Company registration number 06357982 (England and Wales)
HEALTH CARE RESOURCING GROUP LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
HEALTH CARE RESOURCING GROUP LIMITED
COMPANY INFORMATION
Directors
Mr JB Webb
IJMH Limited
(Appointed 27 March 2024)
Twenty 20 Capital Limited
(Appointed 27 March 2024)
Company number
06357982
Registered office
33 Soho Square
London
England
W1D 3QU
Auditor
Cooper Parry Group Limited
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
HEALTH CARE RESOURCING GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10 - 11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
HEALTH CARE RESOURCING GROUP LIMITED
STRATEGIC REPORT
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the nine month period ended 31 March 2024.
Principal activities
The principal activities during the period were the provision of temporary and permanent education staff within the UK.
Review of the business
Turnover for the period was £71m (year ended 30 June 2023: £139m of which £57m was from discontinued operations). On a pro rata 12 month period, turnover has increased by £11m from £83m in 2023 to £94m in 2024. On a similar basis, gross profit has remained at around £20m.
As a result of the strategic decisions made in previous years, the Board is pleased to report an operating profit for the year of £3m (2023: £5m before profit on disposal of operations). The profit for the financial year after tax is £4m (2023: £46m).
Due to the disposal of the Health & Social division in 2023, together with declared dividends, the balance sheet reports net assets of £27.9m (£27.3m at June 2023).
The Board, shareholders and financial partners remain fully supportive of the Group's current structure.
The results so far for the year ended March 2025 look strong with the Education business now back to pre-covid levels of trading. The Directors recommended the payment of a dividend of £3.0m (2023: £23.6m) for the period to 31 March 2024.
Principal risks and uncertainties
The Group has management structures and policies and procedures which are designed to enable the achievement of the business objectives while controlling risks associated in the environment in which it operates. The group has a risk management process in place which is designed to identify, manage and mitigate business risk. The risk management process covers financial, operational, commercial and other areas of risk.
In terms of financial risk management, the Group considers that it has limited exposure to the various aspects of financial risk. The vast majority of the Group's revenue is invoiced in sterling whilst all of its operations and costs arise within the UK.
The Group does not enter into currency hedging contracts. Furthermore, the Group ensures its liquidity is maintained by entering into long term or short-term financial instruments as necessary to support operational and other funding requirements. The risk that there is a reduction in demand for our services is mitigated by providing services in several different marketplaces, both from a sector and geographical perspective.
Commercial risks are managed closely by the Group Board, and fundamentally include loss of contracts, reputation, changes to legislation, and political risks, for instance as a result of Brexit. The strengthening of the Group Board over the last few years has brought substantial experience and knowledge into the Group, which will enable these risks to be managed appropriately and mitigated wherever possible.
HEALTH CARE RESOURCING GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 2 -
Segmental analysis
After the sale of the Health & Social division during last year, HCRG’s structure consists solely of the Education staffing business.
Education
Affinity Workforce, which was acquired in January 2019, provides temporary and permanent teaching staff across the United Kingdom, through three market leading brands Monarch, CER and Sugarman Education.
In a similar fashion to other acquisitions made by the Group, Affinity was under-performing when it was brought into the group, and thus needed considerable group effort and energy to return the businesses to profitability and fulfil their qualitative objectives.
Chief Executive Officer Esme Bianchi-Barry continues to focus the delivery of quality and cost effective solutions to our customers, in order enable to substantial future growth.
Financing
HCRG’s strategy and the working capital requirements of the Group continue to be provided and supported by Close Brothers invoice discounting facility, and the continuation of a £2.5m Cash Flow Loan from Close which was repaid in April 2024. This enabled the Group to consolidate its position following the disposal of the Health & Social division and provide additional headroom and flexibility for the Group’s working capital needs.
Other performance indicators
In addition to the KPIs noted above, all of which are managed by the Group at Divisional and Branch level, the Group maintains and reports a substantial number of other financial and non-financial indicators routinely each month.
Directors' statement of compliance with duty to promote the success of the Group
Decision Making
The Directors monitor and review strategic objectives against business plans on a regular basis. The Management Team support the Directors with the planning and execution of long-term plans and are experienced in the successful implementation of strategic business decisions.
Employee interests
The Directors recognise the vital importance of the Group’s employees and the key role they play in the on-going success of the business. Engagement with operational employees is high and is maintained through regular company briefings and discussions. Employees are supported with training and development including through professional qualifications where needed.
Business relationships
The Directors and Management Team regularly review how they maintain positive relationships with all its stakeholders including suppliers, customers and others. They have built a reputation on high levels of customer service and uphold this through accreditations such as ISO 9001.
HEALTH CARE RESOURCING GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 3 -
Governance
During the past year, there has been a continued focus on corporate governance, with the board spending a large proportion of its time examining and strengthening our processes throughout the Group. Ensuring that a solid governance framework is in place is key to maintaining trust and transparency and an important building block for future growth.
Outlook
The directors are satisfied with the results for the period and the forecast for 2024/25 shows a solid performance.
The Board continue to support the strategic direction of the Group.
Section 172 statement
This report sets out how the Directors comply with the requirements of Section 172 of the Companies Act 2006 and how these requirements have impacted the Directors activities and decision making during the financial period ended 31 March 2024.
The Directors consider that they have acted in good faith to promote the success of the group on behalf of the stakeholders, in relation to matters set out in s172 of the Act. The stakeholders of the business include the employees, clients, suppliers and shareholders of the business.
Mr JB Webb
Director
21 January 2025
HEALTH CARE RESOURCING GROUP LIMITED
DIRECTORS' REPORT
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the nine month period ended 31 March 2024.
Results and dividends
The profit for the period, after taxation and minority interests, amounted to £3.4m (2023 - £45.6m) to the owners of the parent company.
The results for the nine month period are set out on pages 10 to 11.
Ordinary dividends were paid amounting to £3.0m (2023 - £23.7m). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the nine month period and up to the date of signature of the financial statements were as follows:
Mr JB Webb
IJMH Limited
(Appointed 27 March 2024)
Twenty 20 Capital Limited
(Appointed 27 March 2024)
Mr IJ Munro
(Resigned 5 April 2024)
Mr TN Ramus
(Resigned 5 April 2024)
Energy and carbon report
Energy usage covered in this disclosure covers all professional services provided in the UK and is primarily the electricity consumption within our office buildings (where we pay the energy supplier directly), and fuel used for business mileage.
Energy usage has been calculated based on gas and electricity meter readings, extrapolated where readings were not available. Fuel used in respect of both reimbursed business mileage and in respect of vehicles owned by the Group have been taken from expense claims and have been extrapolated where data was not available.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
114,224
294,266
HEALTH CARE RESOURCING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 5 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
3.00
4.00
3.00
4.00
Scope 2 - indirect emissions
- Electricity purchased
7.00
15.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
16.00
48.00
Total gross emissions
26.00
67.00
Intensity ratio
Tonnes CO2e per £'000 revenue
0.000364
0.000479
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £'000 of revenue, the recommended ratio for the sector.
Measures taken to improve energy efficiency
The Group is committed to making careful assessments of its levels of energy consumption and impact of carbon dioxide emissions on the environment. This includes, for example, the installation of energy saving devices, smart meters and low-energy lighting in our office buildings.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HEALTH CARE RESOURCING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 6 -
Matters included within the Strategic Report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Post balance sheet events
On the 3rd of April 2024, the Group acquired the entire share capital of Career Teachers Limited and Career Teachers 2006 Limited for total consideration of £5,315,601 to further enhance its Education division.
Auditors
The company changed its auditor for the period ended 31 March 2024 to Cooper Parry Group Limited. The directors thank MHA for their role as auditor in the previous period. Cooper Parry Group Limited will be appointed as auditors for the next period.
On behalf of the board
Mr JB Webb
Director
21 January 2025
HEALTH CARE RESOURCING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEALTH CARE RESOURCING GROUP LIMITED
- 7 -
Opinion
We have audited the consolidated financial statements of Health Care Resourcing Group Limited (the 'parent company') and its subsidiaries (the 'group') for the nine month period ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2024 and of the group's profit for the nine month period 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial nine month period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HEALTH CARE RESOURCING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEALTH CARE RESOURCING GROUP LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following:
obtaining an understanding of the legal and regulatory framework applicable to the Group and how the Group is complying with that framework;
obtaining an understanding of the Group's policies and procedures and how the Group has complied with these, through discussions and walkthrough testing;
obtaining an understanding of the Group's risk assessment process, including the risk of fraud;
designing our audit procedures to our risk assessment; and
performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates, such as the bad debt provision, for bias.
HEALTH CARE RESOURCING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEALTH CARE RESOURCING GROUP LIMITED
- 9 -
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud, and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims including a review of legal fees and legal documentation; and
reviewing correspondence with HMRC and associated parties in relation to actual litigation, claims or regulatory inspections.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Justine Hughes (Senior Statutory Auditor)
For and on behalf of
Cooper Parry Group Limited
Statutory Auditor
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
21 January 2025
HEALTH CARE RESOURCING GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 10 -
Period
Period
Year
Year
ended
ended
ended
ended
31 March
31 March
Period
30 June
30 June
Year
2024
2024
ended
2023
2023
ended
Continuing
Discontinued
31 March
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
71,064,837
-
71,064,837
82,595,849
56,712,104
139,307,953
Cost of sales
(55,299,082)
-
(55,299,082)
(62,640,980)
(46,468,367)
(109,109,347)
Gross profit
15,765,755
-
15,765,755
19,954,869
10,243,737
30,198,606
Administrative expenses
(12,627,325)
-
(12,627,325)
(17,425,049)
(7,283,962)
(24,709,011)
Other operating income
10,473
-
10,473
-
-
-
Exceptional item
4
(232,974)
-
(232,974)
(45,569)
(32,553)
(78,122)
Operating profit
5
2,915,929
-
2,915,929
2,484,251
2,927,222
5,411,473
Other interest receivable and similar income
8
2,289,912
-
2,289,912
1,275,474
-
1,275,474
Other interest payable and similar expenses
9
(354,322)
-
(354,322)
(667,425)
(143,444)
(810,869)
Profit on disposal of operations/assets
-
-
-
-
40,538,178
40,538,178
Profit before taxation
4,851,519
-
4,851,519
3,092,300
43,321,956
46,414,256
Tax on profit
10
(1,289,255)
-
(1,289,255)
(522,039)
-
(522,039)
Profit for the financial period/year
3,562,264
-
3,562,264
2,570,261
43,321,956
45,892,217
HEALTH CARE RESOURCING GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
Period
Period
Year
Year
ended
ended
ended
ended
31 March
31 March
Period
30 June
30 June
Year
2024
2024
ended
2023
2023
ended
Continuing
Discontinued
31 March
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
- 11 -
Profit for the financial period/year is attributable to:
- Owners of the parent company
3,355,158
-
3,355,158
42,857,343
2,783,778
45,641,121
- Non-controlling interests
207,106
-
207,106
251,096
-
251,096
3,562,264
-
3,562,264
43,108,439
2,783,778
45,892,217
Total comprehensive income for the period/year is attributable to:
- Owners of the parent company
3,355,158
-
3,355,158
42,857,343
2,783,778
45,641,121
- Non-controlling interests
207,106
-
207,106
251,096
-
251,096
3,562,264
-
3,562,264
43,108,439
2,783,778
45,892,217
The group statement of comprehensive income for this period has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for the period (year ended 30 June 2023: £Nil).
The notes on pages 18 to 38 form part of these financial statements.
HEALTH CARE RESOURCING GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
577,952
658,589
Other intangible assets
13
917,914
1,041,396
Total intangible assets
1,495,866
1,699,985
Tangible assets
14
402,633
510,792
Investment property
15
202,216
202,216
2,100,715
2,412,993
Current assets
Debtors falling due after more than one year
17
26,707,051
27,707,051
Debtors falling due within one year
17
73,610,873
68,163,262
Cash at bank and in hand
866,163
398,485
101,184,087
96,268,798
Creditors: amounts falling due within one year
18
(73,331,179)
(69,074,518)
Net current assets
27,852,908
27,194,280
Total assets less current liabilities
29,953,623
29,607,273
Creditors: amounts falling due after more than one year
19
(2,000,000)
(2,180,000)
Provisions for liabilities
Provisions
22
52,500
52,500
Deferred tax liability
23
32,318
32,318
(84,818)
(84,818)
Net assets
27,868,805
27,342,455
Capital and reserves
Called up share capital
26
5
5
Share premium account
27
114,000
114,000
Profit and loss reserves
27
27,177,419
26,565,756
Equity attributable to owners of the parent company
27,291,424
26,679,761
Non-controlling interests
577,381
662,694
Total equity
27,868,805
27,342,455
HEALTH CARE RESOURCING GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
21 January 2025
Mr JB Webb
Director
Company registration number 06357982 (England and Wales)
HEALTH CARE RESOURCING GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 14 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
9,667
Tangible assets
14
800
1,000
Investment property
15
202,216
202,216
212,683
203,216
Current assets
Debtors falling due after more than one year
17
26,707,051
27,707,051
Debtors falling due within one year
17
57,272,590
53,825,051
Cash at bank and in hand
610,319
116,675
84,589,960
81,648,777
Creditors: amounts falling due within one year
18
(56,261,340)
(51,604,520)
Net current assets
28,328,620
30,044,257
Total assets less current liabilities
28,541,303
30,247,473
Creditors: amounts falling due after more than one year
19
(2,000,000)
(2,180,000)
Provisions for liabilities
Provisions
22
50,000
50,000
Deferred tax liability
23
32,318
32,318
(82,318)
(82,318)
Net assets
26,458,985
27,985,155
Capital and reserves
Called up share capital
26
5
5
Share premium account
27
114,000
114,000
Profit and loss reserves
27
26,344,980
27,871,150
Total equity
26,458,985
27,985,155
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £1,509,744 (2023 - £48,701,200 profit).
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
21 January 2025
Mr JB Webb
Director
Company registration number 06357982 (England and Wales)
HEALTH CARE RESOURCING GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
5
114,000
4,627,941
4,741,946
411,598
5,153,544
Year ended 30 June 2023:
Total comprehensive income
-
-
45,641,121
45,641,121
251,096
45,892,217
Dividends
12
-
-
(23,703,306)
(23,703,306)
-
(23,703,306)
Balance at 30 June 2023
5
114,000
26,565,756
26,679,761
662,694
27,342,455
Period ended 31 March 2024:
Total comprehensive income
-
-
3,355,158
3,355,158
207,106
3,562,264
Dividends
12
-
-
(3,035,914)
(3,035,914)
-
(3,035,914)
Transfers
-
-
292,419
292,419
(292,419)
-
Balance at 31 March 2024
5
114,000
27,177,419
27,291,424
577,381
27,868,805
HEALTH CARE RESOURCING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
5
114,000
2,798,256
2,912,261
Year ended 30 June 2023:
Total comprehensive income
-
-
48,701,200
48,701,200
Dividends
12
-
-
(23,628,306)
(23,628,306)
Balance at 30 June 2023
5
114,000
27,871,150
27,985,155
Period ended 31 March 2024:
Total comprehensive income
-
-
1,509,744
1,509,744
Dividends
12
-
-
(3,035,914)
(3,035,914)
Balance at 31 March 2024
5
114,000
26,344,980
26,458,985
HEALTH CARE RESOURCING GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
179,272
6,973,721
Interest paid
(354,322)
(810,869)
Income taxes paid
(437,556)
(351)
Net cash (outflow)/inflow from operating activities
(612,606)
6,162,501
Investing activities
Proceeds from disposal of business
-
19,373,605
Purchase of intangible assets
(256,464)
(852,284)
Purchase of tangible fixed assets
(76,133)
(185,714)
Interest received
2,289,912
1,275,474
Net cash generated from investing activities
1,957,315
19,611,081
Financing activities
Repayment of bank loans
(833,340)
(1,000,000)
Increase/(decrease) in ID facility
2,992,223
(7,221,920)
Dividends paid to equity shareholders
(3,035,914)
(23,703,306)
Net cash used in financing activities
(877,031)
(31,925,226)
Net increase/(decrease) in cash and cash equivalents
467,678
(6,151,644)
Cash and cash equivalents at the beginning of the period/year
398,485
6,550,129
Cash and cash equivalents at the end of the period/year
866,163
398,485
The notes on pages 18 to 38 form part of these financial statements.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information
Health Care Resourcing Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 33 Soho Square, London, England, W1D 3QU.
The group consists of Health Care Resourcing Group Limited and all of its subsidiaries.
1.1
Reporting period
The current accounting period has been shortened and therefore the figures in the financial statements relate to the 9 months period to 31 March 2024. The comparative period was the year ended 30 June 2023. Accordingly, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.4
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 Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
CRG Support Services Limited and CRG Healthcare & Medical Staffing Limited are subsidiaries of Health Care Resourcing Group Limited. As permitted by section 405(2) Companies Act 2006, these subsidiaries have not been included in the consolidated financial statements of Health Care Resourcing Group Limited on the grounds they are not material.
1.5
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.6
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover arising from temporary placements is recognised when the service has been delivered. Turnover from permanent placements is recognised when the individual commences their employment.
Other income
Due to the volume of transactions, customer remittances may be received which cannot be match to sales invoices for services provided and these are held as credit balances and treated as a potential overpayment. Unreconciled customer remittances remain on the sales ledge and customer statements are issued on a periodic basis. These balances may be credited to other income if the group income statement / group statement of comprehensive income after a period of six years, if efforts that the directors consider to be reasonable to allocate or return that income have been unsuccessful.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 10 to 20 years.
Any excess above the fair value of the non-monetary assets acquired is to be recognised in the periods in which the benefit is expected to be received.
Any negative goodwill arising on a business combination is credited to the income statement in the accounting period in which the business combination took place.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% straight line
1.9
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings
25% straight line
Computers
25-33% straight line
Motor vehicles
25-33% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.11
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.12
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Recoverable amount is the higher of 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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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 profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.17
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences tat have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interest in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.18
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
1.19
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.20
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.21
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted valued on an earnings basis and applying a discount for minority holdings. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.22
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.23
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -
1.24
Amounts due in respect of invoice discounting are separately disclosed as current liabilities. The company can use these facilities to draw down on a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company.
1.25
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.
1.26
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Useful economic life of goodwill
The useful economic life of purchased goodwill has been estimated as being between 10 and 20 years.
The individual amounts of purchased goodwill are also reviewed annually for any signs of impairment against the results of the purchased business.
Bad debt provision
Management reviewed the aged debtors listing on a weekly basis for any slow-moving debts. If it is deemed probable that they will not be able to recover the debt a provision is made in the financial statements.
Disputes
On occasion, the group is party to litigation and administrative proceedings related to its operations. Management consults with legal experts on issues related to legal disputes and with other experts internal or external to the Group on issues related to the ordinary course of business.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Labour recruitment
71,064,837
139,307,953
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 27 -
2024
2023
£
£
Other revenue
Interest income
2,289,912
1,275,474
All turnover arose within the United Kingdom.
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional costs
232,974
78,122
232,974
78,122
In 2024, the Group incurred onerous lease costs of £232,974. This is not recurring expenditure in the normal course of business and therefore is considered to be exceptional in nature.
In the prior year, the Group incurred onerous lease costs of £45,570 and also restructuring costs of £32,552. These were not recurring expenditure in the normal course of business and therefore is considered to be exceptional in nature.
5
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging:
Exchange losses
285
-
Depreciation of owned tangible fixed assets
184,292
265,683
Amortisation of intangible assets
460,583
1,124,091
Share-based payments
46,788
-
Operating lease charges
554,280
465,766
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
5,000
Audit of the financial statements of the company's subsidiaries
20,000
17,000
40,000
22,000
For other services
All other non-audit services
-
8,000
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 28 -
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the nine month period was:
Restated
Restated
Group
Group
Company
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative and management
178
305
-
-
Their aggregate remuneration comprised:
Restated
Restated
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,033,317
13,016,388
Social security costs
817,002
1,722,376
-
-
Pension costs
121,610
425,139
7,971,929
15,163,903
The comparative figures have been amended to show just the permanent members of staff as opposed to including the persons on hire to clients.
The Company has no employees other than the directors, who are also considered the key management personnel, who did not receive any remuneration (2023 - £NIL).
The comparative figures have been amended to show just the permanent members of staff as opposed to including the persons on hire to clients.
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,289,912
1,275,474
Disclosed on the statement of comprehensive income as follows:
Other interest receivable and similar income
2,289,912
1,275,474
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 29 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
308,845
661,710
Other interest on financial liabilities
45,477
149,159
354,322
810,869
Disclosed on the statement of comprehensive income as follows:
Other interest payable and similar expenses
354,322
810,869
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,289,255
522,039
The actual charge for the nine month period can be reconciled to the expected charge for the nine month period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,851,519
46,414,256
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
1,212,880
9,514,922
Tax effect of expenses that are not deductible in determining taxable profit
21,642
744
Tax effect of utilisation of tax losses not previously recognised
(652,680)
Permanent capital allowances in excess of depreciation
43,677
(15,029)
Other non-reversing timing differences
11,056
(7,691)
Profit/loss on disposal of fixed asset investment
(8,318,227)
Taxation charge
1,289,255
522,039
11
Discontinued operations
In the prior year, the Group disposed of its 90% indirect shareholding in CRG Defence & Primary Care Limited, HCL Doctors Limited, HCL Healthcare Limited, HCL Nursing Limited, HCL Permanent Limited, HCL Workforce Solutions Limited, Sugarman Group Limited, Sugarman Health and Wellbeing Limited, Melia Care Services Limited, JCJ Locums Limited and Affinity Healthcare Solutions Limited, alongside its 90% direct shareholdings in HCRG Workforce Solutions Limited.
A profit on disposal of these indirect shareholdings of £40,595,234 was recognised in the prior year.
There were no disposals in the period ended 31 March 2024.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 30 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
3,035,914
23,703,306
13
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 July 2023
1,081,451
2,391,198
3,472,649
Additions - internally developed
45,038
45,038
Additions - separately acquired
211,426
211,426
At 31 March 2024
1,081,451
2,647,662
3,729,113
Amortisation and impairment
At 1 July 2023
422,862
1,349,802
1,772,664
Amortisation charged for the nine month period
80,637
379,946
460,583
At 31 March 2024
503,499
1,729,748
2,233,247
Carrying amount
At 31 March 2024
577,952
917,914
1,495,866
At 30 June 2023
658,589
1,041,396
1,699,985
Company
Software
£
Cost
At 1 July 2023
Additions
12,000
At 31 March 2024
12,000
Amortisation and impairment
At 1 July 2023
Amortisation charged for the nine month period
2,333
At 31 March 2024
2,333
Carrying amount
At 31 March 2024
9,667
At 30 June 2023
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
13
Intangible fixed assets
(Continued)
- 31 -
Goodwill with a carrying amount of £577,952 (2023 - £658,589) is amortised on a systematic basis over its expected life, which is 10 years.
14
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
568,495
1,325,775
5,416
1,899,686
Additions
56,184
19,949
76,133
At 31 March 2024
624,679
1,345,724
5,416
1,975,819
Depreciation and impairment
At 1 July 2023
483,302
900,176
5,416
1,388,894
Depreciation charged in the nine month period
22,710
161,582
184,292
At 31 March 2024
506,012
1,061,758
5,416
1,573,186
Carrying amount
At 31 March 2024
118,667
283,966
402,633
At 30 June 2023
85,193
425,599
510,792
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023 and 31 March 2024
442,875
441,218
884,093
Depreciation and impairment
At 1 July 2023
442,875
440,218
883,093
Depreciation charged in the nine month period
200
200
At 31 March 2024
442,875
440,418
883,293
Carrying amount
At 31 March 2024
800
800
At 30 June 2023
1,000
1,000
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 32 -
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023 and 31 March 2024
202,216
202,216
The Directors assessed the fair value of the investment property and considered that the fair value was not materially different to the cost price stated above.
16
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Affinity Workforce Solutions Limited
England and Wales
Ordinary
83.77
HCRG Support Services Limited *
England and Wales
Ordinary
100.00
CRG Support Services Limited
England and Wales
Ordinary
100.00
CRG Healthcare & Medical Staffing Limited
England and Wales
Ordinary
100.00
Unless otherwise indicated, the registered office address of all England and Wales subsidiaries is 33 Soho Square, London, England W1D 3QU.
* Subsidiary is exempt from the requirement of the Companies Act 2006 relating to the audit of its individual accounts by virtue of section 479A.
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
12,411,037
8,666,120
2,323,006
59,176
Corporation tax recoverable
78,347
86,358
Amounts due by companies under common control
57,389,219
53,266,157
52,932,650
22,335,435
Other debtors
639,818
1,295,906
223,257
28,661,279
Prepayments and accrued income
3,170,799
4,856,732
1,793,677
2,682,803
73,610,873
68,163,262
57,272,590
53,825,051
Amounts falling due after more than one year:
Amounts due by companies under common control
26,707,051
27,707,051
26,707,051
27,707,051
Total debtors
100,317,924
95,870,313
83,979,641
81,532,102
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
17
Debtors
(Continued)
- 33 -
The value of trade receivables subject to invoice discounting is £11,951,905 (2023 - £8,666,120).
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and Invoice discounting facilities
20
6,389,278
4,050,395
2,534,837
736,673
Trade creditors
4,915,405
4,083,424
1,641,135
1,110,515
Amounts owed to group undertakings
46,659,480
46,211,983
Amounts due to companies under common control
50,098,244
48,147,044
3,670,028
2,705,896
Corporation tax payable
1,295,391
522,039
489,012
37,740
Other taxation and social security
4,264,680
4,464,145
282,654
28,599
Other creditors
1,352,279
3,142,729
299,172
289,816
Accruals and deferred income
5,015,902
4,664,742
685,022
483,298
73,331,179
69,074,518
56,261,340
51,604,520
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
180,000
180,000
Loan notes
20
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,180,000
2,000,000
2,180,000
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and Invoice discounting facilities
6,389,278
4,230,395
2,534,837
916,673
Loan notes
2,000,000
2,000,000
2,000,000
2,000,000
8,389,278
6,230,395
4,534,837
2,916,673
Payable within one year
6,389,278
4,050,395
2,534,837
736,673
Payable after one year
2,000,000
2,180,000
2,000,000
2,180,000
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 34 -
21
Secured debts
On the 9th March 2018 Close Brothers Limited created a fixed charge and also a floating charge over all of the property and undertakings of the company; this charge contains a negative pledge.
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Property dilapidations
52,500
52,500
50,000
50,000
Movements on provisions:
Property dilapidations
Group
£
At 1 July 2023 and 31 March 2024
52,500
Property dilapidations
Company
£
At 1 July 2023 and 31 March 2024
50,000
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
32,318
32,318
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
32,318
32,318
There were no deferred tax movements in the nine month period.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 35 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
121,610
425,139
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Pension contributions outstanding at year end amounted to £229,442 (2023: £145,683) and were disclosed in other creditors.
25
Share-based payment transactions
Equity instruments other than share options
On 6th November 2023, Affinity Workforce Solutions Limited granted 6 Ordinary C shares to employees. The weighted average fair value of those instruments at the measurement date was £7,798, being £46,788 in aggregate.
Equity-settled share-based payments are measured at market value on the date of issue. The market value is arrived at by valuing the company on an earnings basis and applying a discount for minority holdings. The market value of the shares is charged to the profit and loss account with a corresponding adjustment to equity.
Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the nine month period
Arising from equity settled share based payment transactions
46,788
-
-
-
During the period, the Group recognised total share-based payment expenses of £46,788 (2023: £Nil) which related to equity settled share based payment transactions.
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
5,000
5,000
5
5
Ordinary C shares of 0.1p each
264
264
-
-
All classes of Ordinary shares confer upon the holders the same rights, subject to the priority of Ordinary 'A' shareholders, regarding any distribution of capital on liquidation or exit in relation to gains on disposal of the company's property assets.
27
Reserves
Share premium
The share premium account represents the excess paid for shares over the par value of those shares.
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
27
Reserves
(Continued)
- 36 -
Profit and loss reserves
Retained earnings represents accumulated profit or loss for the year and prior periods, less dividends paid.
28
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
265,172
1,216,486
70,957
969,564
Between two and five years
229,109
1,408,312
210,609
1,318,318
494,281
2,624,798
281,566
2,287,882
29
Events after the reporting date
On 3rd April 2024, Affinity Workforce Solutions Limited purchased the entire share capital of both Career Teachers Limited and Career Teachers 2006 Limited for total consideration of £5,315,601.
30
Related party transactions
Transactions with related parties
During the nine month period the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Companies under common control
1,894,425
2,387,608
263,471
5,528,954
Interest received
2024
2023
£
£
Group
Companies under common control
2,289,912
1,275,474
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
30
Related party transactions
(Continued)
- 37 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Companies under common control
50,098,244
48,147,044
Key management personnel
2,156,289
2,000,000
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Companies under common control
84,096,270
80,973,208
Other information
The company has taken advantage of the provisions under FRS102 not to report transactions with fellow group members wholly owned by the ultimate parent undertaking.
31
Controlling party
In the opinion of the directors there is no one ultimate controlling party.
32
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,562,264
45,892,217
Adjustments for:
Taxation charged
1,289,255
522,039
Finance costs
354,322
810,869
Investment income
(2,289,912)
(1,275,474)
Amortisation and impairment of intangible assets
460,583
1,124,091
Depreciation and impairment of tangible fixed assets
184,292
265,683
Other gains and losses
-
(40,538,178)
Decrease in provisions
-
(3,642)
Movements in working capital:
Decrease in stocks
-
10,000
Increase in debtors
(4,525,958)
(62,418,601)
Increase in creditors
1,144,426
62,584,717
Cash generated from operations
179,272
6,973,721
HEALTH CARE RESOURCING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 MARCH 2024
- 38 -
33
Analysis of changes in net debt - group
1 July 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
398,485
467,678
866,163
Borrowings excluding overdrafts
(6,230,395)
(2,158,883)
(8,389,278)
(5,831,910)
(1,691,205)
(7,523,115)
34
Analysis of changes in net debt - company
1 July 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
116,675
493,644
610,319
Borrowings excluding overdrafts
(2,916,673)
(1,618,164)
(4,534,837)
(2,799,998)
(1,124,520)
(3,924,518)
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