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REGISTERED NUMBER: 02615736 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2024

for

FIRST PEOPLE RECRUITMENT LIMITED

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


FIRST PEOPLE RECRUITMENT LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M Foster
P G Simpson
Mrs A L Walker



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



REGISTERED NUMBER: 02615736 (England and Wales)



SENIOR STATUTORY AUDITOR: Martin Joseph FCA



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

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

Strategic Report
for the Year Ended 31 May 2024

The directors present their strategic report for the year ended 31 May 2024.

The Directors present their strategic report for the year ended May 31st 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 recruitment revenues increased by £1,672,479on 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 wining 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.


FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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 company has a robust recruitment procedure to help ensure we recruit the correct talent into the business. 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 preforming 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 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.

Research and development and future developments
The company is committed to expanding the number of clients it works with across its core specialist 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.

ON BEHALF OF THE BOARD:





M Foster - Director


19 November 2024

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

Report of the Directors
for the Year Ended 31 May 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Temporary and Permanent recruitment.

DIVIDENDS
Interim dividends per share were paid as follows:
£8.953 - 30 June 2023
£8.953 - 31 July 2023
£8.953 - 31 August 2023
£8.953 - 30 September 2023
£8.953 - 31 October 2023
£8.953 - 29 November 2023
£38.793 - 31 December 2023
£8.953 - 30 January 2024
£8.953 - 28 February 2024
£8.953 - 29 March 2024
£52.222 - 30 April 2024
£111.922 - 31 May 2024
£283.514

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 316,685 .

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
Mrs A L Walker

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

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

Report of the Directors
for the Year Ended 31 May 2024


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 company'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 company's auditors are aware of that information.

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
FIRST PEOPLE RECRUITMENT LIMITED

Opinion
We have audited the financial statements of FIRST PEOPLE RECRUITMENT LIMITED (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
FIRST PEOPLE RECRUITMENT LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

19 November 2024

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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 2,514,589 2,432,547
788,361 814,952

Other operating income - 1,500
OPERATING PROFIT 5 788,361 816,452

Interest receivable and similar income 10,699 2,428
799,060 818,880

Interest payable and similar expenses 6 17,876 16,926
PROFIT BEFORE TAXATION 781,184 801,954

Tax on profit 7 198,072 167,147
PROFIT FOR THE FINANCIAL YEAR 583,112 634,807

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

583,112

634,807

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 171,888 238,200

CURRENT ASSETS
Debtors 10 2,889,158 3,201,543
Cash at bank and in hand 752,192 4,054
3,641,350 3,205,597
CREDITORS
Amounts falling due within one year 11 2,238,858 2,141,121
NET CURRENT ASSETS 1,402,492 1,064,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,574,380

1,302,676

PROVISIONS FOR LIABILITIES 15 24,538 19,261
NET ASSETS 1,549,842 1,283,415

CAPITAL AND RESERVES
Called up share capital 16 1,117 1,117
Retained earnings 17 1,548,725 1,282,298
SHAREHOLDERS' FUNDS 1,549,842 1,283,415

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


FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 1,117 980,823 981,940

Changes in equity
Dividends - (333,332 ) (333,332 )
Total comprehensive income - 634,807 634,807
Balance at 31 May 2023 1,117 1,282,298 1,283,415

Changes in equity
Dividends - (316,685 ) (316,685 )
Total comprehensive income - 583,112 583,112
Balance at 31 May 2024 1,117 1,548,725 1,549,842

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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 1,186,544 279,077
Interest paid (17,876 ) (16,926 )
Tax paid (137,705 ) (72,384 )
Net cash from operating activities 1,030,963 189,767

Cash flows from investing activities
Purchase of tangible fixed assets (14,931 ) (210,329 )
Sale of tangible fixed assets 12,440 14,691
Interest received 10,699 2,428
Net cash from investing activities 8,208 (193,210 )

Cash flows from financing activities
Amounts owed by group undertakings 53,332 -
Amount introduced by directors 13,334 -
Equity dividends paid (316,685 ) (333,332 )
Net cash from financing activities (250,019 ) (333,332 )

Increase/(decrease) in cash and cash equivalents 789,152 (336,775 )
Cash and cash equivalents at beginning
of year

2

(36,960

)

299,815

Cash and cash equivalents at end of year 2 752,192 (36,960 )

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.5.24 31.5.23
£    £   
Profit for the financial year 583,112 634,807
Depreciation charges 71,743 58,029
Profit on disposal of fixed assets (2,940 ) (315 )
Finance costs 17,876 16,926
Finance income (10,699 ) (2,428 )
Taxation 198,072 167,147
857,164 874,166
Decrease/(increase) in trade and other debtors 312,385 (853,826 )
Increase in trade and other creditors 16,995 258,737
Cash generated from operations 1,186,544 279,077

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 752,192 4,054
Bank overdrafts - (41,014 )
752,192 (36,960 )
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 4,054 299,815
Bank overdrafts (41,014 ) -
(36,960 ) 299,815


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

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 4,054 748,138 752,192
Bank overdrafts (41,014 ) 41,014 -
(36,960 ) 789,152 752,192
Total (36,960 ) 789,152 752,192

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

1. STATUTORY INFORMATION

FIRST PEOPLE RECRUITMENT 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 Company 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture & equipment - 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

2. ACCOUNTING POLICIES - continued
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.

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

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

Provisions for dilapidations and vacant properties
Provisions are recognised in full for the expected future costs of restoring leased premises back to their original condition and for continued lease rental costs due for closed offices.

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the present value, with the impact of any unwinding of the discount recognised in the profit and loss account for the year.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported 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.

3. TURNOVER

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

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

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

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

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 93,198 95,000
Pension contributions to money purchase schemes 3,150 3,660

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 57,959
Profit on disposal of fixed assets (2,940 ) (315 )
Auditors' remuneration 18,350 15,100

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

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

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 781,184 801,954
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20%)

195,296

160,391

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 -
Total tax charge 198,072 167,147

8. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Interim 316,685 333,332

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Furniture and Motor
property & equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 93,100 192,362 14,139 152,714 452,315
Additions - 14,931 - - 14,931
Disposals - (32,925 ) - (43,366 ) (76,291 )
At 31 May 2024 93,100 174,368 14,139 109,348 390,955
DEPRECIATION
At 1 June 2023 38,719 90,028 11,318 74,050 214,115
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 57,969 91,793 12,030 57,275 219,067
NET BOOK VALUE
At 31 May 2024 35,131 82,575 2,109 52,073 171,888
At 31 May 2023 54,381 102,334 2,821 78,664 238,200

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 2,821,121 3,122,686
Other debtors 11,804 16,552
Prepayments 56,233 62,305
2,889,158 3,201,543

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 12) - 41,014
Trade creditors 71,932 69,277
Amounts owed to group undertakings 53,332 -
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 13,334 -
2,238,858 2,141,121

12. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 41,014

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
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

14. 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).

15. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 24,538 19,261

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

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,117 Ordinary £1 1,117 1,117

17. RESERVES
Retained
earnings
£   

At 1 June 2023 1,282,298
Profit for the year 583,112
Dividends (316,685 )
At 31 May 2024 1,548,725

18. ULTIMATE PARENT COMPANY

First People Recruitment Holdings Limited is regarded by the directors as being the company's ultimate parent company.

First People Recruitment Holdings Limited acquired 79% of the share capital of First People Recruitment Limited on 6th January 2015 and is the company's immediate and ultimate parent undertaking. Mr. M Foster who owns 50% of the shares of First People Recruitment Holdings Limited together with a minority interest in First People Recruitment Limited is the company's ultimate controlling party.

FIRST PEOPLE RECRUITMENT LIMITED (Registered number: 02615736)

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

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.5.24 31.5.23
£    £   
Dividends 253,333 333,332

Key management personnel of the entity or its parent (in the aggregate)
31.5.24 31.5.23
£    £   
Dividends 63,333 66,666

M Foster

During the year dividends amounting to £63,333 (2023: £66,666) were payable to Mr M Foster. In addition, a further £126,665 (2022: £133,333) dividend was payable from the parent company. As at the year end £13,334 dividends were owed to Mr. Foster (2023 £NIL) and a further £26,666 were owed to Mr Foster from the parent company (2023 £NIL).

P G Simpson)

During the year dividends amounting to £126,665 (2022: £133,333) were paid from the parent company and as at the year end the parent company owed Mr. Simpson £26,666 (2023 £NIL).