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Registered number: NI029155










Industrial Temps Limited










Annual Report and Financial Statements

For the Year Ended 30 April 2024

 
Industrial Temps Limited
 

Company Information


Directors
Mr Liam O'Loane 
Mrs Marie O'Loane 




Company secretary
Mrs Marie O'Loane



Registered number
NI029155



Registered office
Park House
87-91 Great Victoria Street

Belfast

BT2 7AG




Independent auditors
Sumer AuditCo NI Limited
Statutory Auditors

Glendinning House

6 Murray Street

Belfast

BT1 6DN




Bankers
Bank of Ireland
1 Donegall Square South

Belfast

BT1 5LR





Ulster Bank

11-16 Donegall Square East

Belfast

BT1 5HD





AIB (NI)

92 Ann Street

Belfast

BT1 3HH





 
Industrial Temps Limited
 

Contents



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Statement of Cash Flows
 
10 - 11
Notes to the Financial Statements
 
12 - 25


 
Industrial Temps Limited
 

Strategic Report
For the Year Ended 30 April 2024

Introduction
 
The directors present their strategic report for the year ended 30 April 2024. The directors, in preparing this
strategic report, have complied with s414C of the Companies Act 2006

Business review
 
The principal activity of the company continued to be that of the temporary and permanent placing of employees.
The company performance was satisfactory in difficult trading conditions. The directors continue to closely
monitor and analyse customer service levels and market conditions.

Principal risks and uncertainties
 
The principal risks facing the company are margin and regularity. The company has appropriate controls in place to manage these risks.

Financial key performance indicators
 
The directors consider turnover, gross profit margin and profit before tax to be the main measures of financial
performance. There has been an increase in turnover in the year to £24,674k from £21,506k in 2023. Gross margin has decreased to 11.0% from 12.6% in 2023. Operating profit decreased from £1,253k to £1,194k.


This report was approved by the board on 29 January 2025 and signed on its behalf.



Mr Liam O'Loane
Director

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Page 1

 
Industrial Temps Limited
 

 
Directors' Report
For the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £898,951 (2023: £1,015,899).

The dividends of £395,060 were paid to shareholders during the year (2023: £363,476)

Directors

The directors who served during the year were:

Mr Liam O'Loane 
Mrs Marie O'Loane 

Future developments

The directors consider that both the results for the year and the trading prospects to be satisfactory and expect
the current level of performance to be maintained into the future.

Engagement with employees

During the year, the policy of providing employees with information about the company has been continued
through internal media methods in which employees have also been ecouraged to present their suggestions and
views on the company's performance.

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Industrial Temps Limited
 

 
Directors' Report (continued)
For the Year Ended 30 April 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsSumer AuditCo NI Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 January 2025 and signed on its behalf.
 





Mr Liam O'Loane
Director

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Industrial Temps Limited
 

 
Independent Auditors' Report to the Members of Industrial Temps Limited
 

Opinion


We have audited the financial statements of Industrial Temps Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows 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 Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


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Industrial Temps Limited
 

 
Independent Auditors' Report to the Members of Industrial Temps 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 directors are 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


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Page 5

 
Industrial Temps Limited
 

 
Independent Auditors' Report to the Members of Industrial Temps Limited (continued)


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 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:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: posting of unusual journals. We discussed this risk with client management, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address this risk.


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.


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.





Adrian Patton (Senior Statutory Auditor)
for and on behalf of
Sumer AuditCo NI Limited
Statutory Auditors
Glendinning House
6 Murray Street
Belfast
BT1 6DN

29 January 2025
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Industrial Temps Limited
 

Statement of Comprehensive Income
For the Year Ended 30 April 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,674,561
21,506,659

Cost of sales
  
(21,949,730)
(18,802,299)

Gross profit
  
2,724,831
2,704,360

Administrative expenses
  
(1,587,050)
(1,451,718)

Fair value movements
  
56,635
-

Operating profit
 5 
1,194,416
1,252,642

Amounts written off investments
  
(56,000)
-

Interest receivable and similar income
 8 
44,259
12,128

Profit before tax
  
1,182,675
1,264,770

Tax on profit
 9 
(283,724)
(248,871)

Profit for the financial year
  
898,951
1,015,899

Other comprehensive income for the year
  

Total comprehensive income for the year
  
898,951
1,015,899

The notes on pages 12 to 25 form part of these financial statements.

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Industrial Temps Limited
Registered number: NI029155

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
27,961
41,701

Investments
 11 
-
56,000

  
27,961
97,701

Current assets
  

Debtors: amounts falling due within one year
 12 
5,183,094
4,974,170

Current asset investments
  
1,754,603
-

Cash at bank and in hand
 14 
3,735,312
4,413,965

  
10,673,009
9,388,135

Creditors: amounts falling due within one year
 15 
(2,603,821)
(1,871,211)

Net current assets
  
 
 
8,069,188
 
 
7,516,924

Total assets less current liabilities
  
8,097,149
7,614,625

Creditors: amounts falling due after more than one year
 16 
-
(13,623)

Provisions for liabilities
  

Deferred tax
 19 
-
(7,744)

  
 
 
-
 
 
(7,744)

Net assets
  
8,097,149
7,593,258


Capital and reserves
  

Called up share capital 
 20 
3
3

Profit and loss account
 21 
8,097,146
7,593,255

  
8,097,149
7,593,258


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.


Mr Liam O'Loane
Director

The notes on pages 12 to 25 form part of these financial statements.

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Industrial Temps Limited
 

Statement of Changes in Equity
For the Year Ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
3
6,940,832
6,940,835


Comprehensive income for the year

Profit for the year
-
1,015,899
1,015,899


Contributions by and distributions to owners

Dividends: Equity capital
-
(363,476)
(363,476)



At 1 May 2023
3
7,593,255
7,593,258


Comprehensive income for the year

Profit for the year
-
898,951
898,951


Contributions by and distributions to owners

Dividends: Equity capital
-
(395,060)
(395,060)


At 30 April 2024
3
8,097,146
8,097,149


The notes on pages 12 to 25 form part of these financial statements.

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Page 9

 
Industrial Temps Limited
 

Statement of Cash Flows
For the Year Ended 30 April 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
898,951
1,015,899

Adjustments for:

Depreciation of tangible assets
18,327
17,577

Impairments of fixed assets
56,000
-

Interest received
(44,259)
(12,128)

Taxation charge
283,724
248,871

(Increase) in debtors
(208,077)
(1,099,223)

Decrease/(increase) in amounts owed by groups
14,358
(48,975)

Increase in creditors
732,814
214,851

Net fair value (gains)/losses recognised in P&L
(56,635)
-

Corporation tax (paid)
(246,472)
(60,332)

Net cash generated from operating activities

1,448,731
276,540


Cash flows from investing activities

Purchase of tangible fixed assets
(4,587)
(24,823)

Purchase of short-term unlisted investments
(1,698,000)
-

Sale of short-term unlisted investments
33
-

Interest received
44,259
12,128

Net cash from investing activities

(1,658,295)
(12,695)

Cash flows from financing activities

Repayment of loans
(13,623)
(23,213)

Dividends paid
(455,466)
(211,476)

Net cash used in financing activities
(469,089)
(234,689)

Net (decrease)/increase in cash and cash equivalents
(678,653)
29,156

Cash and cash equivalents at beginning of year
4,413,965
4,384,809

Cash and cash equivalents at the end of year
3,735,312
4,413,965


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,735,312
4,413,965

3,735,312
4,413,965


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Page 10

 
Industrial Temps Limited
 
The notes on pages 12 to 25 form part of these financial statements.

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Page 11

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

Industrial Temps Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the appropriateness of the going concern basis for the preparation of the accounts and confirm there is no material uncertainties that cast doubt on the Company's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company 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.

 
2.5

Interest income

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

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a
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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.7
Pensions (continued)

'finance expense'.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
15%

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.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

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.

 
2.12

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 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 Company's cash management.

 
2.13

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.

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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


 
2.16

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

No judgements have been made in the process of applying the above accounting policies (apart from those involving estimates). There were no key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 


4.


Turnover

The whole of the turnover is attributable to principle activity of the business.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
18,326
17,577

Fees payable to the Company's auditor
9,300
8,400

Other operating lease rentals
93,693
105,349

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Page 16

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
14,451,889
9,390,452

Contractor salaries
7,288,128
9,548,779

Social security costs
1,075,139
698,860

Cost of defined contribution scheme
144,429
78,592

22,959,585
19,716,683


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


        2024
        2023
            No.
            No.







Admin
35
33



Temps
636
443

671
476


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
18,200
18,243

18,200
18,243



8.


Interest receivable

2024
2023
£
£


Other interest receivable
44,259
12,128

44,259
12,128

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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
307,749
246,471


307,749
246,471


Total current tax
307,749
246,471

Deferred tax


Origination and reversal of timing differences
(24,025)
2,400

Total deferred tax
(24,025)
2,400


Tax on profit
283,724
248,871

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,182,675
1,264,770


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.49%)
295,669
246,544

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,128
-

Capital allowances for year in excess of depreciation
2,952
(3,203)

Other timing differences leading to an increase (decrease) in taxation
(24,025)
5,530

Total tax charge for the year
283,724
248,871


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

10.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
131,385
8,500
91,699
233,037
464,621


Additions
-
-
1,227
3,360
4,587



At 30 April 2024

131,385
8,500
92,926
236,397
469,208



Depreciation


At 1 May 2023
131,148
3,683
89,487
198,603
422,921


Charge for the year on owned assets
59
1,700
2,431
14,136
18,326



At 30 April 2024

131,207
5,383
91,918
212,739
441,247



Net book value



At 30 April 2024
178
3,117
1,008
23,658
27,961



At 30 April 2023
238
4,817
2,212
34,434
41,701

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Page 19

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

11.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 May 2023
319,061
224,000
543,061



At 30 April 2024

319,061
224,000
543,061



Impairment


At 1 May 2023
319,061
168,000
487,061


Charge for the period
-
56,000
56,000



At 30 April 2024

319,061
224,000
543,061



Net book value



At 30 April 2024
-
-
-



At 30 April 2023
-
56,000
56,000


12.


Debtors

2024
2023
£
£


Trade debtors
4,774,405
4,577,326

Amounts owed by group undertakings
324,290
306,166

Other debtors
6,046
21,613

Prepayments and accrued income
62,072
69,065

Deferred taxation
16,281
-

5,183,094
4,974,170


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Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

13.


Current asset investments

2024
2023
£
£

Unlisted investments
1,754,603
-

1,754,603
-



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,735,312
4,413,965

3,735,312
4,413,965



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
54,571
57,346

Corporation tax
307,749
246,471

Other taxation and social security
1,121,949
691,213

Other creditors
792,651
534,860

Accruals and deferred income
326,901
341,321

2,603,821
1,871,211


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Page 21

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
13,623

-
13,623


The following liabilities were secured:




Details of security provided:

The company has secured borrowing facilities in place, supported by the following security arrangements:
Floating Debenture: A floating charge has been granted over the company's general assets, which allows for ongoing business operations while providing security for creditors. This charge covers inventory, trade receivables, and other moveable assets.
Fixed and Floating Charge: A fixed charge has been registered against specific identified assets such as property, plant, and equipment. Additionally, a floating charge remains over other assets to ensure security flexibility.


17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
-
13,623


-
13,623


-
13,623


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Page 22

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,735,312
4,413,965




Financial assets measured at fair value through profit or loss comprise bank balances.


19.


Deferred taxation




2024
2023


£

£






At beginning of year
(7,744)
(5,344)


Charged to profit or loss
24,025
(2,400)



At end of year
16,281
(7,744)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
16,281
(7,744)

16,281
(7,744)

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Page 23

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



 A Ordinary shares of £0.001 each
1.275
1.275
 B Ordinary shares of £0.001 each
1.275
1.275
 C Ordinary shares of £0.001 each
0.150
0.150
 D Ordinary shares of £0.001 each
0.150
0.150
 E Ordinary shares of £0.001 each
0.150
0.150

3.000

3.000



21.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


22.


Pension commitments

Defined Contribution
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £144,428 (2023: £78,592). Contributions totalling £136,461 (2023: £126,524) were payable to the fund at the balance sheet date.

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Page 24

 
Industrial Temps Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

23.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
55,250
46,350

Later than 1 year and not later than 5 years
170,200
126,000

Later than 5 years
18,375
50,400

243,825
222,750

2024
2023

£
£


Not later than 1 year
17,637
15,308

Later than 1 year and not later than 5 years
25,261
30,829

42,898
46,137


24.


Related party transactions

Transactions with Associated Companies
As at 30 April 2024, the balance owed from Nursing and Caring Direct Limited was £317,364 in respect of outstanding charges.
Dividends Paid to Directors
During the year, dividends totaling £395,060 were declared and paid to the directors of the company. The directors’ shareholdings and entitlement to dividends are disclosed in the Directors' Report.
The Company is controlled by its board of directors.


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Page 25