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Registered number: 06769151









URBAN RECRUITMENT GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
URBAN RECRUITMENT GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
R Prince 
P Johnson 




Registered number
06769151



Registered office
111-115 North Street
Romford

Essex

RM1 1ES




Independent auditor
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
URBAN RECRUITMENT GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11 - 12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15
Notes to the financial statements
 
16 - 37


 
URBAN RECRUITMENT GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The director presents the strategic report for the period ended 29 February 2024.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The group has had another strong year with business levels similar to prior year, with turnover at £62.7m 
(2023: £64.3m).  The group achieved a gross profit of over £8m for the year due to its continued supply of locums through multiple healthcare frameworks.  
During the year the NHS, along with many private hospitals, experienced extremely busy periods as efforts continued to try to reduce the backlog of delayed and cancelled procedures which occurred during the pandemic, and the following few years.  This, coupled with various healthcare professions industrial action, further increased the waiting lists for medical procedures and consultations.  As patient operations have tried to increase, we have supported these with various medical staff and practitioners.
The company has seen a rise in demand in certain areas that we specialise in, which has supported our business activity. We are a primary framework supplier of temporary staff to some major NHS trusts and hospitals, as well as private sector organisations, in these areas of speciality aiding our business.
The group became a registered organisation with The Care Inspectorate – a regulated care services supplier in Scotland.  This provides the group with the opportunity to expand into new areas and markets and diversify our operations.
Our Clinical Governance Department ensured our high standards of compliance by the successful attainment of our ISO 9001 accreditation.
During the year the company achieved Gross profits of £8.0m 
(2023: £8.4m), Gross profit margin of 12.76% (2023: 13.07%) and Operating profits of £1.79m (2023: £2.29m).

Principal risks and uncertainties
 
The market is heavily regulated and dependant on effective compliance and auditing is a key condition of the frameworks which we operate on. The Group has a Compliance team and is well placed to manage this risk with effective management controls in place. We have established a Governance and Audit team to ensure all policies and procedures are adhered to, and that any legislative changes are reflected in our terms of business and contracts.
Economic risk
The consistent business levels for year-ended 29th February 2024 shows that the company is well placed within the market and has built up a strong reputation and brand within the healthcare recruitment industry.  The GP margin rate of 12.76% (2023:13.07%), enabled the group to achieve Gross Profits of £8m for the year.  This level of business has helped to mitigate cashflow pressures and associated risks. 
The company seeks to manage and minimise financial risk by ensuring that sufficient funding is available at all times to meet foreseeable needs.

Page 1

 
URBAN RECRUITMENT GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial key performance indicators
 
The group considers the following to be its key performance indicators:
Net Turnover:
The Company achieved net Turnover of £62.7m, a 2.5% decrease from prior period (2023: £64.3m).  
 
Gross Profit
The Company achieved gross profit of £8.0m, a 4.8% decrease from prior period (2023: £8.4m).
Direct customer and account related KPI’s are completed throughout the business and are monitored monthly by the management accounts team.

Going concern
 
As discussed in the going concern accounting policy, the Directors consider that the Group remains a going concern. Financial forecasts have been prepared by management and demonstrate that the group is expected to have sufficient cash to enable it to meet its liabilities as they become due. 
Post period end, the monthly management accounts have continued to show positive results with the gross margin remaining strong throughout this period. As turnover continues to increase, cash-flow restrictions ease.  Cash-flow projections for the 12 months post period-end do not indicate any further support will be needed from the group’s banking partners, or any cash injections from the directors will be required.

Future developments
 
The directors do not believe that the business will change significantly in the foreseeable future. 


This report was approved by the board on 17 October 2024 and signed on its behalf.



R Prince
Director

Page 2

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company and the Group continued to be that of the recruitment and placement of staff in the medical sector. 

Results and dividends

The profit for the year, after taxation, amounted to £1,274,165 (2023 - £1,574,622).

Ordinary dividends were declared amounting to £920,000 (2023 - £1,320,000). The director's do not recommend the payment of a further dividend. 

Directors

R Prince 
P Johnson 

Future developments

Future developments are not disclosed within the Director's report as they are instead included within the Strategic Report on page 1 under s414c(11) of the Companies Act 2006. 

Page 3

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 October 2024 and signed on its behalf.
 





R Prince
Director

Page 4

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URBAN RECRUITMENT GROUP LIMITED
 

Opinion


We have audited the financial statements of Urban Recruitment Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company 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 Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 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 Group's or 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.


Page 5

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URBAN RECRUITMENT GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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.


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 Group 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 Group 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 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 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 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.


Page 6

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URBAN RECRUITMENT GROUP LIMITED (CONTINUED)


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


Auditor's responsibilities for the audit of the financial statements
 

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

ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
we assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
reviewing the financial statements and testing the disclosures against supporting documentation;
performing analytical procedures to identify any unusual or unexpected trends or anomalies;
inspecting and testing journal entries to identify unusual or unexpected transactions; and
assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

Page 7

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF URBAN RECRUITMENT GROUP LIMITED (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew May ACCA (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

18 October 2024
Page 8

 
URBAN RECRUITMENT GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
62,725,694
64,338,429

Cost of sales
  
(54,724,557)
(55,931,683)

Gross profit
  
8,001,137
8,406,746

Administrative expenses
  
(6,213,050)
(6,121,061)

Operating profit
 5 
1,788,087
2,285,685

Profit on disposal of investment
  
237,978
-

Interest payable and similar expenses
 9 
(369,616)
(316,536)

Profit before taxation
  
1,656,449
1,969,149

Tax on profit
 10 
(382,284)
(394,527)

Profit for the financial year
  
1,274,165
1,574,622

Profit for the year attributable to:
  

Owners of the parent Company
  
1,274,165
1,574,622

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 37 form part of these financial statements.

Page 9

 
URBAN RECRUITMENT GROUP LIMITED
REGISTERED NUMBER: 06769151

CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
20,450
130,529

Tangible assets
 13 
210,174
264,443

  
230,624
394,972

Current assets
  

Debtors: amounts falling due within one year
 15 
6,384,840
7,512,655

Cash at bank and in hand
 16 
940,509
37,828

  
7,325,349
7,550,483

Creditors: amounts falling due within one year
 17 
(6,295,112)
(7,058,250)

Net current assets
  
 
 
1,030,237
 
 
492,233

Total assets less current liabilities
  
1,260,861
887,205

Creditors: amounts falling due after more than one year
 18 
(139,594)
(139,594)

Deferred taxation
 19 
(30,112)
(41,638)

Net assets
  
1,091,155
705,973


Capital and reserves
  

Called up share capital 
 20 
100,000
100,000

Profit and loss account
 21 
991,155
605,973

Equity attributable to owners of the parent Company
  
1,091,155
705,973


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.




R Prince
Director


The notes on pages 16 to 37 form part of these financial statements.

Page 10

 
URBAN RECRUITMENT GROUP LIMITED
REGISTERED NUMBER: 06769151

COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
18,016
21,293

Investments
 14 
616,439
585,422

  
634,455
606,715

Current assets
  

Debtors: amounts falling due within one year
 15 
936,823
807,979

Cash at bank and in hand
 16 
4,076
2,118

  
940,899
810,097

Creditors: amounts falling due within one year
 17 
(1,169,326)
(1,080,798)

Net current liabilities
  
 
 
(228,427)
 
 
(270,701)

Total assets less current liabilities
  
406,028
336,014

  

Creditors: amounts falling due after more than one year
 18 
(139,594)
(139,594)

Provisions for liabilities
  

Deferred taxation
 19 
(1,825)
(2,329)

Net assets
  
264,609
194,091


Capital and reserves
  

Called up share capital 
 20 
100,000
100,000

Profit and loss account brought forward
  
94,091
33,606

Profit for the year
  
959,501
1,349,468

Other changes in the profit and loss account

  

(888,983)
(1,288,983)

Profit and loss account carried forward
  
164,609
94,091

  
264,609
194,091


Page 11

 
URBAN RECRUITMENT GROUP LIMITED
REGISTERED NUMBER: 06769151
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.


R Prince
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 12

 
URBAN RECRUITMENT GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
100,000
320,334
420,334


Comprehensive income for the year

Profit for the year
-
1,574,622
1,574,622


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,320,000)
(1,320,000)

Share based payment
-
31,017
31,017



At 1 March 2023
100,000
605,973
705,973


Comprehensive income for the year

Profit for the year
-
1,274,165
1,274,165


Contributions by and distributions to owners

Dividends: Equity capital
-
(920,000)
(920,000)

Share based payment
-
31,017
31,017


At 29 February 2024
100,000
991,155
1,091,155


The notes on pages 16 to 37 form part of these financial statements.

Page 13

 
URBAN RECRUITMENT GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
100,000
33,606
133,606


Comprehensive income for the year

Profit and total comprehensive income for the period
-
1,349,468
1,349,468

Share based payment
-
31,017
31,017


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,320,000)
(1,320,000)



At 1 March 2023
100,000
94,091
194,091


Comprehensive income for the year

Profit and total comprehensive income for the year
-
959,501
959,501

Share based payment
-
31,017
31,017


Contributions by and distributions to owners

Dividends: Equity capital
-
(920,000)
(920,000)


At 29 February 2024
100,000
164,609
264,609


The notes on pages 16 to 37 form part of these financial statements.

Page 14

 
URBAN RECRUITMENT GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,274,165
1,574,622

Adjustments for:

Amortisation of intangible assets
57,150
81,594

Depreciation of tangible assets
76,448
93,150

Loss on disposal of tangible assets
-
(524)

Loss on disposal of goodwill
32,473
-

Interest charge
369,616
316,536

Taxation charge
382,284
394,527

Decrease/(increase) in debtors
1,107,331
(879,039)

(Decrease)/increase in creditors
(724,135)
294,497

Share based payment charge
31,017
31,017

Corporation tax (paid)
(516,030)
(140,294)

Net cash generated from operating activities

2,090,319
1,766,086


Cash flows from investing activities

Purchase of tangible fixed assets
(1,723)
(19,412)

Sale of tangible fixed assets
-
524

Net cash from investing activities

(1,723)
(18,888)

Cash flows from financing activities

Movement on invoice discounting
103,701
(347,105)

Dividends paid
(920,000)
(1,320,000)

Interest paid
(369,616)
(316,536)

Net cash used in financing activities
(1,185,915)
(1,983,641)

Net increase/(decrease) in cash and cash equivalents
902,681
(236,443)

Cash and cash equivalents at beginning of year
37,828
274,271

Cash and cash equivalents at the end of year
940,509
37,828


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
940,509
37,828


Page 15

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Urban Recruitment Group Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The registered office address is 111-115 North Street, Romford, Essex, RM1 1ES.
The Group consists of Urban Recruitment Group Limited and all of its subsidiaries. 
The Company's and the Group's principal activities and nature of its operations are disclosed in the Strategic Report and Director's Report. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amount in these financial statements are rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
The consolidated financial statements incorporate the results of 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.

Page 16

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.3

Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.
All translation differences are taken to profit or loss.

  
2.4

Going concern

The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
In arriving at this conclusion, the Directors have taken into consideration the results for the year 29 February 2024 together with the current results and cashflow forecasts for 12 months from the date of signing of the financial statements.  
Based on the forecasts prepared the directors are satisfied that the Group is in a position to meet its liabilities as they fall due over the next 12 months from the date of signing of these financial statements. 

 
2.5

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.
Income relating to temporary staff is recognised in the period to which it relates when billed for each month.
Income relating to placement of permanent candidates is recognised at the point candidates commence their placements.

 
2.6

Operating leases: the Group as lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.8

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

Page 18

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 the fair values of assets acquired and the future tax deductions available for them and the differences between the 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 balance sheet date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between 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, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
5 and a half years

Page 19

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

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 on the following bases:

Fixtures and fittings
-
20 - 25% straight line
Computers
-
10 - 33% straight line
Leasehold improvements
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.14

Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

 
2.16

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.17

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.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.18

Creditors

Short term creditors are measured at the transaction price.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.20

Invoice discounting

Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables. 
Where the Group has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and a corresponding liability in respect of the advance received are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in the profit and loss account with other interest charges.

 
2.21

Financial instruments

The Group 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 Group's Balance sheet when the Group 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 Group'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. 

Page 21

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

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.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

 
2.22

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.

Page 22

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity's accounting policies
No significant judgments have had to be made by management in preparing these financial statements. 
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: 
Share based payments
The assumptions underpinning the fair value of the share options and likelihood of share options being exercisable are key sources of estimation uncertainty. In particular, these include the valuation of the Company, vesting period, volatility and risk free rate.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£


Recruitment and placement of staff
62,725,694
64,338,429


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
62,725,694
64,338,429


Page 23

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned tangible fixed assets
55,992
72,694

Operating lease charges
189,332
201,179

Profit on disposal of tangible fixed assets
-
(524)

Amortisation of intangible assets
77,606
102,050


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements

33,000
33,000

Fees payable to the Company's auditor in respect of:

Taxation compliance services
2,000
4,950

All other non-audit services
38,785
1,000

Page 24

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Employees

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


Group
Year ended
29 February
Group
Year ended
28 February
2024
2023
£
£


Wages and salaries
4,274,972
4,471,963

Social security costs
426,214
467,931

Cost of defined contribution scheme
82,977
82,876

4,784,163
5,022,770


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
8
8
2
2



Administration and sales
112
112
-
-



Temporary locums
112
126
-
-

232
246
2
2


8.


Directors' remuneration

2024
2023
£
£

Remuneration for qualifying services
196,979
194,223

Group contributions to defined contribution pension schemes
1,321
1,321

198,300
195,544


Page 25

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other interest
180,000
180,000

Interest on invoice finance arrangements
185,599
136,536

Other interest payable
4,017
-

369,616
316,536


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
373,326
405,937


Deferred tax


Origination and reversal of timing differences
8,958
(11,410)


Taxation on profit on ordinary activities
382,284
394,527
Page 26

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,656,449
1,969,149


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of  24.49% (2023 - 19%)
405,664
374,138

Effects of:


Non-tax deductible amortisation of goodwill and impairment
13,997
15,503

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(14,524)
10,073

Deferred tax
-
(11,410)

Other adjustments leading to a difference in tax charge
(760)
9,832

Adjustments to tax charge in respect of prior periods
(2,026)
-

Utilisation of brought forward losses
(20,067)
(3,609)

Total tax charge for the year
382,284
394,527


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




11.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid
920,000
1,320,000

Post year end and prior to the approval of the accounts, dividends of £165,000 were declared. 

Page 27

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Intangible assets

Group







Software
Goodwill
Total

£
£
£



Cost


At 1 March 2023
227,947
1,091,684
1,319,631


Disposals
-
(712,551)
(712,551)



At 29 February 2024

227,947
379,133
607,080



Amortisation


At 1 March 2023
187,217
1,001,885
1,189,102


Charge for the year on owned assets
20,456
57,150
77,606


On disposals
-
(680,078)
(680,078)



At 29 February 2024

207,673
378,957
586,630



Net book value



At 29 February 2024
20,274
176
20,450



At 28 February 2023
40,730
89,799
130,529



The Company had no intangible fixed assets at either balance sheet date. 

Page 28

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Tangible fixed assets

Group








Fixtures and fittings
Computers
Leasehold improvements
Total

£
£
£
£



Cost


At 1 March 2023
285,608
693,329
451,988
1,430,925


Additions
1,103
620
-
1,723


Disposals
-
(4,785)
-
(4,785)



At 29 February 2024

286,711
689,164
451,988
1,427,863



Depreciation


At 1 March 2023
239,613
685,223
241,646
1,166,482


Charge for the year on owned assets
16,965
5,841
33,186
55,992


Disposals
-
(4,785)
-
(4,785)



At 29 February 2024

256,578
686,279
274,832
1,217,689



Net book value



At 29 February 2024
30,133
2,885
177,156
210,174



At 28 February 2023
45,995
8,106
210,342
264,443

Page 29

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

           13.Tangible fixed assets (continued)


Company









Computers
Leasehold improvements
Total

£
£
£

Cost


At 1 March 2023
148,875
82,768
231,643



At 29 February 2024

148,875
82,768
231,643



Depreciation


At 1 March 2023
148,875
61,475
210,350


Charge for the year on owned assets
-
3,277
3,277



At 29 February 2024

148,875
64,752
213,627



Net book value



At 29 February 2024
-
18,016
18,016



At 28 February 2023
-
21,293
21,293






Page 30

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Fixed asset investments

Company








Shares in group undertakings

£



Cost


At 1 March 2023
585,422


Additions
31,017



At 29 February 2024

616,439






Net book value



At 29 February 2024
616,439



At 28 February 2023
585,422


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Medicspro Limited
1)
Recruitment and placement of medical staff
Ordinary
100%
Urban Trustees Limited
1)
Dormant
Ordinary
100%
Medicspro Healthcare Limited*
1)
Recruitment and placement of medical staff
Ordinary
100%

Registered Office address: 
1) 111-115 North Street, Romford, Essex, RM1 1ES. 
*Indirect subsidiaries of Urban Recruitment Group Limited. 

Page 31

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Medicspro Limited
1,295,931
745,926

Urban Trustees Limited
(3,991)
-

Medicspro Healthcare Limited*
100,869
425,425


15.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,835,040
5,500,252
-
3,213

Amounts owed by group undertakings
-
-
843,253
684,044

Other debtors
94,765
91,507
1,324
2,000

Prepayments and accrued income
1,401,992
1,847,369
39,203
45,195

Deferred taxation
53,043
73,527
53,043
73,527

6,384,840
7,512,655
936,823
807,979


Trade debtors have been pledged as security against amounts due in respect of financed trade receivables (see note 17).


16.


Cash and cash equivalents

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
940,509
37,828
4,076
2,118


Page 32

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Trade creditors
390,355
586,680
4,920
4,852

Amounts owed to group undertakings
-
-
928,694
824,036

Corporation tax
263,648
406,352
-
-

Other taxation and social security
158,768
508,792
-
-

Invoice discounting
3,007,430
2,903,729
(7,508)
(46,581)

Other creditors
282,736
304,471
225,270
284,326

Accruals and deferred income
2,192,175
2,348,226
17,950
14,165

6,295,112
7,058,250
1,169,326
1,080,798


Invoice discounting facilities of £3,007,430 (2023 - £2,903,729) are secured by fixed and floating charges over all assets of the group, including trade debtors (see note 15). 


18.


Creditors: Amounts falling due after more than one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Other creditors
139,594
139,594
139,594
139,594




19.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
31,889
20,479


Charged to profit or loss
(8,958)
11,410



At end of year
22,931
31,889

Page 33

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
19.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
71,198
57,311


Charged to profit or loss
(19,980)
13,887



At end of year
51,218
71,198

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(30,112)
(41,368)
(1,825)
(2,059)

Tax losses carried forward
53,043
73,257
53,043
73,257

22,931
31,889
51,218
71,198

Comprising:

Deferred tax asset
53,043
73,527
53,043
73,527

Deferred tax liability
(30,112)
(41,638)
(1,825)
(2,329)

22,931
31,889
51,218
71,198



The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.


20.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



10,000,000 (2023 - 10,000,000) Ordinary shares of £0.01 each
100,000
100,000

The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at
general meetings of the Company.


Page 34

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

21.


Reserves

Profit and loss account

Cumulative profit and loss net of distribution to owners. 

22.


Analysis of net debt





At 1 March 2023
Cash flows
Acquisition and disposal of subsidiaries
At 29 February 2024
£

£

£

£

Cash at bank and in hand

37,828

572,681

330,000

940,509

Debt due within 1 year

(383)

383

-

-


37,445
573,064
330,000
940,509


23.


Contingent liabilities

At the year end date, the Company has provided a guarantee in respect of the liabilities of a subsidiary. It is impractical to estimate the financial effect of this commitment. 

Page 35

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

24.


Share-based payments

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.046

719,790

0.059
 
317,490
 
Granted during the period


-

0.036
 
409,800
 
Lapsed during the period


0.040

(3,200)

0.036
 
(7,500)
 
Outstanding at the end of the year

0.046

716,590

0.046
 
719,790
 

At the year end, there were 316,990 options with exercise price of £0.059 outstanding with the remaining term ranging between 2 to 6 years. In addition, 399,600 options with exercise price of £0.036 were outstanding and had a remaining term of 10 years. 
Group
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
Inputs were as follows:

29 February
28 February
2024
2023

Weighted average share price (pence)

27

27
 
Weighted average exercise (pence)

4

4
 
Expected volatility

10

10
 
Risk-free interest rate

5

5
 

29 February
28 February 
2024
£
2023
£


Share based payment charge
31,017
31,017

Page 36

 
URBAN RECRUITMENT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £83,881 (2023 - £82,876).
Group pension contributions outstanding at the balance sheet date amount to £21,004 
(2023 - £18,803) and are included within Other creditors.


26.


Commitments under operating leases

At 29 February 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
2024
2023
£
£

Not later than 1 year
176,352
176,352

Later than 1 year and not later than 5 years
705,408
705,408

Later than 5 years
44,088
220,440

925,848
1,102,200
The Company had no commitments under non-cancellable operating leases at the balance sheet date.


27.


Related party transactions

Remuneration of key management personnel
The remuneration of key management personnel of the group during the year, including directors, is as follows:

2024
2023
£
£
Aggregate compensation

858,889

1,036,659
 

The above figure includes employers NI contributions totalling £93,527 (2023 - £120,953).
At 29 February 2024 the Group owed a director £139,594 
(2023 - £139,594) which is included within creditors due after more than one year. The loan is interest free and the director has agreed that he will not demand repayment of any loan until at least one year after the current year has ended.

 
Page 37