REGISTERED NUMBER: 06712496 (England and Wales) |
FASTSTREAM HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 06712496 (England and Wales) |
FASTSTREAM HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
FASTSTREAM HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Matt Cooper ACA |
AUDITORS: |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
BANKERS: | HSBC Bank PLC |
Eastleigh |
3 Leigh Road |
Eastleigh |
Hampshire |
SO50 9YW |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The company is a holding company and the principal activity of the group continues to be that of the provision of recruitment services worldwide. |
REVIEW OF BUSINESS |
The results of the group show a loss on ordinary activities before tax of £438,666 (2023: Profit £771,315). The shareholders' funds of the group total £2,616,036 (2023: £3,679,313). |
The performance of the Group was down on last year's results. The UK performance was down on the previous year's results as a result of a dip in NFI combined with inflationary pressure on key costs such as salaries. |
Singapore's results were disappointing leading to a significant loss for the year. The Singapore business has experienced change in its leadership, which has required significant investment in new talent. The new management team has turned the business around generating a profit in Q4 and the business is in a much stronger position to meet its longer term strategic goals. |
The Group continues to review overheads and make efficiency savings wherever possible without affecting operational performance and the Groups speed of response. |
Financial key performance indicators |
The board monitors the progress of the group by reference to the following KPIs: |
2024 | 2023 |
Net fee income | £7.8m | £7.9m | Gross sales less cost of contractors |
Contract % | 11.4% | 6.2% | Percentage of NFI that contract represents |
Overseas sales % |
51.6% |
47.4% |
Percentage of sales derived from non UK markets |
Return on Capital Employed |
0.0% |
17.7% |
Profit for year after tax in relation to average equity shareholder funds |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and on-going review by management. Compliance with regulation, legal and ethical standards is a high priority for the Group. |
The principle risks from our business arise from inaccurate pricing; inadequate funding for contract sales; exposure to currency fluctuations; and staff turnover. |
FUTURE DEVELOPMENTS |
The company is currently researching new markets to expand its overseas operations. |
ON BEHALF OF THE BOARD: |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £594,000 (2023: £693,000). |
FUTURE DEVELOPMENTS |
Information in respect of the group's future developments has been included within the strategic report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
DIRECTOR'S INDEMNITY INSURANCE |
The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date. |
RISK MANAGEMENT |
The activities of the business expose it to a number of financial risks including credit risk, liquidity risk and price risk. The business has robust controls & procedures to mitigate these risks, which are detailed below: |
Credit risk |
The financial assets of the business are bank balances, cash and amounts receivable. Receivables are closely monitored to ensure prompt settlement of amounts outstanding, with internal processes to identify any at risk amounts. |
Liquidity risk |
The business mitigates liquidity risk through careful review of cashflows on a debtor by debtor basis, together with robust cash forecasting to identify any potential liquidity risks. |
Price risk |
The business is exposed to price risk in the form of labour wages. The business mitigates this risk through close monitoring of wages against the level of net fee income. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for preparing the strategic report, the directors’ report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and company 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 group and company and of the profit or loss of the group for that period. |
In preparing these financial statements, the directors are required to: |
- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- state whether applicable UK 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. |
The directors are responsible for the maintenance and integrity of the corporate and financial information on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FASTSTREAM HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Faststream Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FASTSTREAM HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FASTSTREAM HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Extent to which the audit was capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the group. |
- We obtained an understanding of how the group is complying with these frameworks through discussions with management. |
- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
- We assessed the susceptibility of the group's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FASTSTREAM HOLDINGS 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 19,477,272 | 15,523,715 |
Cost of sales | (17,159,520 | ) | (12,410,840 | ) |
GROSS PROFIT | 2,317,752 | 3,112,875 |
Administrative expenses | (2,756,980 | ) | (2,356,033 | ) |
(439,228 | ) | 756,842 |
Other operating income | 4 | 562 | 14,473 |
OPERATING (LOSS)/PROFIT and |
(LOSS)/PROFIT BEFORE TAXATION | (438,666 | ) | 771,315 |
Tax on (loss)/profit | 9 | 9,833 | (186,876 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME |
Currency translation differences | (40,444 | ) | 71,620 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(40,444 |
) |
71,620 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(469,277 |
) |
656,059 |
(Loss)/profit attributable to: |
Owners of the parent | (428,833 | ) | 584,439 |
Total comprehensive income attributable to: |
Owners of the parent | (469,277 | ) | 656,059 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 12 | 97,519 | 121,174 |
Investments | 13 | - | - |
97,519 | 121,174 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 14 | 3,011,215 | 2,439,059 |
Debtors: amounts falling due after more than one year |
14 |
42,500 |
42,500 |
Cash at bank and in hand | 1,368,672 | 2,812,377 |
4,422,387 | 5,293,936 |
CREDITORS |
Amounts falling due within one year | 15 | (1,899,838 | ) | (1,721,974 | ) |
NET CURRENT ASSETS | 2,522,549 | 3,571,962 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,620,068 |
3,693,136 |
PROVISIONS FOR LIABILITIES | 17 | (4,032 | ) | (13,823 | ) |
NET ASSETS | 2,616,036 | 3,679,313 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 9,900 | 9,900 |
Capital redemption reserve | 19 | 100 | 100 |
Retained earnings | 19 | 2,606,036 | 3,669,313 |
2,616,036 | 3,679,313 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by: |
M Charman - Director |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
Company's profit for the financial year | 485,773 | 822,477 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 9,900 | 3,706,254 | 100 | 3,716,254 |
Changes in equity |
Dividends | - | (693,000 | ) | - | (693,000 | ) |
Total comprehensive income | - | 656,059 | - | 656,059 |
Balance at 31 March 2023 | 9,900 | 3,669,313 | 100 | 3,679,313 |
Changes in equity |
Dividends | - | (594,000 | ) | - | (594,000 | ) |
Total comprehensive income | - | (469,277 | ) | - | (469,277 | ) |
Balance at 31 March 2024 | 9,900 | 2,606,036 | 100 | 2,616,036 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (698,185 | ) | 686,122 |
Tax paid | (122,437 | ) | (195,313 | ) |
Effects of foreign exchange | 4,388 | 119,586 |
Lease liability translation | (152 | ) | 2,928 |
Net cash from operating activities | (816,386 | ) | 613,323 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (33,319 | ) | (110,423 | ) |
Net cash from investing activities | (33,319 | ) | (110,423 | ) |
Cash flows from financing activities |
Equity dividends paid | (594,000 | ) | (693,000 | ) |
Net cash from financing activities | (594,000 | ) | (693,000 | ) |
Decrease in cash and cash equivalents | (1,443,705 | ) | (190,100 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,812,377 |
3,002,477 |
Cash and cash equivalents at end of year | 2 | 1,368,672 | 2,812,377 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | (438,666 | ) | 771,315 |
Depreciation charges | 56,974 | 90,341 |
Loss on disposal of fixed assets | - | 903 |
(381,692 | ) | 862,559 |
Increase in trade and other debtors | (615,368 | ) | (378,791 | ) |
Increase in trade and other creditors | 298,875 | 202,354 |
Cash generated from operations | (698,185 | ) | 686,122 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,368,672 | 2,812,377 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,812,377 | 3,002,477 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,812,377 | (1,443,705 | ) | 1,368,672 |
2,812,377 | (1,443,705 | ) | 1,368,672 |
Total | 2,812,377 | (1,443,705 | ) | 1,368,672 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Faststream Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These consolidated financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The consolidated financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
The consolidated financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. |
The principal accounting policies adopted are set out below. |
Going Concern |
The directors have concluded that with the right management actions the group is a going concern for at least 12 months following the signature of the consolidated financial statements. Accordingly the directors have prepared the consolidated financial statements on this basis. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and from other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The directors do not believe there are any material judgements on key sources of estimation uncertainty in the consolidated financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.30; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, 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. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the group will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Short leasehold - Over the length of the lease |
Fixtures and fittings - 20% & 33% Straight line and 15% Reducing balance |
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. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible 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). |
Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Investment in subsidiaries |
Investment in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised immediately in the income statement. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Financial assets |
Financial assets are recognised in the group's Consolidated Statement of Financial Position when the group becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the group are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
Impairment of financial assets |
Financial assets measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss. |
Derecognition of financial assets and financial liabilities |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currency transactions and balances |
Functional and presentation currency |
Items included in the consolidated financial statements of the group are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in 'sterling', which is the group's functional and presentation currency. |
Transactions and balances |
Foreign currency transactions are translated into the group's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of income and retained earnings. |
Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the consolidated statement of income and retained earnings within finance income or costs. All other foreign exchange gains and losses are presented in the consolidated statement of income and retained earnings within administrative expenses. |
Operating leasing commitments |
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period the lease, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
The group has taken advantage of the optional exemption on transition to FRS 102 which allows incentives on leases entered into before the date of transition to the standard 01 April 2018 to continue to be charged over the period to the first market rent review rather than the period of the lease. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme 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 the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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. |
Share Based Payments |
Share based payments will be recognised within a capital contribution reserve over the vesting period as and when the recognition criteria are met. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market condition. |
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Recruitment services | 19,477,272 | 15,523,715 |
19,477,272 | 15,523,715 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 9,433,498 | 8,174,565 |
Rest of the world | 10,043,774 | 7,349,150 |
19,477,272 | 15,523,715 |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Job growth incentive scheme | 562 | 14,473 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 5,491,945 | 5,201,440 |
Social security costs | 642,936 | 681,260 |
Other pension costs | 209,231 | 179,896 |
6,344,112 | 6,062,596 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 3 | 3 |
Sales consultants and other staff | 92 | 92 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DIRECTORS' REMUNERATION |
Group | 2024 | 2023 |
£ | £ |
Remuneration for qualifying services | 513,059 | 483,649 |
Company pension contributions to defined contribution schemes | 48,425 | 44,985 |
561,484 | 528,634 |
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3). |
Remuneration disclosed above include the following amounts paid to the highest paid director: |
2024 | 2023 |
£ | £ |
Remuneration for qualifying services | 267,809 | 249,489 |
Company pension contributions to defined contribution schemes | 25,700 | 23,869 |
293,509 | 273,358 |
7. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 374,823 | 329,686 |
Depreciation - owned assets | 56,974 | 90,341 |
Loss on disposal of fixed assets | - | 903 |
Foreign exchange differences | (20,366 | ) | (51,668 | ) |
8. | AUDITORS' REMUNERATION |
Fees payable to the company's auditors and its associates: |
For audit services |
2024 | 2023 |
£ | £ |
Audit of the financial statements of the group and company | 8,250 | 7,750 |
Audit of the financial statements of the company's subsidiaries | 18,250 | 17,250 |
26,500 | 25,000 |
Total fees payable to the auditors for non audit work in the year totalled £5,350 (2023: £7,750). |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | - | 140,029 |
Prior year (over)/ |
under provision | - | 11,943 |
Total current tax | - | 151,972 |
Deferred tax | (9,833 | ) | 34,904 |
Tax on (loss)/profit | (9,833 | ) | 186,876 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
(Loss)/profit before tax | (438,666 | ) | 771,315 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
(109,667 |
) |
146,550 |
Effects of: |
Expenses not deductible for tax purposes | 6,232 | 6,029 |
Capital allowances in excess of depreciation | - | (10,095 | ) |
Depreciation in excess of capital allowances | 4,974 | - |
Adjustments to tax charge in respect of previous periods | - | 11,942 |
Non-taxable income | (10,953 | ) | (1,463 | ) |
Movement in deferred tax charge in respect of prior periods | 63,237 | 7,741 |
Effect of foreign tax rates | 36,344 | (1,653 | ) |
Difference in calculation of prior year deferred tax | - | 27,825 |
Total tax (credit)/charge | (9,833 | ) | 186,876 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences | (40,444 | ) | - | (40,444 | ) |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TAXATION - continued |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences | 71,620 | - | 71,620 |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Final paid | 594,000 | 693,000 |
594,000 | 693,000 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 106,719 | 445,201 | 551,920 |
Additions | - | 33,319 | 33,319 |
At 31 March 2024 | 106,719 | 478,520 | 585,239 |
DEPRECIATION |
At 1 April 2023 | 99,489 | 331,257 | 430,746 |
Charge for year | 2,434 | 54,540 | 56,974 |
At 31 March 2024 | 101,923 | 385,797 | 487,720 |
NET BOOK VALUE |
At 31 March 2024 | 4,796 | 92,723 | 97,519 |
At 31 March 2023 | 7,230 | 113,944 | 121,174 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The following were subsidiary undertakings of the company: |
Name |
Registered office |
Principal activity |
Class of shares |
Holding |
Faststream Recruitment Limited |
Waterside Place, 5 Town Quay, Southampton, SO14 2AQ |
Recruitment |
Ordinary |
100% |
Faststream Recruitment Pte Limited |
1 Phillip Street, # 13-00 Royal One Phillip, Singapore, 048692 |
Recruitment |
Ordinary |
100% |
Faststream Recruitment Pty Limited |
Nexia Perth Level 3, 88 William Street, Perth, WA 6000 |
Dormant |
Ordinary |
100% |
GOOSE Recruitment PTE Limited |
1 Phillip Street, # 13-00 Royal One Phillip, Singapore, 048692 |
Dormant |
Ordinary |
100% |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,892,855 | 1,469,031 |
Amounts owed by group undertakings | - | - |
Other debtors | 628,735 | 478,819 |
Corporation tax debtor | 3,965 | - |
Deferred tax asset | - | - | 5,930 | 3,392 |
Prepayments and accrued income | 485,660 | 491,209 |
3,011,215 | 2,439,059 |
Amounts falling due after more than one | year: |
Other debtors | 42,500 | 42,500 |
Aggregate amounts | 3,053,715 | 2,481,559 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 187,015 | 67,186 |
Amounts owed to group undertakings | - | - |
Corporation tax | - | 112,771 |
Social security and other taxes | 670,947 | 633,857 |
Other creditors | 243,909 | 262,988 |
Accruals and deferred income | 797,967 | 645,172 |
1,899,838 | 1,721,974 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year | 274,257 | 326,561 |
Between one and five years | 350,900 | 620,168 |
625,157 | 946,729 |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 4,032 | 13,823 |
Group |
Deferred tax |
£ |
Balance at 1 April 2023 | 13,823 |
Decelerated capital allowances | (4,010 | ) |
Trading losses | (5,781 | ) |
Balance at 31 March 2024 | 4,032 |
Company |
Deferred tax |
£ |
Balance at 1 April 2023 | ( |
) |
Accelerated capital allowances | 568 |
Trading losses | (3,106 | ) |
Balance at 31 March 2024 | ( |
) |
The net consolidated reversal of deferred tax liabilities expected in the year ended 31 March 2025 is £10,247 (2024: increase of £14,921).This is expected to arise because depreciation is anticipated to be higher than the available capital allowances. However it should be noted that further reversals (or further increases in deferred balances) may arise as a result of capital additions and/ or financial instruments. As the future deferred tax balances, if any, will be dependant on future changes in fair value of assets and liabilities, it is not possible to estimate any further future reversals. |
18. | CALLED UP SHARE CAPITAL |
Alloted, issued and fully paid: |
Number: | Class: | Nominal value: | 2024 | 2023 |
£ | £ |
990,000 | Ordinary | £0.01 | 9,900 | 9,900 |
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. All shares were issued at their nominal value and are entitled to dividends. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 3,669,313 | 100 | 3,669,413 |
Deficit for the year | (428,833 | ) | - | (428,833 | ) |
Dividends | (594,000 | ) | - | (594,000 | ) |
Translation of lease liability | (152 | ) | - | (152 | ) |
Foreign currency translation | (40,292 | ) | - | (40,292 | ) |
At 31 March 2024 | 2,606,036 | 100 | 2,606,136 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 888,558 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 March 2024 | 780,331 |
20. | 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 £209,231 (2023: £179,896). Contributions totalling £17,230 (2023: £18,674) were payable to the fund at the reporting date and are included in creditors. |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
FASTSTREAM HOLDINGS LIMITED (REGISTERED NUMBER: 06712496) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RELATED PARTY DISCLOSURES - continued |
Remuneration of key management personnel |
Key management personnel is considered to be the Directors of the group along with two non-directors. |
The remuneration of key management personnel of the group is as follows: |
2024 | 2023 |
£ | £ |
Aggregate compensation | 848,829 | 969,667 |
At the year end, £nil (2023: £nil) was outstanding to key management personnel. |
Transactions with related parties |
During the year close family members of key management personnel were employed by the company and received salaries and other employment costs for services provided to the company of £65,220 (2023: £62,373). |
22. | CONTROLLING PARTY |
At 31 March 2024 the ultimate controlling party was Mr M Charman, a director who owns a majority of the issued shares in the company. |