Registered number:
For the Year Ended
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Industrial Temps Limited
Company Information
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Industrial Temps Limited
Contents
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Industrial Temps Limited
Strategic Report
For the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024. The directors, in preparing this
strategic report, have complied with s414C of the Companies Act 2006
The principal activity of the company continued to be that of the temporary and permanent placing of employees.
The company performance was satisfactory in difficult trading conditions. The directors continue to closely monitor and analyse customer service levels and market conditions.
The principal risks facing the company are margin and regularity. The company has appropriate controls in place to manage these risks.
The directors consider turnover, gross profit margin and profit before tax to be the main measures of financial
performance. There has been an increase in turnover in the year to £24,674k from £21,506k in 2023. Gross margin has decreased to 11.0% from 12.6% in 2023. Operating profit decreased from £1,253k to £1,194k.
This report was approved by the board on 29 January 2025 and signed on its behalf.
Page 1
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Industrial Temps Limited
Directors' Report
For the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £898,951 (2023: £1,015,899).
The dividends of £395,060 were paid to shareholders during the year (2023: £363,476)
The directors who served during the year were:
The directors consider that both the results for the year and the trading prospects to be satisfactory and expect
the current level of performance to be maintained into the future.
During the year, the policy of providing employees with information about the company has been continued
through internal media methods in which employees have also been ecouraged to present their suggestions and views on the company's performance.
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Industrial Temps Limited
Directors' Report (continued)
For the Year Ended 30 April 2024
There have been no significant events affecting the Company since the year end.
The auditors, Sumer AuditCo NI Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Industrial Temps Limited
Independent Auditors' Report to the Members of Industrial Temps Limited
We have audited the financial statements of Industrial Temps Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Industrial Temps Limited
Independent Auditors' Report to the Members of Industrial Temps Limited (continued)
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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Industrial Temps Limited
Independent Auditors' Report to the Members of Industrial Temps Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: posting of unusual journals. We discussed this risk with client management, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address this risk.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 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.
for and on behalf of
Statutory Auditors
Glendinning House
6 Murray Street
BT1 6DN
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Industrial Temps Limited
Statement of Comprehensive Income
For the Year Ended 30 April 2024
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Industrial Temps Limited
Registered number: NI029155
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 25 form part of these financial statements.
Page 8
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Industrial Temps Limited
Statement of Changes in Equity
For the Year Ended 30 April 2024
Page 9
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Industrial Temps Limited
Statement of Cash Flows
For the Year Ended 30 April 2024
Page 10
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Industrial Temps Limited
Page 11
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Industrial Temps Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have considered the appropriateness of the going concern basis for the preparation of the accounts and confirm there is no material uncertainties that cast doubt on the Company's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing the financial statements.
Page 12
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
Defined benefit pension plan
Page 13
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 14
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
2.Accounting policies (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:
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.
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The whole of the turnover is attributable to principle activity of the business.
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Page 17
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
There were no factors that may affect future tax charges.
Page 18
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Page 19
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Page 20
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Page 21
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
The company has secured borrowing facilities in place, supported by the following security arrangements:
Floating Debenture: A floating charge has been granted over the company's general assets, which allows for ongoing business operations while providing security for creditors. This charge covers inventory, trade receivables, and other moveable assets. Fixed and Floating Charge: A fixed charge has been registered against specific identified assets such as property, plant, and equipment. Additionally, a floating charge remains over other assets to ensure security flexibility.
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Page 23
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Profit and loss account
adjustments.
Defined Contribution
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £144,428 (2023: £78,592). Contributions totalling £136,461 (2023: £126,524) were payable to the fund at the balance sheet date.
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Industrial Temps Limited
Notes to the Financial Statements
For the Year Ended 30 April 2024
Page 25
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