Company registration number 11157629 (England and Wales)
GIANT EMPLOYMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
GIANT EMPLOYMENT LIMITED
COMPANY INFORMATION
Directors
Mr M Henry
Mr M McAllister
Company number
11157629
Registered office
Fourth Floor
90 High Holborn
London
United Kingdom
WC1V 6LJ
Auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
United Kingdom
M2 6HY
GIANT EMPLOYMENT LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 13
Profit and loss account
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 24
GIANT EMPLOYMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

 

Principal Activity

The company's principal activities during the financial year continued to be that of providing complimentary compliance driven global workforce solutions via our cloud based, end to end proprietary software and managed services for its clients.

 

Financial performance

Gross profit was £525,576 (2023 - £591,769) and profit before taxation was £48,069 (2023 - £24,094). Gross profit reflects the decrease in the average number of workers.

 

We continue to focus on quality led technology, processes, and support services to fulfil our strategy across the

Giant Precision Group of providing compliance driven global workforce solutions via our cloud-based, end to end proprietary software and managed services.

 

The company's key financial and other performance indicators during the year are as follows:

 

 

 

2024          2023

     £         £

Turnover               16,860,776          23,436,107

Gross profit               525,576 591,769

Profit before tax               48,069 24,094

 

Average number of workers on assignment 311          376

GIANT EMPLOYMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Fair Review of the Business

The company’s principal activity during the financial year continued to be providing comprehensive compliance-focused global workforce solutions through our cloud-based, end-to-end proprietary software and managed services for our customers. The directors plan to continue promoting this core activity. Through ongoing service innovation and deep understanding of clients and market needs, Giant continues to deliver a straightforward, compliant service to all clients.

 

We strictly adhere to the international security standard (held by parent company "Giant Precision Limited") ISO 27001 to keep sensitive data safe and comply with GDPR. This helps protect us from financial and reputation risks. We also meet ISO 9001 standards for quality and ISO 14001 for environmental management. Our parent company holds these important certifications, which help us operate effectively and manage risks. The most recent compliance audit conducted for the parent company was completed in October 2023.

 

Investment in our business

Our investment planning and decision-making process takes into account both our clients' needs and our solutions. We maintain a strong focus on quality processes and staff training to excellent exceptional customer service.

 

We continue to invest in our business to keep pace with evolving tax and employment legislation, meet client requirements, and continuously enhance our information technology capabilities.

 

Investment in our communities

Our company remains committed to supporting our communities where we can either via our key customers or suppliers or from our contacts within the local business community.

 

Vision of the future

Our strategy across Giant Employment Limited continues to to provide complimentary compliance driven global workforce solutions via our cloud based, end to end proprietary software and managed services.

Directors are firm in their conviction that group is responsible for maintaining exemplary customer service, driving continuous innovation, and upholding core compliance values. These commitments are vital for sustaining and boosting revenue growth in the coming year.

 

Going concern

Management’s attention is given to the cash flow forecast on a daily basis. The Board is satisfied that the cash flow forecasts for the period of 12 months from the date of signing the financial statements show that the Company can meet its liabilities as they fall due.

 

Corporate social responsibility

The parent company (Giant Precision Limited) holds ISO 14001 certification demonstrating its commitment to reducing its impact on the environment and providing assurance to management and employees as well as external stakeholders that its environmental impact is being measured and improved.

 

Charitable donations

The Company has continued with "giant giving" - its charitable initiative. The primary chosen charity is the Great Ormond Street Hospital (GOSH), who the Company has entered a corporate partnership with and is committed to raising both donations and awareness of the hospital.

 

Principal risks and uncertainties

Our regular meetings at various management levels across the Giant Precision Group continue to operate an effective corporate governance system to identify and evaluate the key business risks against the strategic objectives in place.

 

Our market sectors, competitors, partnerships, and the impact of political decisions may influence our trading activity and therefore primary sources for risk assessments.

GIANT EMPLOYMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Risk Management

Price risk

Within a highly competitive industry, price risk remains a focus. As a result, the company is continually engaged in understanding the competitive landscape by studying existing market offerings and assessing various pricing strategies.

 

Liquidity risk

The company oversees all facets of its cash needs to guarantee ample liquid resources for meeting operational requirements.

 

Credit risk

The company proactively manages its credit risks to ensure the stability of its financial position and protect against potential disruptions to cash flows. The company diligently assesses the creditworthiness of both new and existing customers by evaluating their credit scores, payment history, and any other relevant external factors.

 

Furthermore, the risk of delayed or non-payments persists due to unfavourable economic conditions or challenges in industry. As a result, appropriate credit limits are established at the outset of any new customer relationship, and credits provided outside of standard terms are only extended when a relevant credit insurance plan is in place.

 

Cash flow risk

The Giant Precision Group finances its operations through a mixture of retained profits and cash balances. It operates a treasury function appropriate for the sale and complexity of its business, which is responsible for managing the regulatory, liquidity and credit risks. Cash flow forecasting serves as one of the important functions performed by the finance team where weekly, monthly, and quarterly forecasts are regularly monitored, and necessary measures are undertaken.

 

Foreign currency risk

Currently the exchange risk for the company is relatively low as the company predominately trades in pounds sterling.

 

Data Protection and Cybersecurity risk

We have implemented extensive security controls within our information infrastructure and conduct comprehensive training to familiarise our employees with the latest GDPR requirements, specific risks, scenarios, and the preventive/corrective actions to be undertaken. Keeping up with strong, scalable functional frameworks is significant in an exceptionally transactional business. The company takes the issue of network protection very seriously due to which we have undertaken extensive penetration testing of frameworks, fortified information back-up processes and invested in new hardware and firewall infrastructures.

 

Inflation risk

In the present economic environment, the company faces the risk of inflation. Ongoing vigilance is maintained regarding the uncertainties stemming from the deceleration in the UK economy. To mitigate the risk associated with inflation, the company persists in diversifying both its client base and income sources.

GIANT EMPLOYMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Employee interest

In discharging our duties as directors of Giant Precision Group, we acknowledge and consider the importance of our employees as an integral factor in the long-term growth and success of the company. Hence, we are devoted to making sure that the company succeeds in the long run, benefiting everyone, including our employees.

 

When making decisions that may affect employees, we focus on their working conditions, diversity and inclusion, and growth opportunities. We understand that a motivated and skilled workforce is key to our company's success.

 

We are also committed to engaging with employees through various channels, including internal newsletters, notice boards, the intranet, and surveys. These communication methods will ensure that their perspectives and concerns are considered when making strategic decisions that may affect them. Additionally, our commitment extends to corporate training programs, health and safety initiatives, and biannual appraisals. These measures aim to enhance employee well-being, skill development, and overall job satisfaction.

 

This collaborative approach reflects our commitment to maintaining a positive and inclusive working environment.

 

Clients

As directors of Giant Precision Group, we acknowledge that our clients are our most valuable assets, standing as one of the prime pillars towards our growth and the primary driving force behind our ability to innovate.

 

We are deeply committed to prioritising the interests and satisfaction of our clients in every decision and action we undertake. Our commitment to client interests encompasses the following:

 

 

Client feedback is also essential to our commitment towards continuous improvement. We actively seek and value the insights of our clients. By upholding these principles, we aim to align our services with client expectations, fostering a climate of trust and mutual success.

GIANT EMPLOYMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
Suppliers

We place a high value on maintaining positive relations with our suppliers, recognising their indispensable role in our service delivery.

 

Our commitment to these relationships is reflected in the following principles:

 

By following these principles, our goal is to build a mutually beneficial partnership that supports the success of both parties.

 

Regulators

As directors of the company, we are dedicated to maintaining positive connections with regulators, acknowledging their vital role in maintaining necessary oversight so that our business runs in a compliant manner. Our efforts extend to our commitment to FCSA accreditation held by our parent company, further exemplifying our adherence to industry best practices.

 

Our dedication to transparency, adherence to regulations, and cooperative efforts encompasses the following actions:

 

 

By following FCSA accreditation standards, we show regulators our commitment to working together, being transparent, and actively participating and following industry benchmarks. This thorough approach builds trust and understanding, making Giant Precision Group a strong supporter of responsible, compliant, and ethical business practices in the eyes of regulators and the wider industry community.

On behalf of the board

Michael Henry
Director
21 February 2025
GIANT EMPLOYMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 6 -

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

Results and dividends

The results for the year are set out on page 01.

Ordinary dividends were £25,000 in 2024 (2023: £300,000).

Directors

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

Mr M Henry
Mr M McAllister
Financial instruments

The company manages its cash and borrowing requirements in order to maximise interest income and minimise. Interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

There is a minimum level of exchange risk for the company as trading is predominately in pounds sterling.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

 

Employee involvement
The company's policy is to consult directly with employees, at meetings and through bulletins or reports on matters likely to affect employees' interests.

 

Employment and employee engagement

 

Our people and their welfare
As a privately owned and managed business, our success hinges on having the right people, principles, and culture. While we offer a helpline (Employee Assistance Program) for additional support, we find that our "open door" policy, combined with clear and straightforward communication, is the most effective approach. This ensures a transparent and accessible environment, fostering a culture that values openness and direct communication.

 

Employee voice and communication

The group's policy is to consult and discuss with employees at meetings matters likely to affect employees' interests. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

The business has invested in and promoted a training session for professional development that has significantly increased employee satisfaction and personal development.

 

Diversity

The company continues to attract and employ regardless of ethnic, religious, culture or gender background. This is reflected in many levels of management across the company as well as amongst our teams.

GIANT EMPLOYMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -

Purpose and Leadership

Our company envisions providing a straightforward compliant service to all clients while continuously developing opportunities for our employees. Through ongoing innovation of services and a deep understanding of clients and the market, we prioritise effective decision-making that considers the interests of our employees and the business relationships with our customers and suppliers.

 

Business relationships

The Directors and Operational Board consistently evaluate how the Group maintains positive relationships with all stakeholders, including suppliers, customers, and others. We ensure that our payment terms with suppliers align with fair and customary practices. The Group has cultivated a strong reputation for customer service and actively engages with our partners.

 

Remuneration

Giant Precision Limited has established transparent remuneration structures aligned with the company's purpose, values, and culture. Our policies rigorously consider reputational and behavioral risks to the company arising from inappropriate incentives and excessive rewards. This approach reflects our commitment to responsible corporate governance practices.

Culture

The values of the company's employees serve as the culture's guiding principles, and are used by the Board, acting as a guiding framework for decision making. Good governance and effective communication are essential to ensuring business decisions and conduct are of a high standard. This assists with the delivery of our purpose, whilst at the same time protecting the company's reputation.

 

Training

There remains continuous training and development plans to ensure that director awareness of standards, policies and company strategy are understood.

 

Staff

Working from home continues to be the business and its employees preferred option. Individuals have the flexibility to work from the office where there is a business or personal need. There are regular one-to-ones to set clear goals and regular company-wide management briefings. Our wellness sessions for all employees with an external provider continued throughout the year and are still ongoing.

 

Opportunity and risk

As noted in our strategic report, our matrix of meetings at various management levels across the business continues to operate and be effective for decision making and evaluating key business risks. All risks are assessed against the strategic objectives in place. Our rigorous international security standard ISO 27001 assures that sensitive data is secure and GDPR-compliant, providing protection from financial and reputational risk. We also adhere to ISO 9001 - international quality standard and ISO 14001 - environmental management.

 

Our parent company (Giant Precision Limited) holds these important certifications, which help us operate effectively and manage risks. Compliance audit was last completed in October 2023.

 

Stakeholder relationships

Giant Employment Limited is a wholly owned subsidiary of Giant Precision Limited. Both directors of the company are also directors of Giant Precision Group and members of the board.

 

Disclosure in the strategic report

The company has chosen, in accordance with Section 414 C(ii) of the Companies Act 2006, and as noted in this Directors' report, to include certain matters in its Strategic Report that would otherwise be required to disclose in this Directors' report, specifically in respect of the review of the business, key performance indicators, business relationships, principal business risks and uncertainties and future developments for the company.

GIANT EMPLOYMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
Auditor

Saffery LLP have expressed their willingness to remain in office as auditors of the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

 

Statement of disclosure to auditor

To the best knowledge of each director who approved this report, there is no pertinent audit information that the company's auditor is unaware of. Furthermore, each director has individually undertaken the requisite measures expected of them in their capacity to ensure awareness of all relevant audit information and to ascertain that the company auditor is duly informed of such information.

Board composition

This comprises of the Group Chief Technical Officer and the Group Chief Financial Officer who are also directors of the company. The Company holds Board meetings throughout the year and is supported by management and various departmental divisions providing timely and detailed information in support of the Board's decision making. The Board operates an agenda of items appropriate to the size and complexity of the business.

On behalf of the board
Michael Henry
Director
21 February 2025
GIANT EMPLOYMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 9 -

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:

 

 

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.

GIANT EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GIANT EMPLOYMENT LIMITED
- 10 -
Opinion

We have audited the financial statements of Giant Employment Limited (the ‘company’) for the year ended 31 May 2024 which comprise the profit and loss account, balance sheet, statement of changes in equity 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 the audit:

 

GIANT EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GIANT EMPLOYMENT LIMITED
- 11 -
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:

 

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 9, 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.

GIANT EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GIANT EMPLOYMENT LIMITED
- 12 -
Auditor's responsibilities for the audit of the financial statements

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

 

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

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

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

GIANT EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GIANT EMPLOYMENT LIMITED
- 13 -
Simon Kite
Senior Statutory Auditor
For and on behalf of Saffery LLP
21 February 2025
Statutory Auditor
Trinity
16 John Dalton Street
Manchester
United Kingdom
M2 6HY
GIANT EMPLOYMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
16,860,776
23,436,107
Cost of sales
(16,335,200)
(22,844,338)
Gross profit
525,576
591,769
Administrative expenses
(507,193)
(602,631)
Other operating income
608
18,167
Operating profit
18,991
7,305
Interest receivable and similar income
6
29,078
16,789
Profit before taxation
48,069
24,094
Tax on profit
7
(13,447)
(2,425)
Profit for the financial year
34,622
21,669

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GIANT EMPLOYMENT LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 15 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
854,137
1,192,562
Cash at bank and in hand
312,397
316,571
1,166,534
1,509,133
Creditors: amounts falling due within one year
10
(1,044,691)
(1,396,912)
Net current assets
121,843
112,221
Capital and reserves
Called up share capital
13
1,000
1,000
Profit and loss reserves
120,843
111,221
Total equity
121,843
112,221

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
Michael Henry
Director
Company registration number 11157629 (England and Wales)
GIANT EMPLOYMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
389,552
390,552
Year ended 31 May 2023:
Profit and total comprehensive income
-
21,669
21,669
Dividends
8
-
(300,000)
(300,000)
Balance at 31 May 2023
1,000
111,221
112,221
Year ended 31 May 2024:
Profit and total comprehensive income
-
34,622
34,622
Dividends
8
-
(25,000)
(25,000)
Balance at 31 May 2024
1,000
120,843
121,843
GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 17 -
1
Accounting policies
Company information

Giant Employment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, 90 High Holborn, London, United Kingdom, WC1V 6LJ.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Giant Precision Limited. These consolidated financial statements are available from its registered office, Fourth Floor, 90 High Holborn, London, England, WC1V 6LJ.

1.2
Going concern

At 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.true

 

1.3
Turnover

Turnover represents amounts receivable for the provision of payroll services to contractors. Turnover is stated net of value added tax.

 

Turnover from a contract to provide employment services is recognised in the period in which the services are provided and once the associated costs can be reliably measured.

1.4
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.

GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.5
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 statement of financial position 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, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
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.

1.7
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 income statement 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.

 

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

GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.9
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

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

 

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

Holiday Pay

The company operates both accrued and rolled-up holiday schemes. All workers are given monthly

reminders to take their holiday.

Bad Debt Provision

A provision is made for bad and doubtful debts, where management believes there is an issue in the recoverability of trade and other debtors. In the current year, management believe all balances to be recoverable and hence no provision is included within the financial statements.

 

3
Turnover and other revenue

Turnover is wholly attributable to the primary activity of the company and arose solely within the UK and Channel Islands. Turnover is recognised when the approved cost has been confirmed by the customer.

2024
2023
£
£
Turnover analysed by class of business
Employment services
16,860,776
23,436,107
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,874,438
18,971,237
Jersey, Channel Islands
986,338
4,464,870
16,860,776
23,436,107
GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
29,078
16,789
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
8,700
7,900
5
Employees

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

2024
2023
Number
Number
Flexible workers
311
376

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
14,316,661
19,443,410
Social security costs
1,639,624
2,407,257
Pension costs
136,179
173,957
16,092,464
22,024,624
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
29,078
16,789
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
29,078
16,789
GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
13,300
4,846
Deferred tax
Origination and reversal of timing differences
147
(34)
Adjustment in respect of prior periods
-
0
(2,387)
Total deferred tax
147
(2,421)
Total tax charge
13,447
2,425

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
48,069
24,094
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
12,017
4,819
Under/(over) provided in prior years
1,283
-
0
Deferred tax adjustments in respect of prior years
147
(2,387)
Remeasurement of deferred tax for changes in tax rate
-
0
(7)
Taxation charge for the year
13,447
2,425
8
Dividends
2024
2023
£
£
Final paid
25,000
300,000
GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
849,739
1,185,658
Prepayments and accrued income
768
3,127
850,507
1,188,785
Deferred tax asset (note 11)
3,630
3,777
854,137
1,192,562
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
2,412
Amounts owed to group undertakings
2
2
Corporation tax
11,870
3,416
Other taxation and social security
791,738
1,095,679
Other creditors
68,635
162,094
Accruals and deferred income
172,446
133,309
1,044,691
1,396,912
11
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Short term timing differences
3,630
3,777
2024
Movements in the year:
£
Asset at 1 June 2023
(3,777)
Other
147
Asset at 31 May 2024
(3,630)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

GIANT EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
136,179
173,957

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.

The outstanding amount included in creditors for pension contributions as at 31 May 2024 amounted to £27,735 (2023: £42,009).

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

14
Related party transactions

Transactions with related parties

The company has taken advantage of exemption provided by section 33 of FRS 102 'Related Party

Disclosures' and has not disclosed transactions entered into between two or more members of the group, provided that any subsidiary undertaking which is party to the transactions is wholly owned by a member of the group.

15
Ultimate controlling party

Giant Precision Limited is the immediate parent company. Giant Precision Limited is the largest and smallest group in which Giant Employment Limited is a member and for which consolidated financial statements are prepared and publicly available. A copy of the group financial statements can be obtained from Giant Precision Limited, Fourth Floor, 90 High Holborn, London, England, WC1V 6LJ.

 

The company's ultimate controlling party is Matthew Brown, a director and majority shareholder of Giant Precision Limited.

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