Amix Associates Limited 49% 100,000 49,000 49,000 49,000

1,719,194 1,710,552

£   

Minority interests brought forward 1,710,552
Movement in period 8,642
Minority interests carried forward 1,719,194

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

25. RELATED PARTY DISCLOSURES

Ms. A Coyle, C Coyle and P Groves are also directors of Greencastle Holdings Limited. C Coyle and P Groves are directors of Coyle Personnel Limited and C Coyle is also a director of Henley Healthcare 247 Limited.

Included in other debtors are the following balances due from related parties:

2023 2022
£    £   

Greencastle Holdings Limited 1,948,840 -
Coyle Personnel Limited 1,300,000 -

3,248,840 -


Included within other creditors are the following balances due to related parties:

2023 2022
£    £   

Henley Healthcare 247 Limited 650,000 -

650,000 -

No material trading took place between any of the above related parties. The company also has an interest in Shamrock Nursing Limited, a company incorporated in the Republic of Ireland.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K Coyle by virtue of his shareholding in the company. C Coyle and Ms A Coyle are also persons with significant control over the company.

27. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
30.9.23 30.9.22
£    £   
Profit for the financial year 4,342,874 5,545,047
Dividends (3,869,198 ) (5,603,598 )
473,676 (58,551 )
Other comprehensive income relating to the year (net) (19 ) -
Net addition/(reduction) to shareholders' funds 473,657 (58,551 )
Opening shareholders' funds 3,591,882 3,650,433
Closing shareholders' funds 4,065,539 3,591,882

Tapa Holdings Limited (Registered number: 12122090)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2023

27. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - continued

Company

30.9.23 30.9.22
£    £   
Profit for the financial year 2,656,275 2,985,700
Dividends (2,400,000 ) (3,700,000 )
Net addition/(reduction) to shareholders' funds 256,275 (714,300 )
Opening shareholders' funds 6,875,781 7,590,081
Closing shareholders' funds 7,132,056 6,875,781