Company Registration No. 06774645 (England and Wales)
Curve Group Holdings Limited
Annual report and financial statements
for the year ended 31 October 2024
Curve Group Holdings Limited
Company information
Director
Jeanette Ramsden
Company number
06774645
Registered office
Charlton House Estate
Hinton-in-the-Hedges
Northamptonshire
NN13 5LH
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Curve Group Holdings Limited
Contents
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
Curve Group Holdings Limited
Strategic report
For the year ended 31 October 2024
1
The director presents their strategic report for the year ended 31 October 2024.
Fair review of the business
The Curve Group is a HR and Recruitment professional services provider. We provide configurable consultancy and outsource solutions across the entire employee lifecycle. Our core HR and Recruitment solutions include: sourcing and attraction, screening and selection, offer and onboarding, induction, employee relations advice and HR administration. This is underpinned by a range of complementary specialist services including workforce planning, talent development and change and exit management. Our clients benefit from partnering with one single provider to service all of their operational and strategic people needs.
Our purpose is to create extraordinary people solutions that transform working lives.
For the financial year ending 31 October 2024, we have been focussing on our revised go to market and sales strategy, building our brand in our target market whilst maintaining control over our business costs. We have retained a strong and well leadership team as well as the wider team.
We saw the ongoing development of our Curve Group Technology Ecosystem continue in the year, including our AI strategy. The Curve Group’s Technology Ecosystem has been created to improve the effectiveness of HR and Recruitment processes, generate efficiencies, provide greater visibility, and enhance the experience for our clients.
All of the activity mentioned above have driven competitive advantage for The Curve Group and remain on track for our three plan.
Key performance indicators
We consider our key performance indicators to be that of turnover, gross profit, profit before tax and EBITDA.
Turnover for the year was £12.4m (2023: £12.2m) and gross profit was £3.6m (2023: £4.6m). Profit before taxation in the year was £5k (2023: loss before taxation of £225k). Adjusted EBITDA was £110k (2023: negative EBITDA of £145k), including adjustment for share based payments and redundancy expenditure.
The Company’s trade was impacted by challenging market conditions in 2023/2024 in the recruitment sector. The improvements year on year were due to the Company undertaking a review of its cost base and we continue to expect these changes to have a positive impact on the business.
Principal risks and uncertainties
The Board consider that the following comprise the principal risks and uncertainties:
Macro-economic environment
The macro-economic impact of global uncertainty is still causing unprecedented volatility in employment and global growth forecasts.
Customer concentration
We continue to invoice multiple clients across a wide range of sectors which mitigates any over dependency on one client or market.
Legal and regulatory compliance
We continue to focus on the compliance and governance of UK regulations covering employment matters and seek advice from our industry bodies and professional advisors and work closely with our clients to understand the impact of changes.
Working capital availability
Cross-industry data points to a lengthening of the debtor payment cycle and an increase in paid-when-paid clauses being introduced to contracts. We are mitigating this risk by holding firm on contractual payment terms and maintaining a very strong in-house credit control function with tight management of our trade debtors. The company has appropriate banking facilities in place to ensure sufficient working capital headroom.
Curve Group Holdings Limited
Strategic report (continued)
For the year ended 31 October 2024
2
Future plans
We are continuing to grow all areas of our business which is benefiting from potential customers exploring new ways of solving their own recruitment and HR challenges. We will continue to invest in our technology across all our services and are prioritising the development of our people and our growth plans. We believe we have the right mix and strength of business to drive forward our strategy of delivering professional services in HR and Recruitment across the employee lifecycle.
Jeanette Ramsden
Director
29 January 2025
Curve Group Holdings Limited
Director's report
For the year ended 31 October 2024
3
The director presents her annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of providing HR and recruitment outsourcing and consultancy.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £142,500. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Jeanette Ramsden
Auditor
Saffery LLP have expressed their willingness to continue in office.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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. She is 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.
Matters covered in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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. It has done so in respect of future developments and financial risk management.
Curve Group Holdings Limited
Director's report (continued)
For the year ended 31 October 2024
4
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Jeanette Ramsden
Director
29 January 2025
Curve Group Holdings Limited
Independent auditor's report
To the members of Curve Group Holdings Limited
5
Opinion
We have audited the financial statements of Curve Group Holdings Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 company's affairs as at 31 October 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.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director 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 director is 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.
Curve Group Holdings Limited
Independent auditor's report (continued)
To the members of Curve Group Holdings Limited
6
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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report 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 director's 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, 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 financial statements.
Curve Group Holdings Limited
Independent auditor's report (continued)
To the members of Curve Group Holdings Limited
7
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
Curve Group Holdings Limited
Independent auditor's report (continued)
To the members of Curve Group Holdings Limited
8
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.
Roger Weston
Senior Statutory Auditor
For and on behalf of Saffery LLP
29 January 2025
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Curve Group Holdings Limited
Statement of comprehensive income
For the year ended 31 October 2024
9
2024
2023
Notes
£
£
Turnover
3
12,386,582
12,214,436
Cost of sales
(8,787,297)
(7,579,256)
Gross profit
3,599,285
4,635,180
Administrative expenses
(3,573,000)
(4,863,774)
Other operating income
11,459
Operating profit/(loss)
4
26,285
(217,135)
Interest receivable and similar income
7
6,094
1,034
Interest payable and similar expenses
8
(27,247)
(8,485)
Profit/(loss) before taxation
5,132
(224,586)
Taxation
9
(4,269)
48,723
Profit/(loss) for the financial year
863
(175,863)
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 23 form part of these financial statements.
Curve Group Holdings Limited
Statement of financial position
As at 31 October 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
64,367
105,204
Investments
12
20
20
64,387
105,224
Current assets
Debtors
14
2,520,811
2,601,799
Cash at bank and in hand
637,188
566,087
3,157,999
3,167,886
Creditors: amounts falling due within one year
15
(1,918,974)
(1,841,124)
Net current assets
1,239,025
1,326,762
Total assets less current liabilities
1,303,412
1,431,986
Provisions for liabilities
Deferred tax liability
16
14,991
18,840
(14,991)
(18,840)
Net assets
1,288,421
1,413,146
Capital and reserves
Called up share capital
18
200
200
Share-based payment reserve
42,332
25,420
Profit and loss reserves
1,245,889
1,387,526
Total equity
1,288,421
1,413,146
The financial statements were approved and signed by the director and authorised for issue on 29 January 2025.
Jeanette Ramsden
Director
Company Registration No. 06774645
Curve Group Holdings Limited
Statement of changes in equity
For the year ended 31 October 2024
11
Share capital
Share-based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
200
12,301
1,713,389
1,725,890
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
(175,863)
(175,863)
Dividends
10
-
-
(150,000)
(150,000)
Share option charge
-
13,119
-
13,119
Balance at 31 October 2023
200
25,420
1,387,526
1,413,146
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
863
863
Dividends
10
-
-
(142,500)
(142,500)
Share option charge
-
16,912
-
16,912
Balance at 31 October 2024
200
42,332
1,245,889
1,288,421
Curve Group Holdings Limited
Notes to the financial statements
For the year ended 31 October 2024
12
1
Accounting policies
Company information
Curve Group Holdings Limited is a private company limited by shares incorporated and registered in England and Wales. The registered office is Charlton House Estate, Hinton-in-the-Hedges, Northamptonshire, NN13 5LH.
1.1
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Curve Group Topco Limited. These consolidated financial statements are available from its registered office, Charlton House Estate, Hinton-In-The-Hedges, Northamptonshire, United Kingdom, NN13 5LH.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The trueCompany made a profit before tax for the financial year of £5,132 and a positive EBITDA of £110,433 before exceptional costs. The Company’s trade was impacted by challenging market conditions in 2023/2024 in the recruitment sector. The Company undertook a review of its cost base and expects these changes to have a positive impact on the business.
Looking forward to 2025 and 2026 the director has prepared forecasts which indicate a forecasted return to profitability. The director expects the Company to remain cashflow positive allowing it to meet its liabilities as they fall due.
At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
13
1.3
Turnover
Turnover, which excludes value added tax, comprises the value of services undertaken by the company under its principal activity, which is the provision of recruitment consultancy services. This broadly consists of:
- turnover from contractor placements, representing fees billed for the services of contractors including their costs which is recognised when the service has been provided.
- turnover from permanent placements, representing fees billed for placing a candidate which is recognised on the start date of the candidate.
- turnover from pre-employment screening and vetting, which is recognised when the service has been provided.
- turnover from human resources outsourcing is recognised when the service has been provided.
Turnover not invoiced at the balance sheet date is included within accrued income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Software
33% straight line
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 credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
14
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.
1.7
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.
1.8
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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, 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.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
15
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 company 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 company 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
16
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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 stock or 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.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they became payable in accordance with the rules of the scheme.
1.13
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 using the Black-Scholes model. 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.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
17
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.
The fair value of the equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company's estimate of shares or options that will eventually vest.
1.14
Leases
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 leases asset are consumed.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Permanent recruitment
2,294,469
3,417,811
Contractors
8,880,225
6,918,565
HR Services
713,011
715,136
Recharges
498,877
1,162,924
12,386,582
12,214,436
2024
2023
£
£
Other significant revenue
Grants received
-
11,459
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
3
Turnover and other revenue (continued)
18
All services provided during the current and previous year were within the UK.
Grants received in the prior year relate to the Government Covid additional relief fund. No conditions or contingencies were attached to the government grant and amounts were not required to be repaid.
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
18,450
Depreciation of owned tangible fixed assets
36,296
57,470
Loss/(profit) on disposal of tangible fixed assets
4,690
(150)
Share-based payments
16,912
13,119
Operating lease charges
39,888
63,802
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Talent management, support and administrative team
57
86
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,395,253
3,395,869
Social security costs
214,738
320,754
Pension costs
60,297
88,973
2,670,288
3,805,596
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
9,568
10,243
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
19
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,106
1,022
Other interest income
988
12
Total income
6,094
1,034
8
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
27,247
8,485
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,118
(30,978)
Deferred tax
Origination and reversal of timing differences
(3,849)
(17,745)
Total tax charge/(credit)
4,269
(48,723)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
5,132
(224,586)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
1,283
(50,532)
Tax effect of expenses that are not deductible in determining taxable profit
6,266
4,180
Group relief
(1,971)
(5,951)
Permanent capital allowances in excess of depreciation
3,580
Tax at marginal rate
(1,309)
Taxation charge/(credit) for the year
4,269
(48,723)
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
20
10
Dividends
2024
2023
£
£
Interim voted and paid
142,500
150,000
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Software
Total
£
£
£
£
Cost
At 1 November 2023
212,991
51,937
104,735
369,663
Additions
149
149
Disposals
(16,038)
(16,038)
At 31 October 2024
196,953
52,086
104,735
353,774
Depreciation and impairment
At 1 November 2023
140,671
42,842
80,946
264,459
Depreciation charged in the year
15,312
2,054
18,930
36,296
Eliminated in respect of disposals
(11,348)
(11,348)
At 31 October 2024
144,635
44,896
99,876
289,407
Carrying amount
At 31 October 2024
52,318
7,190
4,859
64,367
At 31 October 2023
72,320
9,095
23,789
105,204
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
20
20
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
21
13
Subsidiaries
These financial statements are separate company financial statements for Curve Group Holdings Limited.
Curve Group Holdings Limited has 100% ownership of one dormant subsidiary, of which the details are set out below. Group accounts have not been prepared due to the fact that the subsidiary was dormant in the current and prior year.
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Curve Recruiting Limited
England and Wales
Dormant
Ordinary shares
100
The registered office of the subsidiary is Charlton House Estate, Hinton-in-the-Hedges, Northamptonshire, NN13 5LH.
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
633,517
1,034,003
Corporation tax recoverable
30,978
Amounts owed by group undertakings
752,863
643,863
Other debtors
1,134,431
892,955
2,520,811
2,601,799
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,084,029
935,579
Corporation tax
8,118
Other taxation and social security
229,188
301,946
Other creditors
173,079
220,291
Net obligations under invoice finance arrangements
424,560
383,308
1,918,974
1,841,124
The liability due under the company invoice finance facility is secured against the book debt of the company as well as a fixed and floating charge secured over all the assets of the company.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
22
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
16,092
26,301
Tax losses
-
(5,951)
Short term timing differences
(1,101)
(1,510)
14,991
18,840
2024
Movements in the year:
£
Liability at 1 November 2023
18,840
Credit to profit or loss
(3,849)
Liability at 31 October 2024
14,991
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,297
88,973
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
7,700 Ordinary A Shares of 1p each
77
77
7,700 Ordinary B Shares of 1p each
77
77
4,600 Ordinary C Shares of 1p each
46
46
200
200
Each class of share has full and equal rights to participate in voting in all circumstances and to receive any available profits in the form of dividends in such amounts and/or proportions as the board may determine.
Curve Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
23
19
Share-based payment transactions
During the year, a charge of £16,912 (2023 - £13,119) was recognised in relation to share options in the parent company Curve Group Topco Limited held by the employees of the Company.
20
Financial commitments, guarantees and contingent liabilities
At the year end, the company was party to an unlimited multilateral guarantee with Curve Group Topco Limited, for amounts owed to HSBC Bank Plc amounting to £nil (2023 - £145,131).
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
39,324
22
Related party transactions
The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
During the year, payments were made to a company wholly owned by a current shareholder of the group for services totalling £22,714 (2023 - £10,531).
23
Ultimate controlling party
Curve Group Holdings Limited is a wholly owned subsidiary of Curve Group Topco Limited.
Curve Group Topco Limited, the ultimate parent company, prepares consolidated financial statements, in which Curve Group Holdings Limited is included. The registered office of of Curve Group Topco Limited is Charlton House Estate, Hinton-In-The-Hedges, Northamptonshire, United Kingdom, NN13 5LH.
The ultimate controlling party is deemed to be Jeanette Ramsden by virtue of her shareholding in the parent company.
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