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Registered number: 04261107






TIGER RECRUITMENT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
TIGER RECRUITMENT LIMITED
 
 
COMPANY INFORMATION


Director
David Morel 




Company secretary
Calder & Co (Registrars) Limited



Registered number
04261107



Registered office
Calder & Co
30 Orange Street

London

WC2H 7HF




Independent auditors
Calders (1883) LLP
Chartered Accountants & Statutory Auditors

30 Orange Street

London

WC2H 7HF





 
TIGER RECRUITMENT LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated statement of financial position
 
11 - 12
Company statement of financial position
 
13 - 14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 36


 
TIGER RECRUITMENT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
The director presents his strategic report on Tiger Recruitment Group Limited (the “Group”) for the period ended 31 December 2023. All narrative and quantitative information is unaudited unless stated otherwise. 


Activities

The principal activity of the Group continues to be the provision of temporary and permanent staffing placements for support and specialist roles across a broad spectrum of disciplines in both the public and private sector.
 
Tiger Recruitment Ltd, being the parent company, is domiciled in the United Kingdom and the address of its registered office 30 Orange Street, London, WC2H 7HF. Other members of the group are based in Zurich and in New York.

Business review

The recruitment sector is one that has been greatly impacted by the general economic uncertainty that has challenged the global economy since the Coronavirus pandemic. Rising inflation, a cost-of-living crisis, political uncertainty in the UK and violent conflicts in Ukraine and the Middle East, has negatively influenced both candidate and client confidence. 
Over this period, the Group has seen an increase in temporary staffing services and a corresponding reduction in demand for permanent placements, particularly in the UK. This has resulted in a decline in gross profit compared with the previous year.
A continuation of the increase seen internally towards the end of the period, that continued through to 2024, will mitigate further reductions within the permanent service division.


Principal risks and uncertainties
Systems and controls are in place to manage and mitigate risks at all times. The Group monitors its potential risk exposure on an on going basis. Where relevant, some of the risks are monitored in real time. Where this is not relevant or practical, these are monitored on a daily, weekly or monthly basis. The following are the key risks impacting the Company: Market risk, Counterparty credit risk, Liquidity risk and Operational risk.
The Group’s strategic team continues to take action to reduce the cost base to ensure improvement of profitability of the business. 


Liquidity risk

Liquidity risk is the risk that the company will fail to meet its financial obligations as they fall due. The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable demands. It does this primarily by managing its cash balances and creditor days in an effective manner. 

Financial key performance indicators
 The director believes the following to be the Group's financial key performance indicators:
 
2023
2022
Gross Profit Margin
49.74%
54.44%
Client Balances
945,906
935,978

The Group's results are in line with management expectations for the period.

Page 1

 
TIGER RECRUITMENT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other key performance indicators
As the company's relevant risks are managed at group level, the director believes that analysis using other key performance indicators for the company in isolation is not necessary or appropriate for an understanding of its development, performance or market position. 


Regulatory changes

Regulatory changes in employment and worker rights continue to be at the forefront of the political arena and further changes are anticipated. Such regulation, influenced by modern, flexibly employment models, require commitment to ensure compliance both internally and in client communication.
Through a robust compliance team, we monitor employment and worker rights globally to proactively ensure action and mange impact in advance of regulatory changes.

Director's statement of compliance with duty to promote the success of the Company

The Director acts in a way that they consider, in good faith, to be most likely to promote the success of the Group for the benefit of its shareholders, employees and customers as a whole, in line with the Group’s BCorp Certification, and in so doing have regard, amongst other matters, to:

the likely long term consequences of any decision;
• the interests of the Group’s employees;
• the need to foster the Group’s business relationships with suppliers, customers and others;
• the impact of the Group's operations on the community and the environment;
• the desirability of the Group maintaining a reputation for high standards of business conduct; and
 
• the need to act fairly as between shareholders, employees and customers of the company.


This report was approved by the board on 30 January 2025 and signed on its behalf.



................................................
David Morel
Director

Page 2

 
TIGER RECRUITMENT LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group during the period under review was that of the provision of temporary and permanent staffing placements. Tiger Recruitment Ltd, being the parent company, is domiciled in the United Kingdom and the address of its registered office 30 Orange Street, London, WC2H 7HF. Tiger Recruitment Ltd (DMCC Branch) operated in Dubai under licence. Other members of the group are based in Zurich and in New York.

Results and dividends

The profit for the year, after taxation, amounted to £549,685 (2022 - £2,114,253).

Dividends paid during the year amounted to £624,000 (2022 - £2,170,000). 

Director

The director who served during the year was:

David Morel 

Page 3

 
TIGER RECRUITMENT LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments
2023 has seen consolidation of the Group during a period of global economic unrest. Investment has been made in subsidiaries in Switzerland and the United States and steps were taken to incorporate the Dubai branch; the incorporation being completed in early 2024.
The reduction in Group turnover in 2023 is a reflection of the constraints applied by the Global economy. During this period of economic uncertainty, the Group has continued to benefit from being unencumbered by debt.
Despite Global and political uncertainty, the Group has shown a resilient performance in 2023. A balanced client portfolio and no borrowings continue to contribute to that resilience as the Group move forward to 2024 which will see investment in internal systems, to further protect against risk, and continued development, both in the UK and in the international members of the group.

Employee Engagement

The global HR team leads employee engagement from the Group’s UK office. We place the highest value in our Employees, we recognise their contribution to the success of the Group and their wellbeing is in the forefront of all our operating decisions. Attention has been paid to ensure our Employees have a safe and comfortable workplace, with Employees encouraged to engage on office suitability.
Our Employee engagement programs include our Group Diversity and Inclusion Committee, CSR committee, and BCorp Group, all led by Employees and facilitated by Senior Management. Involvement is encouraged by regular monthly committee meetings, events, and feedback on activities.
Weekly briefings, local management meetings and quarterly Global live events are held to ensure all employees in the Group are involved in the Group’s activities, decision making and reward processes. Employees are encouraged to recognise anniversaries and performance at these events and to gain an understanding of the Group’s financial activities.
Tiger Recruitment Ltd coordinates these activities on behalf of the Group.
Tiger Recruitment GmbH and Tiger Recruitment Inc. recognise the importance of the Global HR strategy in ensuring Group employees are kept in the forefront of the decision-making process and invests equally in the programs provided by the Group’s HR team.

Charitable Donations

Charitable donations in 2023 are £7,848 (2022: £21,031) 

Financial Risk Management

Credit risk and liquidity risk are at the centre of financial risks to the Group. The use of credit checks and a robust credit control team minimise the risk and the impact of bad debts. Cash flow forecasting and intelligent performance analysis against agreed targets are used to manage liquidity risk.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 4

 
TIGER RECRUITMENT LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 January 2025 and signed on its behalf.
 





................................................
David Morel
Director

Page 5

 
TIGER RECRUITMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RECRUITMENT LIMITED
 

Opinion


We have audited the financial statements of TIGER RECRUITMENT LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
TIGER RECRUITMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RECRUITMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
TIGER RECRUITMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RECRUITMENT LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.


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:

Discussions were held with management with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax and Pensions legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business include GDPR regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of inquiries of management as to whether the entity complies with such laws and regulations, enquiries with the same concerning any actual or potential litigation or claims, testing the appropriateness of entries in the nominal ledger, including journal entries, reviewing transactions around the end of the reporting period and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
 
Page 8

 
TIGER RECRUITMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RECRUITMENT LIMITED (CONTINUED)



No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The financial statements of the prior period were unaudited. 


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.





Jennifer Davis (Senior statutory auditor)
for and on behalf of
Calders (1883) LLP
Chartered Accountants & Statutory Auditors
30 Orange Street
London
WC2H 7HF

30 January 2025
Page 9

 
TIGER RECRUITMENT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,620,199
14,394,226

Cost of sales
  
(7,348,469)
(6,558,451)

Gross profit
  
7,271,730
7,835,775

Administrative expenses
  
(6,442,513)
(5,196,958)

Operating profit
 5 
829,217
2,638,817

Interest receivable and similar income
 9 
14,449
8,794

Interest payable and similar expenses
 10 
(4,447)
-

Profit before taxation
  
839,219
2,647,611

Tax on profit
 11 
(289,534)
(533,358)

Profit for the financial year
  
549,685
2,114,253

  

Total comprehensive income for the year
  
549,685
2,114,253

Profit for the year attributable to:
  

Owners of the parent Company
  
549,685
2,114,253

  
549,685
2,114,253

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 36 form part of these financial statements.

Page 10

 
TIGER RECRUITMENT LIMITED
REGISTERED NUMBER: 04261107

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
14,411
15,721

Tangible assets
 14 
39,473
50,332

  
53,884
66,053

Current assets
  

Debtors: amounts falling due after more than one year
 16 
23,037
5,496

Debtors: amounts falling due within one year
 16 
2,353,022
1,460,251

Cash at bank and in hand
 17 
868,668
1,545,513

  
3,244,727
3,011,260

Creditors: amounts falling due within one year
 18 
(2,288,897)
(2,001,942)

Net current assets
  
 
 
955,830
 
 
1,009,318

Total assets less current liabilities
  
1,009,714
1,075,371

Provisions for liabilities
  

Deferred taxation
  
(8,658)
-

  
 
 
(8,658)
 
 
-

Net assets excluding pension asset
  
1,001,056
1,075,371

Net assets
  
1,001,056
1,075,371


Capital and reserves
  

Called up share capital 
 21 
900
900

Profit and loss account
 22 
1,000,156
1,074,471

Equity attributable to owners of the parent Company
  
1,001,056
1,075,371

  
1,001,056
1,075,371


Page 11

 
TIGER RECRUITMENT LIMITED
REGISTERED NUMBER: 04261107
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.




................................................
David Morel
Director

The notes on pages 19 to 36 form part of these financial statements.

Page 12

 
TIGER RECRUITMENT LIMITED
REGISTERED NUMBER: 04261107

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
33,001
44,741

Investments
 15 
16,573
16,573

  
49,574
61,314

Current assets
  

Debtors: amounts falling due within one year
 16 
2,705,507
1,743,846

Cash at bank and in hand
 17 
699,044
1,210,543

  
3,404,551
2,954,389

Creditors: amounts falling due within one year
 18 
(2,134,435)
(1,914,644)

Net current assets
  
 
 
1,270,116
 
 
1,039,745

Total assets less current liabilities
  
1,319,690
1,101,059

  

Provisions for liabilities
  

Deferred taxation
  
(8,658)
-

  
 
 
(8,658)
 
 
-

Net assets excluding pension asset
  
1,311,032
1,101,059

Net assets
  
1,311,032
1,101,059


Capital and reserves
  

Called up share capital 
 21 
900
900

Profit and loss account brought forward
  
1,100,159
1,226,710

Profit for the year
  
833,973
2,043,449

Other changes in the profit and loss account

  

(624,000)
(2,170,000)

Profit and loss account carried forward
  
1,310,132
1,100,159

  
1,311,032
1,101,059


Page 13

 
TIGER RECRUITMENT LIMITED
REGISTERED NUMBER: 04261107
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.


................................................
David Morel
Director

The notes on pages 19 to 36 form part of these financial statements.

Page 14

 
TIGER RECRUITMENT LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
900
1,130,218
1,131,118


Comprehensive income for the year

Profit for the year
-
2,114,253
2,114,253
Total comprehensive income for the year
-
2,114,253
2,114,253


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,170,000)
(2,170,000)


Total transactions with owners
-
(2,170,000)
(2,170,000)



At 1 January 2023
900
1,074,471
1,075,371


Comprehensive income for the year

Profit for the year
-
549,685
549,685
Total comprehensive income for the year
-
549,685
549,685


Contributions by and distributions to owners

Dividends: Equity capital
-
(624,000)
(624,000)


Total transactions with owners
-
(624,000)
(624,000)


At 31 December 2023
900
1,000,156
1,001,056


The notes on pages 19 to 36 form part of these financial statements.

Page 15

 
TIGER RECRUITMENT LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
900
1,226,710
1,227,610


Comprehensive income for the year

Profit for the year
-
2,043,449
2,043,449
Total comprehensive income for the year
-
2,043,449
2,043,449


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,170,000)
(2,170,000)


Total transactions with owners
-
(2,170,000)
(2,170,000)



At 1 January 2023
900
1,100,159
1,101,059


Comprehensive income for the year

Profit for the year
-
833,973
833,973
Total comprehensive income for the year
-
833,973
833,973


Contributions by and distributions to owners

Dividends: Equity capital
-
(624,000)
(624,000)


Total transactions with owners
-
(624,000)
(624,000)


At 31 December 2023
900
1,310,132
1,311,032


The notes on pages 19 to 36 form part of these financial statements.

Page 16

 
TIGER RECRUITMENT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
549,685
2,114,253

Adjustments for:

Amortisation of intangible assets
1,310
1,310

Depreciation of tangible assets
26,340
28,653

Interest paid
4,447
-

Interest received
(14,449)
(8,794)

Taxation charge
289,534
533,358

(Increase) in debtors
(910,312)
(271,665)

Increase in creditors
286,955
302,978

Corporation tax (paid)
(298,695)
(202,504)

Foreign exchange
17,818
(2,256)

Net cash generated from operating activities

(47,367)
2,495,333


Cash flows from investing activities

Purchase of tangible fixed assets
(15,480)
(34,855)

Interest received
14,449
8,794

Net cash from investing activities

(1,031)
(26,061)

Cash flows from financing activities

Dividends paid
(624,000)
(2,170,000)

Interest paid
(4,447)
-

Net cash used in financing activities
(628,447)
(2,170,000)

Net (decrease)/increase in cash and cash equivalents
(676,845)
299,272

Cash and cash equivalents at beginning of year
1,545,513
1,246,241

Cash and cash equivalents at the end of year
868,668
1,545,513


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
868,668
1,545,513

868,668
1,545,513


The notes on pages 19 to 36 form part of these financial statements.

Page 17

 
TIGER RECRUITMENT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,545,513

(676,845)

868,668

Debt due within 1 year

-

-

-


1,545,513
(676,845)
868,668

The notes on pages 19 to 36 form part of these financial statements.

Page 18

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tiger Recruitment Ltd, is a private company limited by share capital, incorporated in England and Wales on 30 July 2001, registration number 04261107. The address of the registered office is Calder & Co, 30 Orange Street, London, United Kingdom, WC2H 7HF.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The director considers that it is appropriate for the accounts to be prepared on a going concern basis for this period.

Page 19

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable at the point in time, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Revenue arising from the permanent placement of candidate is recognised at the point in time that candidate commences employment. The revenue recognised from a permanent placement is typically based on a percentage of the candidate’s remuneration package.


Revenue arising from temporary placements is recognised at the point in time that the temporary   workers are provided. This represents the amount billed to the client for temporary workers, including the temporary workers’ remuneration costs. The commission included in the revenue recognised is typically based on a percentage of the workers’ hourly rate.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 20

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 interests 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 values 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 reporting date.


Page 21

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Start up costs
-
15
years on a straight line basis 

 
2.12

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:

Plant and machinery
-
33%
straight line basis
Office equipment
-
25%
straight line basis

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 24

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
 
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
 
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
 
Prepayments & Accrued Expenditure
 
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
 

Page 25

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Permanent placements
5,146,825
5,919,403

Temporary placements
9,456,487
8,466,817

Other income
16,887
8,006

14,620,199
14,394,226


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,433,560
13,561,529

Rest of Europe
472,665
12,238

Rest of the world
713,974
820,459

14,620,199
14,394,226



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
17,816
(27,373)

Other operating lease rentals
617,088
458,253


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,000
-

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
11,561
-

Page 26

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,062,650
3,531,567
3,388,602
3,146,285

Social security costs
1,082,048
955,964
1,006,196
920,412

Cost of defined contribution scheme
155,459
97,298
134,743
94,757

5,300,157
4,584,829
4,529,541
4,161,454


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
1
1
1
1



Employees
210
229
190
222

211
230
191
223


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
6,400
6,250

6,400
6,250



9.


Interest receivable

2023
2022
£
£


Other interest receivable
14,449
8,794

14,449
8,794

Page 27

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
4,447
-

4,447
-


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
279,739
486,190

Adjustments in respect of previous periods
-
(39)


279,739
486,151

Foreign tax


Foreign tax on income for the year
1,137
47,207

1,137
47,207

Total current tax
280,876
533,358

Deferred tax


Origination and reversal of timing differences
8,658
-

Total deferred tax
8,658
-


Tax on profit
289,534
533,358
Page 28

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is £289,534 (2022 - £533,358) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
839,219
2,647,611


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
209,805
503,046

Effects of:


Capital allowances for year in excess of depreciation
(2,143)
-

Higher rate taxes on overseas earnings
1,137
47,207

Other differences leading to an increase (decrease) in the tax charge
80,735
(16,895)

Total tax charge for the year
289,534
533,358


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
624,000
2,170,000

624,000
2,170,000

Page 29

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group and Company





Start up costs

£



Cost


At 1 January 2023
19,651



At 31 December 2023

19,651



Amortisation


At 1 January 2023
3,930


Charge for the year
1,310



At 31 December 2023

5,240



Net book value



At 31 December 2023
14,411



At 31 December 2022
15,721



Page 30

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
8,212
167,550
175,762


Additions
3,013
12,467
15,480



At 31 December 2023

11,225
180,017
191,242



Depreciation


At 1 January 2023
2,621
122,809
125,430


Charge for the year 
2,834
23,505
26,339



At 31 December 2023

5,455
146,314
151,769



Net book value



At 31 December 2023
5,770
33,703
39,473



At 31 December 2022
5,591
44,741
50,332

Page 31

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Office equipment

£

Cost or valuation


At 1 January 2023
167,550


Additions
11,765



At 31 December 2023

179,315



Depreciation


At 1 January 2023
122,809


Charge for the year
23,505



At 31 December 2023

146,314



Net book value



At 31 December 2023
33,001



At 31 December 2022
44,741







15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
16,573



At 31 December 2023
16,573




Page 32

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Tiger People Limited
Ireland
100%
Tiger Recruitment Incorporated
USA
100%
Tiger Recruitment GmbH
Switzerland
100%


16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Prepayments and accrued income
23,037
5,496
-
-

23,037
5,496
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
945,906
935,978
819,382
878,342

Amounts owed by joint ventures and associated undertakings
-
-
557,520
377,061

Other debtors
1,224,349
414,620
1,208,665
395,739

Prepayments and accrued income
135,875
109,653
119,940
92,704

Tax recoverable
46,892
-
-
-

2,353,022
1,460,251
2,705,507
1,743,846



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
868,668
1,545,513
699,044
1,210,543

868,668
1,545,513
699,044
1,210,543


Page 33

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
95,738
91,595
81,590
87,150

Corporation tax
482,222
533,545
482,222
486,173

Other taxation and social security
688,695
902,111
643,688
883,085

Other creditors
561,031
186,840
486,223
186,257

Accruals and deferred income
461,211
287,851
440,712
271,979

2,288,897
2,001,942
2,134,435
1,914,644


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


PAYE/NI control
288,651
314,977
258,677
295,951

VAT control
400,044
587,133
385,011
587,133

(688,695)
(902,110)
(643,688)
(883,084)



19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
868,668
868,668
699,044
1,210,543




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 34

 
TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group



2023


£






Charged to profit or loss
(8,658)



At end of year
(8,658)

Company


2023


£






Charged to profit or loss
(8,658)



At end of year
(8,658)

Group
Company
2023
2023
£
£

Accelerated capital allowances
(8,658)
(8,658)

(8,658)
(8,658)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



900 (2022 - 900) Ordinary shares of £1.00 each
900
900



22.


Reserves

Profit and loss account

The profit and loss account is fully distributable.

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TIGER RECRUITMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Related party transactions

At the balance sheet date, a shareholder and director, owed the company £823,018 (2022: £474,910), Interest was charged on all outstanding balances at 2.25% (2022: 2%).


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £73,584 (Company: £58,948).


25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
553,191
530,937
470,586
461,209

Later than 1 year and not later than 5 years
765,008
275,319
682,560
275,319

1,318,199
806,256
1,153,146
736,528


26.


Controlling party

The ultimate controlling party is Mr D Morel.

 
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