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REGISTERED NUMBER: 09358207 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2024

for

FPR GROUP LIMITED

FPR GROUP LIMITED (Registered number: 09358207)






Contents of the Consolidated Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Company Cash Flow Statement 15

Notes to the Cash Flow Statements 16

Notes to the Consolidated Financial Statements 18


FPR GROUP LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M Foster
P G Simpson



SECRETARY:



REGISTERED OFFICE: 4th Floor
132 Queens Road
Brighton
BN1 3WB



REGISTERED NUMBER: 09358207 (England and Wales)



SENIOR STATUTORY AUDITOR: Martin Joseph



AUDITORS: WHITTINGTONS
Chartered Accountants
Statutory Auditors
1 High Street
Guildford
Surrey
GU2 4HP

FPR GROUP LIMITED (Registered number: 09358207)

Group Strategic Report
for the Year Ended 31 May 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activity of the company during the year continued to be the provision of temporary and permanent staff to companies through-out the UK. Company turnover increased to £20,575,655.

Temporary manpower revenues increased by £1,672,479 over the previous year. There was a further reduction in permanent placement revenues, this ran in parallel with the UK economy slowing down during the year. The Company further developed and improved it's client retention and business development strategy which assisted in creating stronger client relationships and winning new business across FPR Group.

The Company authorised the refurbishment of the Havant office.

The directors were pleased with the profit achieved on ordinary activities.


FPR GROUP LIMITED (Registered number: 09358207)

Group Strategic Report
for the Year Ended 31 May 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified below a summary of the main risks which could potentially impact the business's operating and financial performance.

People

The success of the business relies upon the commitment and expertise of its staff. The business benefits from high levels of staff retention. Training programmes have been established which ensure staff are trained and developed in the relevant areas. Career development is a key focus area and annual appraisals and regular review meetings are carried out with all employees.

Macro-economic environment

The UK economy experienced high inflation rates during 2023 and after increased interest rates, inflation started to reduce. Unfortunately, high inflation, increased interest rates and global events resulted in a slow performing UK economy. The skill shortages within the UK continued to fuel wage growth in certain sectors.

The recruitment industry operates within a very competitive environment and can be susceptible to changes in economic conditions. This risk is managed by implementing a robust sales strategy and client retention strategy to achieve revenues from temporary and permanent services. Excellent financial management also serves to reduce the impact of changes in economic conditions.

The Directors are continually reviewing strategies to increase productivity and maintaining an efficient operating platform.

Business Plan

The Directors and FPR Group Leadership team have started work on a new company-wide business plan. This will re-set the direction of the company, clarify the company objectives and be a road map to the future growth and development of the business.

Micro-economic environment

The business has a very strong financial platform. The company continues to manage and maintain a strong credit control process. The company benefits from a large spread of clients, not being over reliant on any one customer.

Technology

Each year technology is reviewed and implemented where appropriate. A new central server has been established and the network of offices have been connected to the new server. A new recruitment management system has been introduced into one of our key divisions. Strong relationships have been established with IT providers and back-up solutions are in place. A disaster recovery programme is in place to ensure the secure and continued running of the business in the event of severe disruption.

Regulatory Environment

The recruitment industry is governed by increasing levels of regulation, these bring in opportunities and risks. In addition to this, clients now require more complex levels of compliance. The Directors and management team of FPR Group is committed to meeting all of its regulatory responsibilities. Memberships of professional bodies and specialist advisors ensure up to date information on regulatory changes.

Financial Instruments

All clients are based within the UK and the company's Invoice Discounting facility is a central component of its financial structure. Credit Control and Cash Flow is good. An excellent relationship exists between the company and its bank.

The directors have identified below a summary of the main risks which could potentially impact the business's operating and financial performance.

Research and development and future developments

The company is committed to expanding the number of clients it works with across the six core divisions. Within our client retention model, we work hard to understand the ever changing requirements of our customers, we use this information to update our client service offering. The continued investment in Technology coupled with training and development of our recruitment teams will be central to future growth.


FPR GROUP LIMITED (Registered number: 09358207)

Group Strategic Report
for the Year Ended 31 May 2024

FUTURE DEVELOPMENTS
The company is committed to expanding the number of clients it works with across the six core divisions. The continued investment in Technology coupled with training and development of our recruitment teams will be central to future growth.

ON BEHALF OF THE BOARD:





M Foster - Director


19 November 2024

FPR GROUP LIMITED (Registered number: 09358207)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a Holding Company

DIVIDENDS
Interim dividends per share were paid as follows:
£8.000 - 30 June 2023
£8.000 - 28 July 2023
£8.000 - 25 August 2023
£8.000 - 29 September 2023
£8.000 - 27 October 2023
£8.000 - 24 November 2023
£34.666 - 19 December 2023
£8.000 - 26 January 2024
£8.000 - 23 February 2024
£8.000 - 28 March 2023
£46.666 - 26 April 2024
£99.998 - 31 May 2024
£253.330

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 253,310 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

M Foster
P G Simpson

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations in the year.

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

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

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

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

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

FPR GROUP LIMITED (Registered number: 09358207)

Report of the Directors
for the Year Ended 31 May 2024


AUDITORS
The auditors, WHITTINGTONS, will be deemed to continue in office under S487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





M Foster - Director


19 November 2024

Report of the Independent Auditors to the Members of
FPR GROUP LIMITED

Opinion
We have audited the financial statements of FPR GROUP LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, 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 May 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 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.

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.

Report of the Independent Auditors to the Members of
FPR GROUP LIMITED


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

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

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

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

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 a 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 Report of the Auditors.

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




Martin Joseph (Senior Statutory Auditor)
for and on behalf of WHITTINGTONS
Chartered Accountants
Statutory Auditors
1 High Street
Guildford
Surrey
GU2 4HP

19 November 2024

FPR GROUP LIMITED (Registered number: 09358207)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 3 20,595,618 18,782,129

Cost of sales 17,292,668 15,534,630
GROSS PROFIT 3,302,950 3,247,499

Administrative expenses 2,569,991 2,487,949
732,959 759,550

Other operating income - 1,500
OPERATING PROFIT 5 732,959 761,050

Interest receivable and similar income 10,699 2,428
743,658 763,478

Interest payable and similar expenses 6 17,876 16,926
PROFIT BEFORE TAXATION 725,782 746,552

Tax on profit 7 198,072 167,147
PROFIT FOR THE FINANCIAL YEAR 527,710 579,405

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

527,710

579,405

Profit attributable to:
Owners of the parent 411,829 446,110
Non-controlling interests 115,881 133,295
527,710 579,405

Total comprehensive income attributable to:
Owners of the parent 475,185 512,776
Non-controlling interests 52,525 66,629
527,710 579,405

FPR GROUP LIMITED (Registered number: 09358207)

Consolidated Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 50,360 105,749
Tangible assets 11 171,889 238,201
Investments 12 - -
222,249 343,950

CURRENT ASSETS
Debtors 13 2,889,158 3,201,543
Cash at bank and in hand 752,210 4,054
3,641,368 3,205,597
CREDITORS
Amounts falling due within one year 14 2,238,859 2,141,110
NET CURRENT ASSETS 1,402,509 1,064,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,624,758

1,408,437

PROVISIONS FOR LIABILITIES 19 24,538 19,261
NET ASSETS 1,600,220 1,389,176

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Share premium 21 114,219 114,219
Retained earnings 21 1,229,710 1,071,191
SHAREHOLDERS' FUNDS 1,344,929 1,186,410

NON-CONTROLLING INTERESTS 22 255,291 202,766
TOTAL EQUITY 1,600,220 1,389,176

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





M Foster - Director


FPR GROUP LIMITED (Registered number: 09358207)

Company Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 710,654 710,654
710,654 710,654

CURRENT ASSETS
Debtors 13 53,332 -
Cash at bank 18 11
53,350 11
CREDITORS
Amounts falling due within one year 14 53,332 -
NET CURRENT ASSETS 18 11
TOTAL ASSETS LESS CURRENT
LIABILITIES

710,672

710,665

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Share premium 21 114,219 114,219
Retained earnings 21 595,453 595,446
SHAREHOLDERS' FUNDS 710,672 710,665

Company's profit for the financial year 253,337 266,652

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





M Foster - Director


FPR GROUP LIMITED (Registered number: 09358207)

Consolidated Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 June 2022 1,000 891,747 114,219

Changes in equity
Dividends - (266,666 ) -
Total comprehensive income - 446,110 -
Balance at 31 May 2023 1,000 1,071,191 114,219

Changes in equity
Dividends - (253,310 ) -
Total comprehensive income - 411,829 -
Balance at 31 May 2024 1,000 1,229,710 114,219
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 June 2022 1,006,966 136,137 1,143,103

Changes in equity
Dividends (266,666 ) - (266,666 )
Total comprehensive income 446,110 66,629 512,739
Balance at 31 May 2023 1,186,410 202,766 1,389,176

Changes in equity
Dividends (253,310 ) - (253,310 )
Total comprehensive income 411,829 52,525 464,354
Balance at 31 May 2024 1,344,929 255,291 1,600,220

FPR GROUP LIMITED (Registered number: 09358207)

Company Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 1,000 595,460 114,219 710,679

Changes in equity
Dividends - (266,666 ) - (266,666 )
Total comprehensive income - 266,652 - 266,652
Balance at 31 May 2023 1,000 595,446 114,219 710,665

Changes in equity
Dividends - (253,330 ) - (253,330 )
Total comprehensive income - 253,337 - 253,337
Balance at 31 May 2024 1,000 595,453 114,219 710,672

FPR GROUP LIMITED (Registered number: 09358207)

Consolidated Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,186,532 277,562
Interest paid (17,876 ) (16,926 )
Tax paid (137,705 ) (72,384 )
Net cash from operating activities 1,030,951 188,252

Cash flows from investing activities
Purchase of tangible fixed assets (14,931 ) (210,257 )
Sale of tangible fixed assets 12,440 14,691
Interest received 10,699 2,428
Net cash from investing activities 8,208 (193,138 )

Cash flows from financing activities
Amount introduced by directors 66,666 -
Equity dividends paid (253,310 ) (266,666 )
Net cash from financing activities (186,644 ) (266,666 )

Increase/(decrease) in cash and cash equivalents 852,515 (271,552 )
Cash and cash equivalents at beginning
of year

2

(36,949

)

299,840

Cash and cash equivalents at end of year 2 752,210 (36,949 )

FPR GROUP LIMITED (Registered number: 09358207)

Company Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (13 ) (14 )
Net cash from operating activities (13 ) (14 )

Cash flows from investing activities
Dividends received 253,350 266,666
Net cash from investing activities 253,350 266,666

Cash flows from financing activities
Amounts owed by Group Undertakings (53,332 ) -
Amount introduced by directors 53,332 -
Equity dividends paid (253,330 ) (266,666 )
Net cash from financing activities (253,330 ) (266,666 )

Increase/(decrease) in cash and cash equivalents 7 (14 )
Cash and cash equivalents at beginning
of year

2

11

25

Cash and cash equivalents at end of year 2 18 11

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Cash Flow Statements
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Group
31.5.24 31.5.23
£    £   
Profit before taxation 725,782 746,552
Depreciation charges 127,132 113,418
Profit on disposal of fixed assets (2,940 ) (315 )
Government grants - (1,500 )
Finance costs 17,876 16,926
Finance income (10,699 ) (2,428 )
857,151 872,653
Decrease/(increase) in trade and other debtors 312,385 (853,828 )
Increase in trade and other creditors 16,996 258,737
Cash generated from operations 1,186,532 277,562

Company
31.5.24 31.5.23
£    £   
Profit for the financial year 253,337 266,652
Finance income (253,350 ) (266,666 )
Cash generated from operations (13 ) (14 )

2. CASH AND CASH EQUIVALENTS

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

Group Company
Year ended 31 May 2024
31.5.24 1.6.23 31.5.24 1.6.23
£    £    £    £   
Cash and cash equivalents 752,210 4,054 18 11
Bank overdrafts - (41,003 ) - -
752,210 (36,949 ) 18 11
Year ended 31 May 2023
31.5.23 1.6.22 31.5.23 1.6.22
£    £    £    £   
Cash and cash equivalents 4,054 299,840 11 25
Bank overdrafts (41,003 ) - - -
(36,949 ) 299,840 11 25


FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Cash Flow Statements
for the Year Ended 31 May 2024

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Group
At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 4,054 748,156 752,210
Bank overdrafts (41,003 ) 41,003 -
(36,949 ) 789,159 752,210
Total (36,949 ) 789,159 752,210
Company
At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank 11 7 18
11 7 18
Total 11 7 18

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the
amounts reported for revenues and expenses during the year. However, the nature of estimation means that
actual outcomes could differ from those estimates. The following judgements (apart from those involving
estimates) have had the most significant effect on amounts recognised in the financial statements.

Turnover
All revenues arises from the rendering of services. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and VAT.

Revenues arising from temporary personnel services are recognised when the services are rendered and
timesheets submitted. Revenues from permanent placement services are recognised at the time the candidate begins full-time employment and an allowance is established for non-fulfilment of permanent placement obligations.

Where the company acts as a principal in transactions and has risks and rewards of ownership (such as the
liability for the cost of temporary personnel and the risk of loss for collection and performance of pricing
adjustments), the gross amounts of turnover and cost of sales are recorded.

Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business an the fair value of the separable net assets. it is amortised to profit and loss over its estimated economic life.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Financial instruments
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in profit or loss under other operating
expenses.

The carrying value of all financial assets and liabilities are measured at amortised cost.

Long-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price.


FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.5.24 31.5.23
£    £   
Temporary sales 20,082,632 18,238,265
Permanent placements 405,116 501,408
Client recharges 107,870 42,456
20,595,618 18,782,129

An analysis of turnover by geographical market is given below:

31.5.24 31.5.23
£    £   
United Kingdom 20,595,618 18,782,129
20,595,618 18,782,129

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 1,357,935 1,325,554
Social security costs 156,031 173,929
Other pension costs 165,340 162,247
1,679,306 1,661,730

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.5.24 31.5.23

Sales and administrative staff 40 40
Temporary staff 674 724
714 764

In addition to the wages and salaries figure for permanent staff of £1,357,935 (2023 - £1,325,554) shown above there are other permanent staff costs of £147,000 (2023 - £144,122) which have been attributed to other expenses or overheads in the accounts.

There are also costs of temporary staff amounting to £17,292,654 (2023 - £15,534,644) including social security costs and pension costs, which have been shown separately under costs of sales.

31.5.24 31.5.23
£    £   
Directors' remuneration 204,485 211,666
Directors' pension contributions to money purchase schemes 123,150 123,660

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
31.5.24 31.5.23
£    £   
Emoluments etc 84,093 91,666
Pension contributions to money purchase schemes 60,000 60,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 5,448 10,500
Other operating leases 86,703 86,363
Depreciation - owned assets 71,743 57,958
Profit on disposal of fixed assets (2,940 ) (315 )
Goodwill amortisation 55,389 55,389
Auditors' remuneration 18,350 15,100

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest 339 -
Invoice discount interest 1,541 930
Invoice discount commission 15,996 15,996
17,876 16,926

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 192,795 159,255

Deferred tax 5,277 7,892
Tax on profit 198,072 167,147

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

31.5.24 31.5.23
£    £   
Profit before tax 725,782 746,552
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20 %)

181,446

149,310

Effects of:
Expenses not deductible for tax purposes 6,744 1,306
Capital allowances in excess of depreciation - (2,442 )
Depreciation in excess of capital allowances 13,751 -
Adjustments to tax charge in respect of previous periods (21,536 ) -
Deferred tax - 7,892
Effect of change in corporation tax rate on deferred tax of prior periods 3,817 -
Effect of corporation tax on disallowable goodwill amortisation 13,850 11,081
Total tax charge 198,072 167,147

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Interim 253,310 266,666

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 604,250
AMORTISATION
At 1 June 2023 498,501
Amortisation for year 55,389
At 31 May 2024 553,890
NET BOOK VALUE
At 31 May 2024 50,360
At 31 May 2023 105,749

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 93,100 192,361 14,139 152,715 452,315
Additions - 14,931 - - 14,931
Disposals - (32,925 ) - (43,366 ) (76,291 )
At 31 May 2024 93,100 174,367 14,139 109,349 390,955
DEPRECIATION
At 1 June 2023 38,718 90,028 11,318 74,050 214,114
Charge for year 19,250 28,381 712 23,400 71,743
Eliminated on disposal - (26,616 ) - (40,175 ) (66,791 )
At 31 May 2024 57,968 91,793 12,030 57,275 219,066
NET BOOK VALUE
At 31 May 2024 35,132 82,574 2,109 52,074 171,889
At 31 May 2023 54,382 102,333 2,821 78,665 238,201

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 710,654
NET BOOK VALUE
At 31 May 2024 710,654
At 31 May 2023 710,654


FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Trade debtors 2,821,121 3,122,686 - -
Amounts owed by group undertakings - - 53,332 -
Other debtors 11,804 16,552 - -
Prepayments 56,233 62,305 - -
2,889,158 3,201,543 53,332 -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans and overdrafts (see note 15) - 41,003 - -
Trade creditors 71,933 69,277 - -
Tax 214,331 159,241 - -
Social security and other taxes 378,864 347,042 - -
VAT 936,347 947,031 - -
Other creditors 611,649 634,060 - -
Invoice discounting liability (40,931 ) (56,544 ) - -
Directors' current accounts 66,666 - 53,332 -
2,238,859 2,141,110 53,332 -

15. LOANS

An analysis of the maturity of loans is given below:

Group
31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 41,003

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 84,814 99,013
Between one and five years 195,733 189,413
280,547 288,426

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

17. SECURED DEBTS

There is a fixed and floating charge in favour of RBS Invoice Discounting over all property, assets present and future including goodwill, book debts, uncalled capital buildings fixtures, fixed plant and machinery. As at the year end there were no amounts owed as First People Recruitment had not drawn down on this facility (2023 - £NIL).

There is also a debenture in favour of National Westminster Bank Plc in respect of all assets present and future. As at the year end no amounts were owed to National Westminster Bank Plc or any of its Subsidiaries or Associated companies (2023 - £41,014).

18. FINANCIAL INSTRUMENTS

The company has a Fixed and Floating Charge with RBS Invoice Finance Limited.

Amount secured
All monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge

Short particulars
Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

19. PROVISIONS FOR LIABILITIES

Group
31.5.24 31.5.23
£    £   
Deferred tax 24,538 19,261

Group
Deferred
tax
£   
Balance at 1 June 2023 19,261
Provided during year 5,277
Balance at 31 May 2024 24,538

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 1,071,191 114,219 1,185,410
Profit for the year 411,829 411,829
Dividends (253,310 ) (253,310 )
At 31 May 2024 1,229,710 114,219 1,343,929

FPR GROUP LIMITED (Registered number: 09358207)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

21. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 595,446 114,219 709,665
Profit for the year 253,337 253,337
Dividends (253,330 ) (253,330 )
At 31 May 2024 595,453 114,219 709,672


22. NON-CONTROLLING INTERESTS

The minority interest shown in the Balance Sheet as at 31st May 2024 is £255,291 (2022: £202,766).

23. RELATED PARTY DISCLOSURES

During the year, total dividends of £253,330 were paid to the directors .

M Foster

During the year dividends amounting to £126,666 (2023 - £133,333) were paid from FPR Group Limited and a further £63,333 (2023 - £66,666) were paid from First People Recruitment Limited.

P G Simpson

During the year dividends amounting to £126,666 (2023 - £133,333) were paid from FPR Group Limited.

Key management personnel of the entity or its parent (in the aggregate)
31.5.24 31.5.23
£    £   
Dividends - 266,666

M Foster

During the year dividends amounting to £133,333 (2022: £80,000) were paid from First People Recruitment Holdings Limited and £66,666 (2022: £40,020) were paid from First People Recruitment Limited.

P G Simpson

During the year dividends amounting to £133,333 (2022: £80,000) were paid from First People Recruitment Holdings Limited.

24. ULTIMATE CONTROLLING PARTY

Mr Mark Foster and Mr Paul Simpson each have a 50% equity interest in the Company and are the controlling parties.