Company registration number 09686289 (England and Wales)
WAYPOINT GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
WAYPOINT GLOBAL LIMITED
COMPANY INFORMATION
Directors
A D Morris
D Morris
D Morris
Company number
09686289
Registered office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Auditor
PK Audit LLP
1 Parkshot
Richmond
Surrey
TW9 2RD
WAYPOINT GLOBAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
WAYPOINT GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Review of the business
The business operates contract recruitment services and global mobility within the Marine and Offshore Industries.
The operating profit for the company increased from £2,236,555 to £2,781,715 to and as the company continued to trade strongly with an increase of operating profit of 24.37% this was in line with the directors expectations.
The company's KPIs are gross profit, gross profit percentage, operating profit and operating profit percentage. For the year under review, the results were as follows:
- Gross profit - £3,162,748 (2023: £2,614,262)
- Gross profit percentage - 15.85% (2023: 14.58%)
- Operating profit - £2,781,715 (2023: £2,236,555)
- Operating profit percentage - 13.94% (2023: 12.48%)
The directors are pleased to see the continued growth of the business and with the ongoing demand for contract recruitment services expect further growth in the year to come.
The company continues to expand its contractor and client reach globally as well as its global mobility services offering.
Principal risks and uncertainties
The company faces risk and uncertainties due to the following:
Changes to the geopolitical landscape globally. Temporary High-Risk Areas present a challenge to Marine and Offshore companies and project delays impact when/if offshore contractors can/want to work. To mitigate this the company carefully considers the location of offshore work carried out and how viable it is to provide contract personnel.
Contractor day rate pressure and Client budgets vary from location to location globally. To mitigate this the company is continuing to expand its global network of local/regional contract personnel to provide contract services within contractor and client expectations.
Changes in globally mobility requirements/legislation/documentation requirement dependent on nationality. To mitigate this the company is continuing to expand its network of local and regional advisors/agents/suppliers to ensure the seamless global mobility service.
Credit worthiness of Marine and Offshore Companies. To mitigate this the company continues to work with our banks and financial partners to ensure we are aware of the financial picture of all our clients.
Development and performance
The directors anticipate the business environment will continue to be very positive. They believe the company is in a strong financial position and that risks are identified and well managed.
The company continues to look at and review new market opportunities and are confident in the company's ability to build on its position.
Financial Instruments
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in Sterling, Dollar and Euros.
Foreign currency transactions are being covered by suitable currency contracts to minimise exposure to exchange rate volatility.
Research and Development
The company is not currently undertaking any research and development.
WAYPOINT GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
D Morris
Director
3 January 2025
WAYPOINT GLOBAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of contract recruitment services.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £408,000. 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 D Morris
D Morris
D Morris
Auditor
PK Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
D Morris
Director
3 January 2025
WAYPOINT GLOBAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 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.
WAYPOINT GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WAYPOINT GLOBAL LIMITED
- 5 -
Opinion
We have audited the financial statements of Waypoint Global Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of income and retained earnings, the balance sheet, the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
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:
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.
WAYPOINT GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WAYPOINT GLOBAL LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the contract recruitment sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; and
obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Based on our understanding of the company and industry, and through discussion with the directors and other management, we identified that the principal risks were in relation to:
WAYPOINT GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WAYPOINT GLOBAL LIMITED (CONTINUED)
- 7 -
To address the risks, we performed the procedures as set out in the auditing standards but were not limited to:
Enquiry of management, those charged with governance around actual and potential litigation and claims;
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Annie Lee
Senior Statutory Auditor
For and on behalf of PK Audit LLP
3 January 2025
Chartered Accountants
Statutory Auditors
1 Parkshot
Richmond
Surrey
TW9 2RD
WAYPOINT GLOBAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
19,948,128
17,924,766
Cost of sales
(16,765,066)
(15,310,504)
Gross profit
3,183,062
2,614,262
Administrative expenses
(345,959)
(377,707)
Operating profit
3
2,837,103
2,236,555
Interest receivable and similar income
7
106,204
58,082
Interest payable and similar expenses
8
(284,264)
(239,497)
Profit before taxation
2,659,043
2,055,140
Tax on profit
9
(686,311)
(452,568)
Profit for the financial year
1,972,732
1,602,572
Retained earnings brought forward
4,130,308
3,212,736
Dividends
10
(408,000)
(685,000)
Retained earnings carried forward
5,695,040
4,130,308
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WAYPOINT GLOBAL LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,781
9,776
Current assets
Debtors falling due after more than one year
13
4,454,453
3,703,352
Debtors falling due within one year
13
3,547,606
2,785,494
Cash at bank and in hand
882,306
1,256,281
8,884,365
7,745,127
Creditors: amounts falling due within one year
14
(3,194,401)
(3,622,141)
Net current assets
5,689,964
4,122,986
Total assets less current liabilities
5,696,745
4,132,762
Provisions for liabilities
Deferred tax liability
16
1,695
2,444
(1,695)
(2,444)
Net assets
5,695,050
4,130,318
Capital and reserves
Called up share capital
18
10
10
Profit and loss reserves
5,695,040
4,130,308
Total equity
5,695,050
4,130,318
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 3 January 2025 and are signed on its behalf by:
D Morris
Director
Company registration number 09686289 (England and Wales)
WAYPOINT GLOBAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,680,939
2,561,560
Interest paid
(284,264)
(239,497)
Income taxes paid
(835,765)
(343,428)
Net cash inflow from operating activities
560,910
1,978,635
Investing activities
Purchase of tangible fixed assets
(715)
(9,778)
Loans made to other entities
(751,101)
(1,175,349)
Interest received
106,204
58,082
Net cash used in investing activities
(645,612)
(1,127,045)
Financing activities
Dividends paid
(408,000)
(685,000)
Net cash used in financing activities
(408,000)
(685,000)
Net (decrease)/increase in cash and cash equivalents
(492,702)
166,590
Cash and cash equivalents at beginning of year
(288,115)
(431,487)
Effect of foreign exchange rates
(30,103)
(23,218)
Cash and cash equivalents at end of year
(810,920)
(288,115)
Relating to:
Cash at bank and in hand
882,306
1,256,281
Bank overdrafts included in creditors payable within one year
(1,693,226)
(1,544,396)
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
1
Accounting policies
Company information
Waypoint Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 company 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 company after deducting all of its liabilities.
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, that are classified as debt, 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.
1.8
Equity instruments
Equity instruments issued by the company 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 company.
1.9
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 company’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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling 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 in the period are included in profit or loss.
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Consultancy services
19,948,128
17,924,766
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
296,478
483,047
Europe
4,262,196
4,453,584
Asia
959,800
526,923
USA/Canada and Barbados
14,429,654
12,461,212
19,948,128
17,924,766
2024
2023
£
£
Other revenue
Interest income
106,204
58,082
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
30,103
23,218
Depreciation of owned tangible fixed assets
3,710
3,761
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,000
18,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
3
3
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
32,848
35,873
Social security costs
610
614
Pension costs
44,311
92,000
77,769
128,487
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
30,448
34,873
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,504
782
Other interest income
99,700
57,300
Total income
106,204
58,082
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,504
782
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
270,354
234,806
Other finance costs:
Other interest
13,910
4,691
284,264
239,497
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
687,060
450,124
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
2024
2023
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(749)
2,444
Total tax charge
686,311
452,568
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
2,659,043
2,055,140
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
664,761
513,785
Tax effect of expenses that are not deductible in determining taxable profit
21,550
23,929
Change in unrecognised deferred tax assets
(749)
2,444
Effect of change in corporation tax rate
(85,597)
Permanent capital allowances in excess of depreciation
(179)
(2,933)
Depreciation on assets not qualifying for tax allowances
928
940
Taxation charge for the year
686,311
452,568
10
Dividends
2024
2023
£
£
Final paid
408,000
685,000
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2023
11,069
6,839
17,908
Additions
715
715
At 31 July 2024
11,069
7,554
18,623
Depreciation and impairment
At 1 August 2023
3,417
4,715
8,132
Depreciation charged in the year
2,444
1,266
3,710
At 31 July 2024
5,861
5,981
11,842
Carrying amount
At 31 July 2024
5,208
1,573
6,781
At 31 July 2023
7,652
2,124
9,776
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,919,639
6,470,412
Carrying amount of financial liabilities
Measured at amortised cost
2,892,982
3,172,017
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,436,254
1,802,591
Other debtors
13,860
7,767
Prepayments and accrued income
1,097,492
975,136
3,547,606
2,785,494
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
4,454,453
3,703,352
Total debtors
8,002,059
6,488,846
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Debtors
(Continued)
- 18 -
The trade debtors balance includes £1,693,226 (2023: £1,544,396) which is covered by an invoice discounting arrangement. These assets have not been derecognised from the balance sheet because the company remains ultimately responsible for any unpaid balances, so the directors consider significant risks to have been retained.
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
1,693,226
1,544,396
Trade creditors
447,238
491,386
Corporation tax
301,419
450,124
Other creditors
74,999
429,969
Accruals and deferred income
677,519
706,266
3,194,401
3,622,141
The bank loans and overdrafts are secured by a fix and floating charges over the company's assets.
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
1,693,226
1,544,396
Payable within one year
1,693,226
1,544,396
Bank loans and overdrafts are amounts owed to an invoice discounting facility. The amount will be repaid from the proceeds generated by the specific item it finances.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,695
2,444
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
16
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 August 2023
2,444
Credit to profit or loss
(749)
Liability at 31 July 2024
1,695
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,311
92,000
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
10,000
10,000
10
10
19
Related party transactions
On 8th February 2024, the Company extended an unsecured loan to ASSG Properties Ltd amounting to £4,454,453. As of the reporting date, £4,454,453 had been drawn down from this facility. The loan, which has a term of 25 years, attracts an annual interest rate of 2.25%. ASSG Properties Ltd is wholly controlled and owned by Mr. and Mrs. D Morris.
20
Directors' transactions
Dividends totalling £408,000 (2023 - £685,000) were paid in the year in respect of shares held by the company's directors.
WAYPOINT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,972,732
1,602,572
Adjustments for:
Taxation charged
686,311
452,568
Finance costs
284,264
239,497
Investment income
(106,204)
(58,082)
Depreciation and impairment of tangible fixed assets
3,710
3,761
Foreign exchange gains on cash equivalents
30,103
23,218
Movements in working capital:
Increase in debtors
(762,112)
(19,662)
(Decrease)/increase in creditors
(427,865)
317,688
Cash generated from operations
1,680,939
2,561,560
22
Analysis of changes in net debt
1 August 2023
Cash flows
Exchange rate movements
31 July 2024
£
£
£
£
Cash at bank and in hand
1,256,281
(343,872)
(30,103)
882,306
Bank overdrafts
(1,544,396)
(148,830)
-
(1,693,226)
(288,115)
(492,702)
(30,103)
(810,920)
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