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Cornish Labour Services Limited

Annual Report and Financial Statements
Year Ended 29 February 2024

Registration number: 09435294

 

Cornish Labour Services Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Statement of Income and Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 24

 

Cornish Labour Services Limited

Company Information

Directors

Mr T G P Simmons

Mr D J Simmons

Company secretary

Mrs S C Simmons

Registered office

Higher Trevaskis Farm
14 Gwinear Road
Connor Downs
Cornwall
TR27 5JQ

Auditors

Francis Clark LLP
Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Cornish Labour Services Limited

Strategic Report for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

Principal activity

The principal activity of the company is the supply of labour.

Fair review of the business

The company has again seen an increase in its business with turnover increasing 16.5% on the prior year.

Cost of sales increased in the year by a comparable, yet slightly higher, percentage meaning gross profit margin decreasing to 10.2% (2023: 11.0%).

There has been continued increases in administrative costs due to growing inflationary pressures, and as a result there was a reduction in the operating profit achieved.

Overall the accounts shows a decreased operating profit of £112,846 (2023: £223,798) .

We look to closely manage all costs and the company continues to invest in its own internal training to ensure the highest standards are maintained and has continued its expansion through organic growth.

Principal risks and uncertainties

The Board believes that it is dealing positively with the principal risks and uncertainties of the business as outlined below.

The key business risks and uncertainties to the company relate to the performance of the agricultural industry and crops, the UK economy, and the availability of workers.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr T G P Simmons
Director

 

Cornish Labour Services 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.

Director of the company

The director who held office during the year was as follows:

Mr T G P Simmons

The following director was appointed after the year end:

Mr D J Simmons (appointed 25 October 2024)

Financial instruments

Objectives and policies

The company’s principal financial instruments comprise of retained reserves, bank balances, trade debtors and trade creditors and loan notes from former shareholders, with the main purpose of these instruments being to raise funds to finance the company’s on-going operations.

At 29 February 2024 the company had no bank borrowing in place.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company there is minimal exposure to price risk.

The company manages its cash requirements to maximise interest income and minimise interest expenses, whilst ensuring that the company has access to sufficient liquid resources to meet the day-to-day operating needs of the business. The company maintains strong relationships with its key customers.

Employment of disabled persons

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company’s policy wherever practicable to provide continuing employment on normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Employee involvement

The company has monthly employee forums where employees from all areas of the business can speak to their representatives who can raise questions within the forum. This allows employees to discuss any important workplace matters with senior managers.

The company also operates a zero-tolerance approach to modern slavery and human trafficking. The company is committed to acting ethically and with integrity in all of our business relations. We work closely with our business partners, suppliers and supply chains to ensure there is no place for modern slavery and human trafficking.

 

Cornish Labour Services Limited

Directors' Report for the Year Ended 29 February 2024

Disclosure of information to the auditors

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

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr T G P Simmons
Director

 

Cornish Labour Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Cornish Labour Services Limited

Independent Auditor's Report to the Members of Cornish Labour Services Limited

Opinion

We have audited the financial statements of Cornish Labour Services Limited (the 'company') for the year ended 29 February 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 29 February 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Cornish Labour Services Limited

Independent Auditor's Report to the Members of Cornish Labour Services Limited

Opinion on other matter prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor Responsibilities for the audit of the financial statements

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

 

Cornish Labour Services Limited

Independent Auditor's Report to the Members of Cornish Labour Services Limited

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's licence to operate. In making this assessment we determined that the most significant elements of legislation include health and safety legislation, general data protection regulations, and employment laws and regulations.

Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances, allegations, or suspicions of fraud, of which there were none.
• Considering the filings made at Companies House, and any omission thereon of which there were none identified.
• Reviewing the most recent SMETA audit inspection results, and where there had been recommendations made or non-conformance issues noted ensuring these were followed up appropriately and dealt with on a timely basis.
• Discussing with management compliance with health and safety legislation and, where any incidents had occurred during the year, establishing how they were dealt with and recorded, and identifying what actions were taken to prevent similar incidents recurring in future.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

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

 

Cornish Labour Services Limited

Independent Auditor's Report to the Members of Cornish Labour Services Limited

Use of our report

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

......................................
Nicola Cornish BSc BFP FCA (Senior Statutory Auditor)
Francis Clark LLP, Statutory Auditor

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

29 November 2024

 

Cornish Labour Services Limited

Statement of Income and Retained Earnings

Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

16,824,890

14,436,254

Cost of sales

 

(15,107,310)

(12,851,741)

Gross profit

 

1,717,580

1,584,513

Administrative expenses

 

(1,604,734)

(1,360,715)

Operating profit

4

112,846

223,798

Interest payable and similar charges

8

(15,115)

(24,284)

 

(15,115)

(24,284)

Profit before tax

 

97,731

199,514

Taxation

9

(26,066)

(57,322)

Profit for the financial year

 

71,665

142,192

Retained earnings brought forward

 

1,154,608

1,042,416

Dividends paid

 

(30,000)

(30,000)

Retained earnings carried forward

 

1,196,273

1,154,608

 

Cornish Labour Services Limited

Balance Sheet

29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

582,314

621,909

Current assets

 

Debtors

11

2,192,981

2,362,949

Cash at bank and in hand

 

73,431

74,216

 

2,266,412

2,437,165

Creditors: Amounts falling due within one year

13

(1,510,077)

(1,662,771)

Net current assets

 

756,335

774,394

Total assets less current liabilities

 

1,338,649

1,396,303

Creditors: Amounts falling due after more than one year

13

(35,935)

(122,181)

Provisions for liabilities

16

(106,431)

(119,504)

Net assets

 

1,196,283

1,154,618

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

1,196,273

1,154,608

Shareholders' funds

 

1,196,283

1,154,618

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr T G P Simmons
Director

Company Registration Number: 09435294

 

Cornish Labour Services Limited

Statement of Cash Flows

Year Ended 29 February 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

71,665

142,192

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

294,262

245,294

Profit on disposal of tangible assets

(11,694)

(1,020)

Finance costs

8

15,115

24,284

Income tax expense

9

26,066

57,322

 

395,414

468,072

Working capital adjustments

 

Decrease in trade debtors

11

169,968

87,755

Increase/(decrease) in trade creditors

13

118,068

(237,594)

Cash generated from operations

 

683,450

318,233

Income taxes paid

9

(34,212)

(30,881)

Net cash flow from operating activities

 

649,238

287,352

Cash flows from investing activities

 

Acquisitions of tangible assets

(274,873)

(221,552)

Proceeds from sale of tangible assets

 

31,900

5,417

Net cash flows from investing activities

 

(242,973)

(216,135)

Cash flows from financing activities

 

Interest paid

8

(15,115)

(24,284)

Repayment of other borrowing

 

(269,201)

(201,901)

Payments to finance lease creditors

 

(92,734)

155,574

Dividends paid

18

(30,000)

(30,000)

Net cash flows from financing activities

 

(407,050)

(100,611)

Net decrease in cash and cash equivalents

 

(785)

(29,394)

Cash and cash equivalents at 1 March

 

74,216

103,610

Cash and cash equivalents at 29 February

 

73,431

74,216

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Higher Trevaskis Farm
14 Gwinear Road
Connor Downs
Cornwall
TR27 5JQ

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Land and buildings

Over the term of the lease

Caravans

35% reducing balance & 20% straight line

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

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

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

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

 

3

Turnover

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

2024
£

2023
£

Rendering of services

16,085,702

13,823,270

Other revenue

739,188

612,984

16,824,890

14,436,254

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

16,824,890

14,436,254

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

294,262

245,294

Operating lease expense - plant and machinery

4,490

3,840

Profit on disposal of property, plant and equipment

(11,694)

(1,020)

5

Staff costs

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

2024
£

2023
£

Wages and salaries

10,195,154

8,573,677

Social security costs

1,062,932

922,810

Pension costs, defined contribution scheme

119,066

101,912

11,377,152

9,598,399

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

2024
No.

2023
No.

Production

288

268

Administration and support

8

8

296

276

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,000

15,000

7

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

11,000

10,000


 

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

20

-

Interest expense on other finance liabilities

15,095

24,284

15,115

24,284

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

9

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

39,139

34,212

UK corporation tax adjustment to prior periods

-

30,881

39,139

65,093

Deferred taxation

Arising from origination and reversal of timing differences

(13,073)

(7,771)

Tax expense in the income statement

26,066

57,322

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 24.49% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

97,731

199,514

Corporation tax at standard rate

23,934

37,908

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

2,398

(7,600)

Deferred tax (credit)/expense relating to changes in tax rates or laws

(266)

5,521

Decrease from effect of tax incentives

-

(9,388)

Increase in UK and foreign current tax from unrecognised temporary difference from a prior period

-

30,881

Total tax charge

26,066

57,322

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

106,431

-

106,431

2023

Asset
£

Liability
£

Accelerated capital allowances

-

119,504

-

119,504

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

10

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

-

4,499

671,169

756,270

1,431,938

Additions

13,366

-

252,807

8,700

274,873

Disposals

-

-

(59,649)

(2,200)

(61,849)

At 29 February 2024

13,366

4,499

864,327

762,770

1,644,962

Depreciation

At 1 March 2023

-

3,698

383,926

422,405

810,029

Charge for the year

13,366

200

130,181

150,514

294,261

Eliminated on disposal

-

-

(40,322)

(1,320)

(41,642)

At 29 February 2024

13,366

3,898

473,785

571,599

1,062,648

Carrying amount

At 29 February 2024

-

601

390,542

191,171

582,314

At 28 February 2023

-

801

287,243

333,865

621,909

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2024
£

2023
£

Motor Vehicles

21,898

29,198

Plant and machinery

114,994

172,490

 

136,892

201,688

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

11

Debtors

2024
£

2023
£

Trade debtors

1,734,099

2,025,718

Other debtors

377,643

289,381

Prepayments

81,239

47,850

2,192,981

2,362,949

12

Cash and cash equivalents

2024
£

2023
£

Cash on hand

622

286

Cash at bank

72,809

73,930

73,431

74,216

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

13

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

14

220,846

496,535

Trade creditors

 

208,222

200,489

Social security and other taxes

 

481,475

415,739

Other creditors

 

5,650

1,845

Accruals

 

554,745

513,951

Corporation tax

9

39,139

34,212

 

1,510,077

1,662,771

Due after one year

 

Loans and borrowings

14

35,935

122,181

14

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

86,246

92,734

Other borrowings

134,600

403,801

220,846

496,535

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

35,935

122,181

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

15

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

176,635

5,123

Later than one year and not later than five years

656,184

8,622

Later than five years

1,120,000

-

1,952,819

13,745

The amount of non-cancellable operating lease payments recognised as an expense during the year was £126,974 (2023 - £3,840).

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

119,504

119,504

Increase (decrease) in existing provisions

(13,073)

(13,073)

At 29 February 2024

106,431

106,431

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

17

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

10

10

10

10

         

18

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £3,000.00 (2023 - £3,000.00) per ordinary share

 

30,000

 

30,000

         

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £119,066 (2023 - £101,912).

20

Related party transactions

Other transactions with directors

During the year the company incurred expenditure on behalf of the Directors of £15,898. At the year end the company was due £15,898. The loan will charge interest and is repayable on demand.

Summary of transactions with other related parties

During the year the company has transacted with other entities which are all classified as 'other related parties' of Cornish Labour Services Limited under FRS102 paragraph 33.10, each identified by virtue of common control, control by a close family member, or being a post-employment benefit plan for the benefit of employees of an entity related to the reporting entity.

 The nature of transactions with related parties are sales of services including labour and receipt of land rent services.

 No guarantees, collateral or other securities have been given over outstanding balances between related parties.
 

 

Cornish Labour Services Limited

Notes to the Financial Statements

Year Ended 29 February 2024

Income and receivables from related parties

2024

Other related parties
£

Receipt of services

15,712,220

Amounts receivable from related party

1,715,301

2023

Other related parties
£

Receipt of services

13,777,781

Amounts receivable from related party

1,999,767

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

147,541

Leases

80,000

227,541

2023

Other related parties
£

Rendering of services

2,000