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Registered number: 05672094










Green Park Interim & Executive Limited










Annual report and financial statements

For the year ended 31 January 2024

 
Green Park Interim & Executive Limited
 

Company Information


Directors
T Phillips 
J Sweetland 
R C Tulsiani 




Registered number
05672094



Registered office
Partnership House
Carlisle Place

London

SW1P 1BX




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Green Park Interim & Executive Limited
 

Contents



Page
Group strategic report
 
1 - 4
Directors' report
 
5 - 6
Directors' responsibilities statement
 
7
Independent auditors' report
 
8 - 11
Consolidated statement of comprehensive income
 
12
Consolidated balance sheet
 
13
Company balance sheet
 
14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17
Notes to the financial statements
 
18 - 34


 
Green Park Interim & Executive Limited
 

Group strategic report
For the year ended 31 January 2024

The Directors present their strategic report for the year ended 31 January 2024.
About Green Park
Green Park has been successfully moving the dial to increase the quality and diversity of Britain’s workforce since our inception in 2006.
During this time, we have become a trusted supplier of leadership recruitment, attracting and placing executive and senior management talent across the Private, Public and Third Sectors, providing bespoke tailored Diversity, Inclusion, Culture and Equality (DICE) consulting services and solutions, as well as bespoke client focused work force solution packages. 
Our people, processes and data regime are different. We have spent 17 years developing industry defining enhancements that add sustainable impact to our clients, enabling us to mitigate hiring risks and find the perfect candidates.
Principal activities
The principal activities of the Group and Company are split in the following areas:
Executive Search
Interim Management
Board Advisory
Diversity, Culture and Inclusion Practice
People Solutions

A different mindset
At Green Park, we believe that diversity equals strength. Diversity should be an organisation’s secret weapon in increasing their competitiveness in global markets and driving transformation.
We represent a prequalified network of the usual and unusual suspects, developed through over 15 years         of diverse management mapping
We run an independent diversity search in parallel with all mandates
We have unique diversity mapping technologies and analytics tools
Partnership and accountability are built into our fees and operating culture

CREED – Our values
At Green Park, we understand the importance of having clearly articulated values that guide the decisions and behaviours of all team members.
We take our core values to heart, challenging ourselves every day to ensure we are truly living our values of 
Courage, Rigour, Empathy, Energy and Diversity.
Our collective vision is simple: to set a modern benchmark for customer service in the senior recruitment industry, consistently treating candidates and clients with the respect and consideration that they deserve.
Our team
The United Kingdom experienced it’s third lockdown during our financial year under review. Our priority remained focused on the safety of our team, clients and candidates. During these times of great stress we continued to provide support to our people both professionally and personally. We continued to invest in wellbeing initiatives, IT infrastructure and heavy support to ensure our people could cope with their daily challenges. 

Page 1

 
Green Park Interim & Executive Limited
 

Group strategic report (continued)
For the year ended 31 January 2024

 
The board would like to take this opportunity to thank our team for their unwavering commitment as we continue to recover from the economic impacts of COVID. Their high level of engagement and desire to deliver better outcomes for clients and candidates, is continuing to enhance our company culture and business success.

Strategy and Objectives
Green Park aims to further develop and scale our offering in services and strengthen our position as a boutique specialist supplier of senior Leadership advisory services. Green Park continues to deliver recruitment and talent services to clients across the Private, Public and Third Sectors.
Results for the financial year
Revenue for the year decreased to £22.7m (2023: £42.7m) due mainly to the completion of a large low margin People Solutions contract.
Net Fee Income decreased by £2.4m to £11.0m (2023 : £13.4m) as a result of strong demand for our Search offering offset by a reduction in interim revenues.
During the year the operating cost base reduced by £1.2m to £10.7m (2023:£11.9m) . This reduction in the operating cost base results in the company reporting an operating profit of £0.2m (2023:£1.5m).
Current Trading (Unaudited per Management accounts)

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The group entered the year with challenging industrywide market conditions which has persisted throughout the industry over the last 2 years. The group responded to this by streamlining its operations and I am pleased to report that the group profitability has improved in the new financial year. 
In the 8 month period to September 2024 group turnover decreased by 15.9% to £13.0m (2023: £15.1m). However management actions taken during the last 12 months have resulted in operating profits increasing by £569k to £343k (2023:Loss £225k). This increase was due to improved gross margins by 4% and a reduction in operating costs.
Cashflow and Balance Sheet
Net cashflow from operations for 2024 was outflow £1.4 (2023: inflow £1.3m). Trade Receivables at the year-end were £1.6m (2023: £2.0m)
Net cashflow from financing activities was inflow £0.1m (2023: outflow of £0.3m)
Going Concern
In light of the current financial position of the Group and on consideration of the business forecasts and projections, taking into account of possible changes in trading performance and the context of the risks and challenges of the industry, and the current uncertainty in the economic environment, the Directors have a reasonable expectation that the Group has adequate available resources to continue as a going concern for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts.
 
Page 2

 
Green Park Interim & Executive Limited
 

Group strategic report (continued)
For the year ended 31 January 2024


Monitoring, Risk and KPIs
The Directors have a responsibility for identifying risks facing the business and for putting in place procedures to mitigate and monitor risks.  Board meetings incorporate a review of monthly management accounts, operational and financial KPIs, and major issues and risks (if any) facing the business.
The most important KPIs used in monitoring the business are set out in the following table:

Key performance Indicators
                    2024
                     2023
Net Fee Income
           11,016,000
            13,400,000
Operating Profit / (Loss)
               249,000
              1,464,000
Net Assets
            1,017,000
                 769,000
Days Sales Outstanding
            15.0 Days
              15.0 Days

The Directors monitor NFI against annual targets which are reviewed annually against the Group’s plans.
The principal risks faced by the Group in the current economic climate are considered to be financial, business environment and people related.
Financial
The main financial risks arising from operations are the adequacy of working capital, interest rate, liquidity and credit risk. These are monitored by the Board on a regular basis.
Business Environment 
The Executive Search market is susceptible to changes in the economic climate. The Board seek to manage this risk through a blend of Search and Interim placements across the Private, Public and Third sectors. Our blend of markets combined with our People Solutions and Consulting business assist in cushioning the impact of economic cycles.
We continue to experience pressure on pricing as customers seek higher value engagements while reducing price. We are also experiencing competitors seeking to gain market share by undercutting competition in certain markets.
The Leadership team and the Board therefore focuses on maintaining its differentiation in the market to mitigate this risk.
With macroeconomic uncertainties increasing, we are closely monitoring our activity levels and KPIs, which remain broadly stable overall at strong levels. Our focus is now on leveraging the investments we have made and increasing our consultant productivity. Our highly experienced management team will ensure that we can navigate current uncertainties and remain focused on our growth plans.

People 
The Group’s most significant asset remains its employees. The Leadership team remain committed to retaining and recruiting quality staff who share our culture and values. In a people business, the resignation of key staff, remain risk.

We ensure that appropriate policies are used to recruit and retain employees with diverse backgrounds. Salaries and other benefits are agreed through a Remuneration committee. We operate an equality and inclusion policy to ensure that subject to legal obligations, employees with the necessary abilities and qualifications are employed, promoted and remunerated in a non-discriminatory manner. We auto-enrol new workers on to a qualifying workplace pension scheme. We have the appropriate scheme set up and have ensured compliance with The Pensions Act.
 
Page 3

 
Green Park Interim & Executive Limited
 

Group strategic report (continued)
For the year ended 31 January 2024


As well as our approach to employee wellbeing, and offering competitive remuneration, we also ensure our employment contracts contain restrictive covenants that limit a leaver’s ability to approach existing clients, candidates and employees.
Cautionary Statement
These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward looking information.


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





R C Tulsiani
Director
Date: 28 January 2025

Page 4

 
Green Park Interim & Executive Limited
 

 
Directors' report
For the year ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors

The directors who served during the year were:

T Phillips 
J Sweetland 
R C Tulsiani 

Results and dividends

The results for the year are set out on page 11 of the financial statements. A business review can be found in the strategic report on pages 1 - 3. Dividends of £Nil (2023: £750,000) were declared during in the year, and £309,122 of prior year dividend was paid in the year (2023: £440,878).

Future developments

The Directors will ensure profitability continues to be maximised through development of existing accounts, new client wins and new offerings to clients. There will remain a focus on pricing, productivity, and management of operating costs.
We continue to monitor cash collections on a daily basis to ensure liquidity is maintained with the Group and continue to review further mitigation options given the uncertain nature of the climate. Given the dynamic nature of these circumstances, it is unknown how the Company may be further affected if such an epidemic persists for a further extended period, however we are confident appropriate steps have been taken to avoid a liquidity constraint. 
Employee Involvement
The group has a well-established communication process with all employees. These are constantly reviewed to meet the changing needs of the business and are considered valuable by both management and staff.
Employment of disabled persons
It is our policy to give full and fair consideration to the employment and promotion of disabled persons where they appear suitable, having regard to their aptitudes and abilities. Where existing employees become disabled it is our policy to find them suitable employment within the Company should they not be able to continue in their current role. 
Diversity Policy
The Group is committed to promoting equal opportunities both as an employer and as a provider of services. We make every effort to prevent discrimination or other unfair treatment against any of our staff, potential staff or those we work with, regardless of gender, race, colour, nationality, ethnic or national origins, marital status, family circumstance, disability, sexual orientation, political or religious belief. The Group is opposed to racist and sexist practices and attitudes, and is committed to translating this into all aspects of our everyday work.
Political contributions
Neither the Company nor any of its subsidiaries made any political donations or incurred any political expenditure during the year.
Policy and practice on payment of creditors
It is our normal practice to make payments to suppliers in accordance with agreed terms, provided the supplier has performed in accordance with the relevant terms and conditions.

Page 5

 
Green Park Interim & Executive Limited
 

 
Directors' report (continued)
For the year ended 31 January 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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





R C Tulsiani
Director
Date: 28 January 2025

Page 6

 
Green Park Interim & Executive Limited
 

Directors' responsibilities statement
For the year ended 31 January 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

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

make judgments and accounting estimates that are reasonable and prudent;

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

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

The 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

 
Green Park Interim & Executive Limited
 

 
Independent auditors' report to the members of Green Park Interim & Executive Limited
 

Opinion


We have audited the financial statements of Green Park Interim & Executive Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 8

 
Green Park Interim & Executive Limited
 

 
Independent auditors' report to the members of Green Park Interim & Executive 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


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


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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 7, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
Green Park Interim & Executive Limited
 

 
Independent auditors' report to the members of Green Park Interim & Executive 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the group and industry, and through our discussion with the directors and management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance with laws and regulations that have an impact on the preparation of the financial statements such as Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to accounting estimates and the inappropriate posting of journals. Audit procedures performed by the group engagement team included:

Discussions with management and assessment of known or suspected instances of noncompliance with laws and regulations and fraud; and
Assessment of identified fraud risk factors; and
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Reading minutes of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 10

 
Green Park Interim & Executive Limited
 

 
Independent auditors' report to the members of Green Park Interim & Executive Limited (continued)


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Samantha Rouse (FCCA) (DChA) (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury

29 January 2025
Page 11

 
Green Park Interim & Executive Limited
 

Consolidated statement of comprehensive income
For the year ended 31 January 2024

2024
2023
Note
£
£

  

Turnover
 3 
22,794,955
42,744,029

Cost of sales
  
(11,778,631)
(29,344,278)

Gross profit
  
11,016,324
13,399,751

Administrative expenses
  
(10,767,162)
(11,936,464)

Operating profit
 4 
249,162
1,463,287

Interest payable and similar expenses
 7 
(1,340)
(10,927)

Profit before taxation
  
247,822
1,452,360

Tax on profit
 8 
(48,744)
(300,543)

Profit for the financial year
  
199,078
1,151,817

  

Profit for the year attributable to:
  

Owners of the parent Company
  
199,078
1,151,817

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 34 form part of these financial statements.

Page 12

 
Green Park Interim & Executive Limited
Registered number: 05672094

Consolidated balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
18,761
21,412

Tangible assets
 11 
155,613
164,524

  
174,374
185,936

Current assets
  

Debtors: amounts falling due within one year
 13 
3,673,172
3,199,484

Bank and cash balances
  
1,211,861
2,642,194

  
4,885,033
5,841,678

Creditors: amounts falling due within one year
 14 
(4,268,870)
(5,436,155)

Net current assets
  
 
 
616,163
 
 
405,523

Debtors due after more than 1 year
 13 
171,799
171,799

Total assets less current liabilities
  
962,336
763,258

Provisions for liabilities
  

Net assets
  
962,336
763,258


Capital and reserves
  

Called up share capital 
 15 
55,050
55,050

Share premium account
  
23,710
23,710

Capital redemption reserve
  
17,700
17,700

Profit and loss account
  
865,876
666,798

Equity attributable to owners of the parent Company
  
962,336
763,258

Total equity
  
962,336
763,258


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R C Tulsiani
Director
Date: 28 January 2025

The notes on pages 18 to 34 form part of these financial statements.

Page 13

 
Green Park Interim & Executive Limited
Registered number: 05672094

Company balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
18,761
21,412

Tangible assets
 11 
155,613
164,524

Investments
 12 
300
300

  
174,674
186,236

Current assets
  

Debtors: amounts falling due within one year
 13 
3,677,635
3,207,947

Bank and cash balances
  
1,211,861
2,642,194

  
4,889,496
5,850,141

Creditors: amounts falling due within one year
 14 
(4,264,870)
(5,436,155)

Net current assets
  
 
 
624,626
 
 
413,986

Debtors due after more than 1 year
 13 
171,799
171,799

Total assets less current liabilities
  
971,099
772,021

  

  

Net assets
  
971,099
772,021


Capital and reserves
  

Called up share capital 
 15 
55,050
55,050

Share premium account
  
23,710
23,710

Capital redemption reserve
  
17,700
17,700

Profit and loss account brought forward
  
675,561
273,744

Profit for the year
  
199,078
1,151,817

Dividend

  

-
(750,000)

Profit and loss account carried forward
  
874,639
675,561

Total equity
  
971,099
772,021


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R C Tulsiani
Director
Date: 28 January 2025

The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
Green Park Interim & Executive Limited
 

Consolidated statement of changes in equity
For the year ended 31 January 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 February 2022
55,750
23,710
17,000
264,981
361,441


Comprehensive income for the year

Profit for the year
-
-
-
1,151,817
1,151,817

Dividends: Equity capital
-
-
-
(750,000)
(750,000)

Purchase of own shares
-
-
700
-
700

Shares redeemed during the year
(700)
-
-
-
(700)



At 1 February 2023
55,050
23,710
17,700
666,798
763,258


Comprehensive income for the year

Profit for the year
-
-
-
199,078
199,078


At 31 January 2024
55,050
23,710
17,700
865,876
962,336


The notes on pages 18 to 34 form part of these financial statements.

Page 15

 
Green Park Interim & Executive Limited
 

Company statement of changes in equity
For the year ended 31 January 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 February 2022
55,750
23,710
17,000
273,744
370,204


Comprehensive income for the year

Profit for the year
-
-
-
1,151,817
1,151,817

Dividends: Equity capital
-
-
-
(750,000)
(750,000)

Purchase of own shares
-
-
700
-
700

Shares redeemed during the year
(700)
-
-
-
(700)



At 1 February 2023
55,050
23,710
17,700
675,561
772,021


Comprehensive income for the year

Profit for the year
-
-
-
199,078
199,078


At 31 January 2024
55,050
23,710
17,700
874,639
971,099


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 
Green Park Interim & Executive Limited
 

Consolidated statement of cash flows
For the year ended 31 January 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
199,078
1,151,817

Adjustments for:

Depreciation of tangible assets
89,041
70,115

Amortisation of intangible assets
2,651
1,404

(Increase)/decrease in debtors
(473,688)
1,437,555

(Decrease) in creditors
(664,748)
(1,374,919)

Taxation charge
48,744
300,543

Interest paid
1,340
10,927

Corporation tax paid
(287,004)
(262,928)

Dilapidation
17,832
19,320

Net cash generated from operating activities

(1,066,754)
1,353,834


Cash flows from investing activities

Purchase of intangible fixed assets
-
(20,198)

Purchase of tangible fixed assets
(80,130)
(102,099)

Net cash from investing activities

(80,130)
(122,297)

Cash flows from financing activities

Repayments under financing arrangements
(171,849)
842,173

Dividends paid
-
(750,000)

Interest paid
(1,340)
(10,927)

Repayment of loans
(110,260)
(365,467)

Net cash used in financing activities
(283,449)
(284,221)

Net (decrease)/increase in cash and cash equivalents
(1,430,333)
947,316

Cash and cash equivalents at beginning of year
2,642,194
1,694,878

Cash and cash equivalents at the end of year
1,211,861
2,642,194


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,211,861
2,642,194

1,211,861
2,642,194


The notes on pages 18 to 34 form part of these financial statements.

Page 17

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

1.


General information

Green Park Interim & Executive Limited (the "Company"), company number 05672094 and registered address Partnership House, Carlisle Place, London, SW1P 1BX, is a company limited by shares and incorporated and domiciled in the UK. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

  
2.2

Measurement convention

The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: financial instruments classified at fair value through the profit or loss.  

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

An associate is an entity in which the Group has significant influence, but not control, over the operating and financial policies of the entity. Significance influence is presumed to exists when the investors holds between 20% and 50% of the equity voting rights.

In the parent financial statements, investments in subsidiaries and associates are carried at cost less impairment.

Page 18

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, 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 Group 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.

 
2.5

Operating leases: the Group as lessee

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

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

 
2.6

Intangible assets

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

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

 
2.7

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.

Page 19

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)


2.7
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:

Plant and machinery
-
25% per annum on straight -line basis
Fixtures and fittings
-
16-25% per annum on straight -line basis
Computer equipment
-
33.33% per annum on straight -line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group 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 Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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.

 
2.10

Cash and cash equivalents

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

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

 
2.11

Financial instruments

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

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

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Page 20

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Page 21

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.12

Creditors

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

 
2.13

Finance costs

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

Page 22

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.15

Pensions

Defined contribution pension plan

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

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

 
2.16

Borrowing costs

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

 
2.17

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 23

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.18

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.

 
2.19

Taxation

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 and the Group operate and generate income.

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

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 24

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

3.


Turnover

By activity


2024
2023
£
£

Interim management
13,140,449
31,125,029

Executive search
7,832,964
10,077,000

Advisory and other income
1,821,542
1,542,000

22,794,955
42,744,029


By geographical location

2024
2023
£
£

United Kingdom
22,794,955
42,744,029

22,794,955
42,744,029



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation and other amounts written off tangible and intangible fixed assets: Owned
91,692
71,519

Hire of other assets - operating leases
223,645
445,000


5.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
34,000
32,000

Other services in relation to tax (including subsidiary and related undertakings)
8,000
3,000

Page 25

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

6.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
7,209,794
7,743,049
7,209,794
7,743,049

Social security costs
959,811
1,054,284
959,811
1,054,284

Cost of defined contribution scheme
109,277
136,253
109,277
136,253

8,278,882
8,933,586
8,278,882
8,933,586


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


        2024
        2023
            No.
            No.







Directors
2
2



Sales
40
33



Support, administrative and finance
57
52

99
87


Directors' remuneration

2024
2023
£
£

Directors' emoluments
497,498
556,236

Group contributions to defined contribution pension schemes
7,750
9,000

505,248
565,236


The highest paid director received remuneration of £378,998 (2023 - £425,236).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,000 (2023 - £4,000).

One director holds 67,000 share options as detailed in note 19, of these options, 3,000 are exercisable at £2.00 per share, the remaining 64,000 are exercisable at £2.20 per share.

The number of directors which cover under retirement benefits money purchase schemes are 2 (2023 : 2).

Page 26

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,132
4,000

Finance leases and hire purchase contracts
-
6,927

Other interest payable
208
-

1,340
10,927


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
62,283
300,543

Adjustments in respect of previous periods
(13,539)
-

Total current tax
48,744
300,543

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
247,822
1,452,360


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
59,552
275,949

Effects of:


Capital allowances for year in excess of depreciation
942
(13,169)

Expenses not deductible for tax purposes
1,789
37,763

Adjustments to tax charge in respect of prior periods
(13,539)
-

Total tax charge for the year
48,744
300,543


9.


Dividends

2024
2023
£
£


Dividend declared
-
750,000

-
750,000

Page 27

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

10.


Intangible assets

Group





Trademarks

£



Cost


At 1 February 2023
31,225



At 31 January 2024

31,225



Amortisation


At 1 February 2023
9,813


Charge for the year on owned assets
2,651



At 31 January 2024

12,464



Net book value



At 31 January 2024
18,761



At 31 January 2023
21,412



Company




Trademarks

£



Cost


At 1 February 2023
31,225



At 31 January 2024

31,225



Amortisation


At 1 February 2023
9,813


Charge for the year
2,651



At 31 January 2024

12,464



Net book value



At 31 January 2024
18,761



At 31 January 2023
21,412

Page 28

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

11.


Tangible fixed assets

Group






Fixtures and fittings
Plant and machinery
Computer Equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
488,728
34,003
415,746
938,477


Additions
9,335
5,948
64,847
80,130



At 31 January 2024

498,063
39,951
480,593
1,018,607



Depreciation


At 1 February 2023
424,432
26,859
322,662
773,953


Charge for the year on owned assets
30,262
4,275
54,504
89,041



At 31 January 2024

454,694
31,134
377,166
862,994



Net book value



At 31 January 2024
43,369
8,817
103,427
155,613



At 31 January 2023
64,296
7,144
93,084
164,524

Page 29

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

           11.Tangible fixed assets (continued)


Company






Fixtures and fittings
Plant and machinery
Computer Equipment
Total

£
£
£
£

Cost or valuation


At 1 February 2023
488,728
34,003
415,746
938,477


Additions
9,335
5,948
64,847
80,130



At 31 January 2024

498,063
39,951
480,593
1,018,607



Depreciation


At 1 February 2023
424,432
26,859
322,662
773,953


Charge for the year on owned assets
30,262
4,275
54,504
89,041



At 31 January 2024

454,694
31,134
377,166
862,994



Net book value



At 31 January 2024
43,369
8,817
103,427
155,613



At 31 January 2023
64,296
7,144
93,084
164,524






Page 30

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

12.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Green Park Global Limited
Partnership House, Carlisle Place, London,SW1P 1BX
Holding Company
100%
Associates
Green Park Worldwide Limited*
Holding company
100%
Green Park World Wide Limited**
Dormant
47%
Green Park Worldwide Advisory Limited**
Dormant
47%

* The Group’s interest in the ordinary share capital of this company is held by Green Park Global Limited.
** The Group’s interests in the ordinary share capital of these companies are held by Green Park Worldwide Limited. 

No investment in the associate Green Park Worldwide Limited has been recognised at the year end as the associate is in a net liabilities position and the company does not have a legal or constructive obligation to make payments on behalf of the associate. Green Park Worldwide Limited did not have any financial transactions during the year (2023: dormant) and had net liabilities of £21,000 as at 31 January 2024 (2023: net liabilities of £21,000).



13.


Trade & other Receivables

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
171,799
171,799
171,799
171,799

171,799
171,799
171,799
171,799


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
1,597,610
2,017,818
1,597,611
2,017,818

Other debtors
899,426
210,075
903,888
218,538

Prepayments and accrued income
1,176,136
971,591
1,176,136
971,591

3,673,172
3,199,484
3,677,635
3,207,947


Other debtors include rent deposits of £171,799 due > 1 yr  (2023 > 1 year: £171,799).

Page 31

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

14.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
110,260
-
110,260

Provision for dilapidations
87,152
69,320
87,152
69,320

Trade creditors
1,100,841
1,183,184
1,100,841
1,183,184

Receivables financing liability
670,324
842,173
670,324
842,173

Provision For Dividends
-
309,122
-
309,122

Corporation tax
62,283
300,543
62,283
300,543

Other taxation and social security
482,400
579,181
482,400
579,181

Other creditors
495,900
65,558
495,900
65,558

Accruals and deferred income
1,369,970
1,976,814
1,365,970
1,976,814

4,268,870
5,436,155
4,264,870
5,436,155


The receivables financing facility is secured by a fixed and floating charge over the assets and undertakings of the Company.
The provision for dilapidations relates to the offices at Carlisle Place, London.


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



180,000 (2023 - 180,000) Class A Ordinary Shares shares of £0.010 each
1,800
1,800
200,000 (2023 - 200,000) Class B Ordinary Shares shares of £0.005 each
1,100
1,100
450,000 (2023 - 450,000) Class C Ordinary Shares shares of £0.100 each
45,000
45,000
71,500 (2023 - 71,500) Ordinary Shares shares of £0.100 each
7,150
7,150

55,050

55,050

Class C Ordinary shares hold both voting rights and have dividend rights in full. Class A and B Ordinary and Class Ordinary shares hold neither voting nor dividend rights. Ordinary shares have a right to Capital.


Page 32

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

16.


Share-based payments

The Company has a share option scheme for full time employees and Directors. In accordance with the scheme as approved by the shareholders, holders may exercise options to purchase Class B Ordinary shares, Ordinary Shares and Class A Ordinary Shares. If the options remain unexercised after the expiry date of 10 years, the options will lapse. Options are forfeited if an employee leaves the company. These options vest against various performance measures.
Movements in the number of share options and their related weighted average exercise price is as follows:

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.08

1,903,750

0.07
 
2,157,250
 
Forfeited during the year


-

0.04
 
(253,500)
 
Outstanding at the end of the year
0.08

1,903,750

0.08
 
1,903,750
 




Exercisable number of options at the end of the year is 856,250 having weighted average exercise price is £0.17.

No amounts have been charged to the P&L in respect of share based payments, as any potential charge would not be material.

Share Options outstanding at the end of the year have the following expiry date and exercise prices:

ole5859.png


17.


Pension commitments

Defined contribution pension scheme 
The Company operates two defined contribution pension schemes. The pension cost charge for the period represents contributions payable by the Company to the schemes and amounted to £109,227 (2023: £136,253). At the end of the financial period there was £19,454 (2023: £19,460) of outstanding pension contributions.
 

Page 33

 
Green Park Interim & Executive Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

18.


Commitments under operating leases

At 31 January 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
371,477
484,000
484,000
484,000

Later than 1 year and not later than 5 years
-
535,000
51,000
535,000

371,477
1,019,000
535,000
1,019,000


19.


Related party transactions


Total compensation of key management personnel (including the directors) in the year amounted to £505,248 (2023: £565,236). The directors received £Nil (2023: £750,000) in dividends in the year. 

The amount owed by the director Raj Tulsiani at the year end was £418,074 (2023: £175,640). No interest (2023: None) is applied to the outstanding balance.






20.


Ultimate parent company

The Directors consider the ultimate controlling party to be Raj C Tulsiani.

Page 34