Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
COMPANY INFORMATION
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RED SNAPPER RECRUITMENT LIMITED
CONTENTS
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RED SNAPPER RECRUITMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Directors present the Strategic Report for Red Snapper Recruitment for the year ended 31 May 2024.
Red Snapper Recruitment (RSR) is a specialist staffing services provider servicing a number distinct market sectors, namely, UK and Overseas Police, Central Government and Regulatory, Cyber, Housing and the 3rd Sector. This spread of markets is sufficiently interlinked and focused to allow RSR to benefit from niche specialist status in each area but has the diversity to spread risk in terms of demand and environmental threats. Each sector has its own market and contractual conditions as set out below.
The UK domestic policing contingency recruitment market is a mature market which has recently seen greater consolidation under mastervendor frameworks. RSR operates its own master vendor service to West Midlands Police, the second largest Police force in the UK.
Recruitment supply to the overseas territories continues to be a source of revenue for RSR. Clients recruiting services in these jurisdictions rely on a highly developed product and a strong track record. Barriers to entry are therefore high and RSR has been able to secure long standing clients in this market.
The cyber security market has faced challenges in FY24. The business works primarily with senior appointments frequently on retained search terms. Demand in this area has retracted during the year due to wider socioeconomic factors. The business was able to restructure and refocus the team and ends the year with a growing pipeline as key recruitment indicators improve.
Central government and regulatory continues to be a strong source of revenue and gross profit. The business has recently secured the extension of the contingency recruitment services for the Ministry of Justice. This guarantees significant turnover and GP until 2026. Worker attraction and retention will be a key factor to success in this area as there is an undersupply of skilled workers.
Housing and 3rd sector continues to be a growth area for the business. The team have made a significant number of direct and framework placements into the sector during FY24. The large number of buying entities and variation of organisations provides significant opportunity for structured sales activity, innovative product delivery and cross selling between group companies.
In a reverse of the prior year Turnover and GP decreased by 17% and 22% respectively during the year. The drop in GP can be attributed to the cyber market and the related team that has been re-structured during the year. Striping out this activity, there are positive indicators in the GP movement with a significant % of lower margin business being substituted for higher margin work. The reduction in turnover for this portfolio saw a related increase in GP. With a Cyber team recovery the positive impact of this realignment of the client base should be seen in the net position.
Overheads however decreased in excess of the decrease in GP. The reduction in costs was largely attributable to staff costs relating to the restructure and under performance of the Acumin team and the redressing of intercompany cost allocation to group entities to better reflect management and back office support. The net assets of the business have decreased from the prior year by approximately 14%.
RSR’s investment into social value programmes continued during FY23. The business continued to invest into programmes such as local employment programmes for schools and apprentices in client locations such as the West Midlands.
The operations of group businesses providing media, managed services and training have enabled RSR to remain focussed on its core product of the provision of contingent and permanent recruitment services and this focus will remain for the foreseeable future. RSR’s position within RSG allows it to benefit from the services, client relationships and cost base of group companies whilst maintaining market and product focus.
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RED SNAPPER RECRUITMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
FY25 will see the continuation of current strategies within the diverse markets set out above. Driving growth in Housing and 3rd sector as well as a controlled recovery of the cyber team work in line with their cost base will be key focusses in the next period.
The overheads of the business will be significantly reduced in FY25 and beyond due to the end of the lease of the London and Birmingham offices and the change to a distributed workforce model. The infrastructure cost savings are around £350/400k per annum and the ability to recruit nationally are already showing cost savings whilst achieving a motivated workforce whom almost entirely advocate the working model as they gain time, personal cost savings and flexibility to engage more in their home environments.
In FY25 the business will also restructure its IT infrastructure with a move away from private cloud onto the Microsoft 365 estate. This will deliver cost savings and operational advantages.
Principal risks and uncertainties The business’s operations expose it to a variety of financial risks including credit risk, liquidity risk, interest rate risk and foreign currency exchange risk. Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Group's finance department.
The business’s credit risk is primarily attributable to its trade debtors. The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board. The carrying amount of financial assets represents the maximum credit exposure.
Liquidity risk
The business actively maintains a mixture of long term and short term debt finance that is designed to ensure it has sufficient available funds for operations and planned expansions. The Group monitors its levels of working capital to ensure that it can meet its debt repayments as they fall due. Interest rate risk The business has both interest-bearing assets and interest-bearing at liabilities. Interest bearing assets comprise only cash and cash equivalents. The business’ lending primary lending facility has been recently renegotiated through a competitive process with preferential terms secured compared to the previous facility. . Foreign currency exchange rate risk The business has limited exposure to foreign currency exchange rate risk as a result of trade debtors and creditors which will be settled in foreign currency. The Group has no material financial exposure to foreign exchange gains and losses on financial assets or liabilities at the year end and does not hedge its trading activities.
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RED SNAPPER RECRUITMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
This report was approved by the board and signed on its behalf.
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RED SNAPPER RECRUITMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
The profit for the year, after taxation, amounted to £157,201 (2023 - £245,012).
Dividends paid amounted to £431,136 (2023 - £431,136).
The directors who served during the year were:
Qualifying third party indemnity provision for the benefit of one or more directors was in force at all time during the financial year.
There have been no significant events affecting the Company since the year end.
A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
This report was approved by the board and signed on its behalf.
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RED SNAPPER RECRUITMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements 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 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.
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RED SNAPPER RECRUITMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SNAPPER RECRUITMENT LIMITED
We have audited the financial statements of Red Snapper Recruitment Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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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RED SNAPPER RECRUITMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SNAPPER RECRUITMENT 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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RED SNAPPER RECRUITMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SNAPPER RECRUITMENT 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:
- enquiry of management, those charged with governance around actual and potential litigation and claims.
- performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. - 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.
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
London, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313)
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RED SNAPPER RECRUITMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
REGISTERED NUMBER: 05129360
BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 27 form part of these financial statements.
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RED SNAPPER RECRUITMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Red Snapper Recruitment Limited is a private company, limited by shares, registered in England and Wales. The registered office address and registered number can be found on the Company Information page.
The principal activity of the company during the year was recruitment services. The Company's functional and presentational currency is GBP, rounded to the nearest £1
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Red Snapper Group Limited as at 31 May 2024 and these financial statements may be obtained from Registrar of Companies House, Cardiff, CF14 3UZ.
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
The Company has continued to perform well during and since the financial year.
The directors have prepared forecasts for the next twelve months which demonstrate the Company's ability to continue operating within its existing financial facilities, ending FY24 with net assests of £1,383,722 (2023: £1,605,284). The going concern status is dependent on the Company's existing financial facilities, including debt factoring arrangements and overdraft facilities remaining in place throughout the forecast period to at least 12 months from expected sign-off date. The directors consider these facilities will remain in place for a period to at least 12 months from expected sign-off date. After making enquiries, the Directors have a reasonable expectation that the Group and the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors are satisfied that the financial statements are appropriately prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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, on a reducing balance basis.
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.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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.
Bad debt provision: Trade debtors balance of £2,498,033 (2023: £3,765,014) is recorded on the Company's Balance Sheet. A full line review of trade debtors is carried out on a regular basis. Whilst every attempt is made to ensure that the debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
12.Taxation (continued)
The Chancellor confirmed that the main corporation tax rate would increase to 25% as enacted on 11 March in the Finance Act 2021. This has come into effect in April 2023.
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Amounts owed by group undertakings and amounts due from shareholders are interest free, unsecured and repayable on demand.
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Merger Reserve
Profit and loss account
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RED SNAPPER RECRUITMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The ultimate parent company is
The ultimate controlling party is M Jerrold, by virtue of owning more than 70% of the voting rights and being chairman of the board of directors of the Parent Company, Red Snapper Group Limited. The largest and smallest group of undertakings for which group accounts for the period ending 31 May 2024 have been drawn up, is that headed by Red Snapper Group Limited. Copies of the group accounts are available from 28 Northchurch Road, London, England, N1 4EH.
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