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Registered number: 03533115
















EMERALD GROUP LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


































img3752.png


EMERALD GROUP LIMITED

 
COMPANY INFORMATION


DIRECTORS
J C Deacon 
M B Deacon 
C J Deacon (appointed 5 September 2023)




COMPANY SECRETARY
M B Deacon



REGISTERED NUMBER
03533115



REGISTERED OFFICE
10 Hobart Street

Plymouth

Devon

PL1 3DG




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN






EMERALD GROUP LIMITED


CONTENTS



Page
Strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 23



EMERALD GROUP LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION
 
The directors present their strategic report for the Company for the year ended 31 March 2024.

BUSINESS REVIEW
 
The financial statements present the Company's financial results for the year ended 31 March 2024. Turnover remains strong and the decrease in profitability is principally down to planned investment to ensure the Company remains in a strong position to retain market share in an increasingly competitive market.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Global unrest and economic events are generally reflected in the recruitment market and the Company is mindful that current events will have an impact in the short to medium term. The Directors anticipate that the coming year will bring challenges across the wider recruitment industry. However the Directors remain positive that the Company is in a good financial position to weather any downturn. The Company continues to provide recruitment services across a wide variety of financial service sectors and to ensure continued growth has embarked on a program of diversification within their core market.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Directors believe that the key performance indicators of the Company are turnover, gross profit and profit before tax. Turnover has grown 1.4% in the year to £16.32m (2023: £16.09m). Gross profit of £2.54m (2023: £2.70m) and profit before tax of £1.55m (2023: £1.80m) have been achieved.

OTHER KEY PERFORMANCE INDICATORS
 
The Directors consider other key performance indicators to include the number of job placements made in each period and the mix of permanent and temporary placements achieved.


This report was approved by the board and signed on its behalf.



M B Deacon
Director

Date: 22 October 2024

Page 1


EMERALD GROUP LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,161,703 (2023: £1,462,849).

During the year ended 31 March 2024 the Company paid dividends totalling £Nil (2023: 300,000).

DIRECTORS

The directors who served during the year were:

J C Deacon 
M B Deacon 
C J Deacon (appointed 5 September 2023)

FUTURE DEVELOPMENTS

The Directors have no significant future developments to report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






M B Deacon
Director

Date: 22 October 2024

10 Hobart Street
Plymouth
Devon
PL1 3DG

Page 2


EMERALD GROUP LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3


EMERALD GROUP LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMERALD GROUP LIMITED
 
OPINION


We have audited the financial statements of Emerald Group Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 March 2024 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4


EMERALD GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMERALD GROUP LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the 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 the 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 or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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.


Page 5


EMERALD GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMERALD GROUP LIMITED (CONTINUED)

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 an Auditors' 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.


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 have considered the nature of the industry and sector, control environment and business performance, key drivers for directors' remuneration, bonus levels and performance targets;
We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition cut-off. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation. 
In addition, we considered provisions of other laws and regulations 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. These included data protection regulations, health and safety regulations, and employment legislation.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year-end cut off;
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team
Page 6


EMERALD GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMERALD GROUP LIMITED (CONTINUED)

members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 an 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 would become aware of it.


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 Auditors' 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 2006Our 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 Auditors' 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.






Robert Davey FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

24 October 2024
Page 7


EMERALD GROUP LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,320,591
16,088,541

Cost of sales
  
(13,783,952)
(13,383,664)

GROSS PROFIT
  
2,536,639
2,704,877

Administrative expenses
  
(1,063,223)
(900,681)

Other operating income
 5 
77,189
-

OPERATING PROFIT
 6 
1,550,605
1,804,196

Tax on profit
 10 
(388,902)
(341,347)

PROFIT AFTER TAX
  
1,161,703
1,462,849

  

  

Retained earnings at the beginning of the year
  
3,225,989
2,063,140

Profit for the year
  
1,161,703
1,462,849

Dividends declared and paid
 11 
-
(300,000)

RETAINED EARNINGS AT THE END OF THE YEAR
  
4,387,692
3,225,989

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

Page 8


EMERALD GROUP LIMITED
REGISTERED NUMBER:03533115

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 12 
46,248
40,068

Investments
 13 
23,410
23,410

  
69,658
63,478

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 14 
2,369,560
3,996,620

Cash at bank and in hand
 15 
3,893,475
1,418,866

  
6,263,035
5,415,486

Creditors: amounts falling due within one year
 16 
(1,877,642)
(2,189,975)

NET CURRENT ASSETS
  
 
 
4,385,393
 
 
3,225,511

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,455,051
3,288,989

PROVISIONS FOR LIABILITIES
  

Deferred tax
 17 
(4,159)
-

NET ASSETS
  
4,450,892
3,288,989


CAPITAL AND RESERVES
  

Called up share capital 
 18 
8,625
8,425

Share premium account
 19 
54,575
54,575

Profit and loss account
 19 
4,387,692
3,225,989

  
4,450,892
3,288,989


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M B Deacon
Director

Date: 22 October 2024

The notes on pages 11 to 23 form part of these financial statements.

Page 9


EMERALD GROUP LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
8,425
54,575
2,063,140
2,126,140


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
1,462,849
1,462,849
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
1,462,849
1,462,849


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(300,000)
(300,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(300,000)
(300,000)



At 1 April 2023
8,425
54,575
3,225,989
3,288,989


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
1,161,703
1,161,703
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
1,161,703
1,161,703


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Shares issued during the year
200
-
-
200


TOTAL TRANSACTIONS WITH OWNERS
200
-
-
200


AT 31 MARCH 2024
8,625
54,575
4,387,692
4,450,892


The notes on pages 11 to 23 form part of these financial statements.

Page 10


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Emerald Group Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03533115. The registered office is 10 Hobart Street, Plymouth, PL1 3DG.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hindhead Investments Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

Page 11


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses are presented in the Statement Of Income And Retained Earnings within 'administrative expenses'.

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the period of the lease.
Lease incentives are recognised over the lease term on a straight line basis.

Page 12


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

PENSIONS

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds

 
2.7

CURRENT AND DEFERRED TAXATION

Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 
 
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. 

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

It is provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Office equipment
-
25% - 33% straight line

 
2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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 Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 14


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the year. However the nature of estimation means that the actual outcomes could differ from those estimates. 
The directors are of the opinion that there are no judgements, estimates or assumptions that have a material impact on the financial statements.

Page 15


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TURNOVER

The whole of the turnover is attributable to the provision of recruitment services.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
13,463,253
10,744,731

Rest of Europe
1,545,524
3,840,410

Rest of the world
1,311,814
1,503,400

16,320,591
16,088,541



5.


OTHER OPERATING INCOME

2024
2023
£
£

Fees receivable
77,189
-



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
36,429
28,486

Exchange differences
7,162
(23,251)

Other operating lease rentals
128,302
97,370


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,250
12,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,445,211
1,316,168

Social security costs
317,415
323,836

Cost of defined contribution scheme
100,033
99,357

1,862,659
1,739,361


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
3
2



Consultants
37
36

40
38


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
331,995
243,992

Company contributions to defined contribution pension schemes
1,458
-

333,453
243,992


During the year retirement benefits were accruing to 1 director (2023: NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £123,469 (2023: £121,996).

Page 17


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
384,312
338,582

Effect of tax rate change on opening balance
223
-

TOTAL CURRENT TAX
384,535
338,582

DEFERRED TAX


Origination and reversal of timing differences
4,367
2,765

TOTAL DEFERRED TAX
4,367
2,765


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
388,902
341,347

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,550,605
1,804,196


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
387,651
342,797

EFFECTS OF:


Fixed asset differences
65
(2,205)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,255
91

Remeasurement of deferred tax for changes in tax rates
-
664

Adjustments to tax charge in respect of previous periods
223
-

Adjustments to tax charge in respect of previous periods - deferred tax
(292)
-

TOTAL TAX CHARGE FOR THE YEAR
388,902
341,347


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 18


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


DIVIDENDS

2024
2023
£
£


Dividends declared
-
300,000


12.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Office equipment
Total

£
£
£



COST


At 1 April 2023
6,700
248,111
254,811


Additions
-
42,609
42,609


Disposals
-
(110,010)
(110,010)



At 31 March 2024

6,700
180,710
187,410



DEPRECIATION


At 1 April 2023
6,700
208,043
214,743


Charge for the year on owned assets
-
36,429
36,429


Disposals
-
(110,010)
(110,010)



At 31 March 2024

6,700
134,462
141,162



NET BOOK VALUE



At 31 March 2024
-
46,248
46,248



At 31 March 2023
-
40,068
40,068


13.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 April 2023
23,410



At 31 March 2024
23,410




Page 19


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Emerald Search and Selection GmbH
Barckhausste 1, 60325 Frankfurt
Ordinary
100%


14.


DEBTORS

2024
2023
£
£


Trade debtors
1,636,915
3,328,409

Amounts owed by group undertakings
602,934
505,115

Other debtors
72,044
159,543

Prepayments and accrued income
57,667
3,345

Deferred taxation
-
208

2,369,560
3,996,620



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
3,893,475
1,418,866



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
809,258
916,900

Amounts owed to group undertakings
404
-

Corporation tax
144,956
140,421

Other taxation and social security
160,288
180,445

Other creditors
10,208
21,066

Accruals and deferred income
752,528
931,143

1,877,642
2,189,975


Page 20


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


DEFERRED TAXATION




2024


£






At beginning of year
(208)


Charged to profit or loss
4,367



AT END OF YEAR
4,159

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
10,771
9,016

Short term timing differences
(6,612)
(9,224)

4,159
(208)


18.


SHARE CAPITAL

2024
2023
£
£
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID



800,000 (2023: 800,000) Ordinary A shares of £0.01 each
8,000
8,000
42,500 (2023: 42,500) Ordinary B shares of £0.01 each
425
425
20,000 (2023: Nil) Growth shares shares of £0.01 each
200
-

8,625

8,425


On 16 September 2023, 20,000 £0.01 growth shares were issued for consideration of £200.


19.


RESERVES

Share premium account

This reserve is the consideration received for shares issued above their nominal value, net of transaction costs.

Profit and loss account

This reserve includes all current and prior retained profits and losses, net of distributions to the shareholder.

Page 21


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


CONTINGENT LIABILITIES

A group set-off agreement has been given in favour of HSBC Bank Plc by Emerald Group Limited and Hindhead Investments Limited to secure all monies and liabilities.
In addition to the above, there is a fixed charge over all leasehold property and a floating charge over all other assets in respect of the bank overdraft facility.


21.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £100,033 (2023: £99,357). Contributions totalling £10,192 (2023: £21,051) were payable to the fund at the reporting date and are included in creditors.


22.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
92,106
84,850

Later than 1 year and not later than 5 years
86,681
117,583

178,787
202,433


23.


TRANSACTIONS WITH DIRECTORS

At the year end, the company was owed £1,100 (2023: £Nil) by its Directors. This balance is interest free, unsecured and repayable on demand.


24.


RELATED PARTY TRANSACTIONS

During the year, the Company paid rent and services charges of £39,348 (2023: £44,966) to its parent company. During the year, the Company advanced £100,000 to its parent company. At the year end, the Company was owed £549,596 by its parent company (2023: £450,000).
During the year, the Company paid rent and service charges of £35,996 (2023: £34,596) to a company owned by a Director
During the year, the Company charged management charges and expenditure recharges to its subsidiary totalling £157,503 (2023: £57,662). At the year end, the Company was owed £52,934 (2023: £55,115) by its subsidiary. Also during the year, the Company incurred recharges from its subsidiary totalling £19,108 (2023: £8,494).  
During the year, the Company charged management charges and expenditure recharges to a company under common control, totalling £139,412 (2023: £145,707). At the year end, the Company was owed £Nil (2023: £44,222).
During the year the Company paid equity dividends of £Nil (2023: £300,000) to corporate shareholders.

Page 22


EMERALD GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


CONTROLLING PARTY

The immediate and ultimate parent Company is Hindhead Investments Limited, the consolidated accounts of which are available at Companies House, Cardiff. The registered office and principal place of business is Unit 8 41-43 George Place, Plymouth, Devon, PL1 3DX.

 
Page 23