Company Registration No. 05061774 (England and Wales)
FIRST POINT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
FIRST POINT GROUP LIMITED
COMPANY INFORMATION
Directors
A J Rynish
D J Taylor
Secretary
D J Taylor
Company number
05061774
Registered office
2nd Floor
85 Newman Street
London
W1T 3EU
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
FIRST POINT GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
FIRST POINT GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

Introduction

The directors present their strategic report on the group for the year ended 30 April 2024. The principal activity of the company during the year continued to be the supply of recruitment services to the Telecoms, Data Center, Renewables and Technology sectors.

Objectives

The objective remains to be a global leader in the provision of skilled resources in the chosen specialist sectors.

The Board believes growth opportunities exist within our specialist sectors. The global economy continued to suffer a downturn during this financial year, affecting demand and profitability in several of our traditional clients / sectors. First Point Group took steps to realign into new growth areas to mitigate the downturn and initiated reductions to our cost base as necessary. We believe the long-term changes made, plus our specialist recruitment knowledge and global presence, means that despite the downturn we will ultimately come through a stronger more diverse business and will be best placed to take advantage of the future upturn.

 

The specific aim is to build a profitable and sustainable growth business. We believe this will be achieved by the following:

  1. Sector expertise, focusing on core areas that can be replicated across our regions that are scalable. Working in growth sectors that have high demand but are specialist.

  2. Interconnecting our business across our regional offices, leveraging successful client relationships and agreements in one region to build global working relationships.

  3. Having a global diversified business mix of clients and sectors.

  4. Working hard to have the best people; retention, training and culture is key to driving success in this area. As a service business, people are our product and building a motivated and engaged team is the foundation of any success we achieve. Our positive culture above everything is mandated as our priority and we will continue to invest heavily in our people.

Business model

The group operates a network of offices and subsidiaries globally, enabling the provision of local services to clients in all geographic regions. Clients receive the support of a global team. The business is split into four regions for reporting and management, these are, Europe, Southern Europe Middle East Africa, Asia and Americas. As part of our internal business reorganisation, the business structure has been streamlined into three regions, Europe & Africa, Asia & Middle East and Americas. In the coming year the numbers will be reported as three regions. We continue our drive to widen our client base and sector specialisms. While the business for management purposes is split into three regions. The regions are managed locally and coordination through the head office executive team based in London.

One aim has been to grow the permanent business so we can support certain clients that require permanent recruitment services. This continues to be successful, the percentage split of fees derived from permanent business; 8% in 2021 to 23% in 2023 and remaining at 23% in 2024.

 

FIRST POINT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Trends

In the year ended 30 April 2024 the Group turnover reduced by 28%. The split of turnover by geographical region is as follows:

 

2024

 

2023

 

 

$m

%

$m

%

Europe

16.3

24.8

12.8

15.2

Asia

23.4

35.6

23.7

28.2

America

11.7

17.9

22.2

26.4

SEMEA

14.3

21.7

25.4

30.2

 

65.7

100

84.1

100

 

 

Review of the business

Europe Region showed improvement in tough trading conditions. The current outlook is positive with a several large clients wins and investment in new emerging sectors. It is well position for any rebound in trading conditions.

Asia Region has proved resilient during the year, and it is showing positive signs of growth in new sectors. Numerous clients wins in the Region are expected to provide growth in the coming years.

Americas Region had another challenging year, with a significant reduction in turnover. Following the end of the reporting period Americas has started to see a recovery. As has been seen previously in Americas, while the downturns can be significant the rebound can equally be strong. It is still believed that the Americas Region will provide a major part of the Groups future profits.

SEMEA Region has seen tough trading conditions and significant reductions. Part of this is a strategy of exiting from low margin / high volume payroll business. Whilst this had a large impact on turnover it has had a relatively negligible effect on Net Profit. This forms part of a wider Group strategy to exit payroll business and focus upon better high margin business. Since the financial year end SEMEA Region has been incorporated into Asia and Europe Regions for future reporting purposes.

Despite the reduction in turnover, the management is confident that the business is well placed to rebound strongly in the coming years when the economic conditions improve. Client turnover concentrations have significantly improved, and the business has wider scope of clients than ever before. Numerous low margin payroll business has been exited. New growth sectors such as Data Center and Renewables have been started and we are seeing positive signs for the future in these areas.

It is the opinion of the directors that the telecommunication and emerging technology sectors remain attractive business areas for the group. The directors will continue to invest in growing the size and skills of the business teams to further expand the business via geographical and sector diversification.

 

Financial key performance indicators

The gross profit margin achieved in the year ended 30 April 2024 decreased to 13.7% (2023 14.5%).

The split of gross margin between contract and permanent business remained the same at 23% permanent / 77% contract (2023 23% / 77%).

Net profit after tax

The net loss after tax in the year to 30 April 2024 was $964,186 (2023 net loss $485,922).

 

 

FIRST POINT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

Current Trading

The significant restructuring efforts we have undertaken, including added focus on complimentary high growth markets, have resulted in encouraging signs of recovery across the business.

 

Our current trading performance as of November 2024 underscores this progress, with an EBITDA of $581K and a Net Profit of $216K. These results are a testament to the resilience of our strategy and the collective efforts of our team. We remain steadfast in our commitment to closing the financial year on a positive note. More importantly, as we transition into a "grow and harvest" phase, we are focused on capitalizing on these early gains to drive sustainable growth and long-term value creation.

 

Principal risks and uncertainties

 

Operating risk

The principal risk to the company and the group continues to be client demand and the health of global economic climate which has a direct impact on client demand levels. The company and the group work hard to maintain the highest standards which has led to long standing client relationships and new opportunities arising. As we have seen with past has this maintains the group’s competitive position to mitigate the competitive risk.

Liquidity risk

The group manages its liquidity risk on an on-going basis and ensures it has sufficient liquid resources available to meet the operating requirements of the business.

Foreign currency risk

The directors are aware of the foreign currency risks associated with transactions in a number of currencies around the world. The risks are monitored on a regular basis and the group looks to put in place natural hedges wherever possible and ensures that transactions are completed in matching currencies.

Credit risk

The group manages its credit risk by establishing credit limits and monitoring balances on a regular and on-going basis. Provisions are made for doubtful debts where necessary.

On behalf of the board

A J Rynish
Director
30 January 2025
FIRST POINT GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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

Principal activities

The principal activity of the group and company continued to be that of specialist telecoms & technology recruitment.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to $1,108,113. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A J Rynish
D J Taylor
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of exposure of the company to operating risk, credit risk, liquidity risk and foreign currency risk, and future developments in the business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
A J Rynish
Director
30 January 2025
FIRST POINT GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

FIRST POINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRST POINT GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of First Point Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

FIRST POINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIRST POINT GROUP LIMITED
- 7 -
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 strategic report and the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.

As part of our planning process:

FIRST POINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIRST POINT GROUP LIMITED
- 8 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with management.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Miller (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
30 January 2025
FIRST POINT GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
$
$
Turnover
3
65,690,502
84,168,524
Cost of sales
(56,723,424)
(72,209,680)
Gross profit
8,967,078
11,958,844
Administrative expenses
(7,249,439)
(9,569,888)
Restructuring costs
(781,509)
-
Other operating income
-
21,569
Operating profit
4
936,130
2,410,525
Interest receivable and similar income
7,518
77
Interest payable and similar expenses
(88,090)
(49,929)
Profit before taxation
855,558
2,360,673
Tax on profit
8
(1,856,785)
(2,811,379)
Loss for the financial year
26
(1,001,227)
(450,706)
Other comprehensive income
Currency translation differences
37,041
(35,216)
Total comprehensive loss for the year
(964,186)
(485,922)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FIRST POINT GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
$
$
$
$
Fixed assets
Intangible assets
10
18,973
-
0
Tangible assets
11
83,686
131,310
Investments
12
1,194
1,194
103,853
132,504
Current assets
Debtors
14
14,160,411
20,916,653
Cash at bank and in hand
508,100
1,039,608
14,668,511
21,956,261
Creditors: amounts falling due within one year
15
(13,439,252)
(18,683,354)
Net current assets
1,229,259
3,272,907
Total assets less current liabilities
1,333,112
3,405,411
Capital and reserves
Called up share capital
20
62,224
62,224
Foreign exchange reserve
26
(24,387)
(61,428)
Capital redemption reserve
26
150
150
Profit and loss reserves
26
1,295,125
3,404,465
Total equity
1,333,112
3,405,411
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
A J Rynish
Director
FIRST POINT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
$
$
$
$
Fixed assets
Intangible assets
10
18,973
-
0
Tangible assets
11
43,633
57,132
Investments
12
81,279
81,279
143,885
138,411
Current assets
Debtors
14
13,292,486
18,722,890
Cash at bank and in hand
9,567
181,887
13,302,053
18,904,777
Creditors: amounts falling due within one year
15
(12,606,882)
(17,222,613)
Net current assets
695,171
1,682,164
Total assets less current liabilities
839,056
1,820,575
Capital and reserves
Called up share capital
20
62,224
62,224
Capital redemption reserve
26
150
150
Profit and loss reserves
26
776,682
1,758,201
Total equity
839,056
1,820,575

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was $126,594 (2023 - $1,397,851 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
A J Rynish
Director
Company Registration No. 05061774
FIRST POINT GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Foreign Exchange reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
Balance at 1 May 2022
62,224
(26,212)
150
4,799,226
4,835,388
Year ended 30 April 2023:
Loss for the year
-
-
-
(450,706)
(450,706)
Other comprehensive income:
Currency translation differences
-
-
-
(35,216)
(35,216)
Total comprehensive income for the year
-
-
-
(485,922)
(485,922)
Dividends
9
-
-
-
(944,055)
(944,055)
Other movements
-
(35,216)
-
35,216
-
Balance at 30 April 2023
62,224
(61,428)
150
3,404,465
3,405,411
Year ended 30 April 2024:
Loss for the year
-
-
-
(1,001,227)
(1,001,227)
Other comprehensive income:
Currency translation differences
-
-
-
37,041
37,041
Total comprehensive income for the year
-
-
-
(964,186)
(964,186)
Dividends
9
-
-
-
(1,108,113)
(1,108,113)
Other movements
-
37,041
-
(37,041)
-
Balance at 30 April 2024
62,224
(24,387)
150
1,295,125
1,333,112
FIRST POINT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 May 2022
62,224
150
1,304,405
1,366,779
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,397,851
1,397,851
Dividends
9
-
-
(944,055)
(944,055)
Balance at 30 April 2023
62,224
150
1,758,201
1,820,575
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
126,594
126,594
Dividends
9
-
-
(1,108,113)
(1,108,113)
Balance at 30 April 2024
62,224
150
776,682
839,056
FIRST POINT GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
24
5,906,806
3,921,441
Interest paid
(88,090)
(49,929)
Income taxes paid
(1,734,402)
(3,106,958)
Net cash inflow from operating activities
4,084,314
764,554
Investing activities
Purchase of intangible assets
(23,808)
-
Purchase of tangible fixed assets
(11,422)
(49,763)
Interest received
7,518
77
Net cash used in investing activities
(27,712)
(49,686)
Financing activities
Repayment of bank loans
(2,374,198)
(168,136)
Dividends paid to equity shareholders
(1,108,113)
(944,055)
Net cash used in financing activities
(3,482,311)
(1,112,191)
Net increase/(decrease) in cash and cash equivalents
574,291
(397,323)
Cash and cash equivalents at beginning of year
(111,522)
324,200
Effect of foreign exchange rates
37,041
(38,399)
Cash and cash equivalents at end of year
499,810
(111,522)
Relating to:
Cash at bank and in hand
508,100
1,039,608
Bank overdrafts included in creditors payable within one year
(8,290)
(1,151,130)
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

First Point Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 85 Newman Street, London, W1T 3EU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in United States Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $. The group's functional and presentational currency is US Dollars as the majority of its transactions, financial assets and liabilities are denominated in that currency.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of First Point Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

During the year the general trading environment saw a decline in volumes of recruitment activity globally, particularly in the Americas, although there are encouraging signs of recovery in Europe and Asia. The data centre sector has shown strong growth potential.

 

Post year end the group is performing ahead of budgets and cash flow remains strong. The restructuring completed in 2023 is delivering positive results for the group.

Accordingly, at the time of approving the financial statements, the directors have an expectation that the company and group will have sufficient resources to meet their liabilities for the next 12 months and beyond. Therefore, the directors have continued to adopt the going concern basis in preparing these financial statements.

 

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover from contracts is recognised at the fair value of the consideration received or receivable for services provided on the basis of hours worked including expenses and disbursements.

 

Revenue arising from the placement of permanent candidates is recognised at the time the candidate commences full employment.

 

Revenue arising from temporary candidates is recognised over the period that temporary staff are provided.

 

No turnover is recognised if there are significant uncertainties regarding recovery of the consideration due or associated costs.

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
4 years straight line
Fixtures and fittings
3-5 years straight line

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

Listed investments are held at market value. Any gain/loss as result of changes in market value is recognised in the profit and loss account.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks bank facilities, and bank overdrafts. Bank overdrafts are shown within bank loans and overdrafts in current liabilities. Invoice discounting facilities are shown within bank loans and overdrafts in current liabilities.

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank facilities and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Withholding tax

Foreign withholding tax payable is based on actual tax paid in foreign countries and treated as an expense in the group accounts. The amount of withholding tax charged is dependent on the tax rates applicable in the foreign tax jurisdictions where the group operates.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 

On consolidation, the results of overseas operations are translated into US Dollars 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. All Gains and losses arising on translation are included in other comprehensive income and transferred to a separate foreign exchange reserve.

 

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no material key judgements or accounting estimates.

3
Turnover and other revenue
2024
2023
$
$
Other significant revenue
Interest income
7,518
77
Grants received
-
21,569
2024
2023
$
$
Turnover analysed by geographical market
Europe
17,890,189
12,814,079
Asia
23,368,233
23,704,549
Americas
11,728,678
22,218,415
SEMEA (Southern Europe Middle East and Africa)
12,703,402
25,431,481
65,690,502
84,168,524
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
4
Operating profit
2024
2023
$
$
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(14,249)
319,185
Government grants
-
(21,569)
Depreciation of owned tangible fixed assets
59,046
64,220
Amortisation of intangible assets
4,835
-
Operating lease charges
831,466
771,935
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
81,718
58,110
6
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales
38
53
5
7
Administrative
26
38
18
26
Management
6
6
3
3
Total
70
97
26
36

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
$
$
$
$
Wages and salaries
4,599,423
6,383,994
1,390,633
1,842,780
Social security costs
497,853
769,713
207,345
187,980
Pension costs
36,962
(46,328)
40,456
48,339
5,134,238
7,107,379
1,638,434
2,079,099
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
7
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
54,159
146,003
Company pension contributions to defined contribution schemes
11,295
3,505
65,454
149,508

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Taxation
2024
2023
$
$
Current tax
Foreign current tax on profits for the current period
1,856,785
3,579,335

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
$
$
Profit before taxation
855,558
2,360,673
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
213,890
460,170
Tax effect of expenses that are not deductible in determining taxable profit
9,601
4,097
Permanent capital allowances in excess of depreciation
-
0
(372)
Depreciation on assets not qualifying for tax allowances
808
195
Other permanent differences
(305,933)
-
0
Foreign tax paid
1,269,610
2,346,894
Other items affecting tax charge
-
0
395
Exempt AGBH distributions
(187,500)
-
0
Movement in deferred tax not recognised
856,309
-
0
Taxation charge
1,856,785
2,811,379

Factors that may affect future tax charges

Changes to the UK corporation tax rates were substantially enacted as part of the 2021 budget on 3 March 2021. This included an increase to the main rate from 19% to 25% from April 2023. The company will be taxed at a rate of 25% unless its profits are sufficiently low enough to qualify for a lower rate of tax, the lowest being 19%.

 

Where applicable, deferred taxes at the balance sheet date have been measured using a tax rate of 25% to reflect the rate that the timing differences are likely to unwind and are reflected in the financial statements.

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
$
$
Interim paid
1,108,113
944,055
10
Intangible fixed assets
Group
Software
$
Cost
At 1 May 2023
-
0
Additions
23,808
At 30 April 2024
23,808
Amortisation and impairment
At 1 May 2023
-
0
Amortisation charged for the year
4,835
At 30 April 2024
4,835
Carrying amount
At 30 April 2024
18,973
At 30 April 2023
-
0
Company
Software
$
Cost
At 1 May 2023
-
0
Additions
23,808
At 30 April 2024
23,808
Amortisation and impairment
At 1 May 2023
-
0
Amortisation charged for the year
4,835
At 30 April 2024
4,835
Carrying amount
At 30 April 2024
18,973
At 30 April 2023
-
0
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Total
$
$
$
Cost
At 1 May 2023
28,095
466,282
494,377
Additions
9,264
2,158
11,422
At 30 April 2024
37,359
468,440
505,799
Depreciation and impairment
At 1 May 2023
27,934
335,133
363,067
Depreciation charged in the year
677
58,369
59,046
At 30 April 2024
28,611
393,502
422,113
Carrying amount
At 30 April 2024
8,748
74,938
83,686
At 30 April 2023
161
131,149
131,310
Company
Leasehold improvements
Fixtures and fittings
Total
$
$
$
Cost
At 1 May 2023
28,095
123,033
151,128
Additions
9,264
-
0
9,264
At 30 April 2024
37,359
123,033
160,392
Depreciation and impairment
At 1 May 2023
27,934
66,062
93,996
Depreciation charged in the year
677
22,086
22,763
At 30 April 2024
28,611
88,148
116,759
Carrying amount
At 30 April 2024
8,748
34,885
43,633
At 30 April 2023
161
56,971
57,132
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
$
$
$
$
Investments in subsidiaries
13
-
0
-
0
80,085
80,085
Unlisted investments
1,194
1,194
1,194
1,194
1,194
1,194
81,279
81,279
Movements in fixed asset investments
Company
Shares in group undertakings
Other investments other than loans
Total
$
$
$
Cost or valuation
At 1 May 2023 and 30 April 2024
80,085
1,194
81,279
Carrying amount
At 30 April 2024
80,085
1,194
81,279
At 30 April 2023
80,085
1,194
81,279
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
First Point Group GmbH
WeWork, Sony Center, Kemperplatz 1. Building A, 10785 Berlin
Labour recruitment
Ordinary
100.00
-
First Point Group Inc.
5800 Granite Parkway, Granite Park, Plano, Texas 75024 USA
Labour recruitment
Ordinary
100.00
-
First Point Group Limited
Office 1103, 8 Queen's Road East, Wan Chai, Hong Kong
Labour recruitment
Ordinary
100.00
-
First Point Group Recruitment S.C.
Insurgentes Sur 601, Piso11 -110, Colonia: Nápoles C.P. 03810, México, CDMX
Labour recruitment
Ordinary
95.00
5.00
First Point Group S.A.
Area Bacaria, Edif, Proconsa II, Piso 6, Oficina 6-D, Panama
Labour recruitment
Ordinary
100.00
-
First Point Group SAS
48 Rue Montmartre, 75002, Paris, France
Labour recruitment
Ordinary
100.00
-
First Point Middle East LLC
Office 1702 Burj Al Salam Building, Trade Centre 1, Dubai, United Arab Emirates, PO Box 87164
Labour recruitment
Ordinary
100.00
-
FP Recruitment, Consulting and Services SL
WeWork, Paseo de la Castellana 77, Madrid, M, 28046, Spain
Labour Recruitment
Labour recruitment
Ordinary
100.00
-
FPG Consultancy (Pty) Limited
Cnr Leslie & William Nicol 128 Leslie Avenue Spaces - Building 2, Design Quarter Fourways 2191
Labour recruitment
Ordinary
100.00
-
FPG Management Consulting Co Limited
D17, 22/F, Dinghe Plaza Jintian Road Futian District Shenzhen, China
Labour recruitment
Ordinary
-
100.00
First Point Group Canada Inc
240 Richmond Street W. Office 3-107, Toronto, ON, Canada, M5V 1V6
Labour recruitment
Ordinary
100.00
-
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
$
$
$
$
Trade debtors
7,044,848
11,270,393
4,833,943
8,187,148
Corporation tax recoverable
179,145
195,326
43,715
43,715
Amounts owed by group undertakings
-
-
4,353,789
4,224,899
Other debtors
1,755,483
1,758,245
596,619
744,487
Prepayments and accrued income
5,164,230
7,689,427
3,460,309
5,518,530
14,143,706
20,913,391
13,288,375
18,718,779
Deferred tax asset (note 17)
-
0
3,262
-
0
4,111
14,143,706
20,916,653
13,288,375
18,722,890
Amounts falling due after more than one year:
Deferred tax asset (note 17)
16,705
-
0
4,111
-
0
Total debtors
14,160,411
20,916,653
13,292,486
18,722,890

Trade debtors are held under an invoice finance agreement that contains a recourse condition; as such trade debtors are only derecognised upon receipt of the payment from the customer.

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
$
$
$
$
Bank loans and overdrafts
16
5,535,651
9,052,689
4,261,423
7,490,710
Trade creditors
836,028
820,584
658,425
640,522
Amounts due to group undertakings
-
0
-
0
3,481,181
2,962,479
Corporation tax payable
119,899
254
-
0
-
0
Other taxation and social security
191,856
289,121
26,403
86,865
Other creditors
719,667
639,008
394,461
375,680
Accruals and deferred income
6,036,151
7,881,698
3,784,989
5,666,357
13,439,252
18,683,354
12,606,882
17,222,613

Bank facilities include bank overdrafts, bank loans and invoice financing arrangements. The invoice financing arrangements for the group and company amount to $4,063,929 (2023: $7,883,855) and $3,816,409 (2023: $6,357,016) respectively. The invoice financing arrangements are secured by fixed and floating charges over the assets of the group.

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
16
Bank loans and overdrafts
Group
Company
2024
2023
2024
2023
$
$
$
$
Bank loans and invoice discounting facilities
5,527,361
7,901,559
4,261,423
6,357,016
Bank overdrafts
8,290
1,151,130
-
0
1,133,694
5,535,651
9,052,689
4,261,423
7,490,710
Payable within one year
5,535,651
9,052,689
4,261,423
7,490,710
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
$
$
Accelerated capital allowances
16,705
3,262
Assets
Assets
2024
2023
Company
$
$
Accelerated capital allowances
4,111
4,111
Group
Company
2024
2024
Movements in the year:
$
$
Asset at 1 May 2023
(4,111)
(4,111)
Credit to profit or loss
(12,594)
-
Asset at 30 April 2024
(16,705)
(4,111)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
36,962
(46,328)
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
18
Retirement benefit schemes
(Continued)
- 28 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share-based payment transactions

Enterprise Management Incentive ("EMI") Scheme

 

On 8 January 2019, the group entered into an EMI scheme with certain employees of the parent company.

 

Date of grant: 8 January 2019

 

Number of options granted: 5,450

 

Contractual life: 10 years

 

Vesting requirements: Options vest over a period of 2 years from the grant date subject to performance conditions. Options may be exercised on a change of ownership, transfer of business or a listing.

 

The weighted average exercise price of each share option is £17.66.

Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
$
$
Outstanding at 1 May 2023
4,200
4,200
23.22
23.22
Forfeited
(1,350)
-
-
-
Outstanding at 30 April 2024
2,850
4,200
-
-
Exercisable at 30 April 2024
-
-
-
-

 

The options outstanding at 30 April 2024 had a remaining contractual life of 4.7 years.

The directors consider the fair value of the options at the grant date for the above EMI scheme to be trivial to the financial statements.

20
Share capital
Group and company
2024
2023
Ordinary share capital
$
$
Issued and fully paid
49,050 Ordinary shares of £1 each
62,224
62,224
FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
$
$
$
$
Within one year
369,511
620,379
108,253
426,177
Between two and five years
776,351
115,344
654,242
44,642
1,145,862
735,723
762,495
470,819
22
Related party transactions

During the year, dividends of $1,108,058 (2023: $944,055) were paid to the directors of the group and company.

 

At 30 April 2024 an amount of $77,063 (2023: $77,063) was due to the group and company from companies under common control.

 

At 30 April 2024 an amount of $251,865 (2023: $204,104) was due to the group and company from companies under common control. Interest has accrued of $24,618 and repayments of $104,799 (2023: $32,442) have been made.

 

Included in other debtors is $8,233 (2023: $206,498) owed by the directors. The loan from the company is repayable within one year and has an interest rate of 2.5% per annum. Repayments of $198,265 (2023: $nil) were made during the year to 30 April 2024.

 

23
Controlling party

In the opinion of the directors, the ultimate controlling parties are A J Rynish and D J Taylor.

FIRST POINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
24
Cash generated from group operations
2024
2023
$
$
Loss for the year after tax
(1,001,227)
(450,706)
Adjustments for:
Taxation charged
1,856,785
2,811,379
Finance costs
88,090
49,929
Investment income
(7,518)
(77)
Amortisation and impairment of intangible assets
4,835
-
Depreciation and impairment of tangible fixed assets
59,046
64,220
Movements in working capital:
Decrease in debtors
6,753,504
2,636,390
Decrease in creditors
(1,846,709)
(1,189,694)
Cash generated from operations
5,906,806
3,921,441
25
Analysis of changes in net debt - group
1 May 2023
Cash flows
Exchange rate movements
30 April 2024
$
$
$
$
Cash at bank and in hand
1,039,608
(568,549)
37,041
508,100
Bank overdrafts
(1,151,130)
1,142,840
-
(8,290)
(111,522)
574,291
37,041
499,810
Borrowings excluding overdrafts
(7,901,559)
2,374,198
-
(5,527,361)
(8,013,081)
2,948,489
37,041
(5,027,551)
26
Reserves
Profit and loss reserves

The profit and loss reserve is an accumulative figure of the groups retained profit and losses less any distributions.

 

Share premium account

The share premium account has arisen upon a subsidiary receiving an amount for a share issue that exceeds its par value.

 

Capital redemption reserve

The capital redemption has arisen from the purchase of own shares in prior periods.

 

Foreign exchange reserve

The foreign exchange reserve arises upon translating the profit and loss account figure of subsidiary entities to take account of the movement in the exchange rates at the beginning and end of the accounting period.

2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310A J RynishD J TaylorD J 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