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Company Registration Number:  03682485



















COREPEOPLE RECRUITMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
 30 JUNE 2024


















img29aa.png

 
COREPEOPLE RECRUITMENT LIMITED
 

COMPANY INFORMATION


Directors
Mr I J Storer 
Mrs V Storer 
Mrs S M Jackson 




Registered number
03682485



Registered office
Salvus House
Aykley Heads

Durham

DH1 5TS




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants

York House

Northallerton

North Yorkshire

DL6 2XQ




Bankers
HSBC Bank Plc
Floor 3

Central Square South

Orchard Street

Newcastle upon Tyne

NE1 3AZ




Solicitors
Ward Hadaway
102 Quayside

Newcastle upon Tyne

NE1 3DX





 
COREPEOPLE RECRUITMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 27


 
COREPEOPLE RECRUITMENT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report for the year end 30 June 2024.
 
Business review
 
Corepeople Recruitment is a specialist recruitment agency and business providing both white and blue collar recruitment services to the construction industry. The company's main operations are providing temporary and permanent staffing solutions to contractors, sub-contractors and developers and the associated professions - architecture, surveying and engineering - operating in the general building, civil engineering and housing arenas throughout Northern England, and occasionally beyond. Through its trading style, ‘Hawthorne Blue' Corepeople also undertakes retained executive search assignments in the construction and building products industries throughout the UK.
The company has operated from a single site in Durham for many years, and enjoys a well respected and enviable position within its chosen marketplace, not least because in its field it is the longest established agency operating in the North East, being able to trace its roots back to the very early 1990s.
The company’s performance throughout the year was steady, if unspectacular, following a trend over the past few years which can be seen in the financial indicators section below.  The company benefits from a mature, tried and trusted business model and loyal, long-serving and hard-working staff, who individually can be relied upon to produce consistent results, regardless of prevailing market conditions.  We have met with some success during the course of this and subsequent periods in adding to their number, as it is recognised that this is the route to increased profitability, but successful internal recruitment remains a challenge greater than any other external factors faced by the organisation.  To this end significant resource is currently being deployed to increase recruitment activities which, alongside a bolstered online presence, will result in greater numbers of new colleagues being recruited (and, crucially, retained) throughout the current financial year.
 

Page 1

 
COREPEOPLE RECRUITMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024



Principal risks and uncertainties
 
.There are, as ever, numerous risks the company faces throughout the current period and beyond.  The Board has identified three main areas of concern to address, which are potential economic uncertainty following the recent change in government, the challenges and demands of automation and Artificial Intelligence, as technological advancements, including AI-driven recruitment tools, could replace some traditional recruitment functions, reducing the demand for human recruiters in certain roles, and a possibly increasingly unhelpful regulatory framework.
Whereas economic outlook and changes in regulation have not yet solidified into a tangible threat and remain things over which the Board retains a watching brief, AI is rapidly being introduced into the recruitment sphere, prompting us to adopt changes in our software bundles which will see us well placed to benefit from some of the time saving features AI will undoubtedly afford the industry.

Financial key performance indicators
 
The following key performance indicators are those identified and referred to within the Business Review section of this Strategic Report.
   
 2024                 2023    2022
Turnover   £13,930,374   £14,041,308   £14,526,545
Gross Profit   £1,629,201   £1,621,921   £1,641,277
Profit after tax  £113,457   £53,147   £129,055

Going concern

The directors have considered the situation with regard to the prevailing economic climate highlighted above as part of their going concern assessment. The view of the directors is that, while they acknowledge the significant uncertainty that may result from recent changes in political outlook and economic policy, the company remains well placed to benefit from any increased activity levels such changes could bring about, yet  both resilient and agile enough to withstand any downside pressures which may appear.
Furthermore, although its business model is predicated upon exposure to the built environment in its entirety, the company possesses the agility to direct resources as required to any sub sector of the industry which fares better than others, should a significant downturn occur.  Pleasingly this is already being evidenced during the current reporting period, as the company’s activity within the housebuilding arena has increased significantly to take advantage of improving market conditions in the sector.  
In reaching their conclusion, the directors have prepared budgets covering a period for at least twelve months following the signing of these financial statements, applied sensitivity analyses as appropriate. 
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
Finally, as ever, the Board would like to place on record its gratitude to all colleagues who have contributed so much to another successful year.


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


Mr I J Storer
Director
Date: 11 March 2025

Page 2

 
COREPEOPLE RECRUITMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

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 judgments and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £113,457 (2023 - £53,147).

There were dividends of £150,000 (2023: £150,000) which were declared and paid during the year. 
There were no political donations made during the year (2023: nil).

Directors

The directors who served during the year were:

Mr I J Storer 
Mrs V Storer 
Mrs S M Jackson 

Principal risks and uncertainties

Credit risk

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Group policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The group also utilises insurance policies to protect against non-payment of debt. The group does not consider that it is materially exposed to credit risk.

Page 3

 
COREPEOPLE RECRUITMENT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Interest rate risk

The group has a mortgage and a pension scheme loan which are both interest bearing. The loans attract an interest rate linked to base rate movements. Unfavourable movements in interest rates are not perceived as being material to the accounts due to the arrangements in place.

Cash flow and liquidity risk

Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the group is deemed sufficient to minimise the group's exposure to cash flow and liquidity risk.

Future developments

See disclosures within the Strategic Report regarding future developments of the group.

Engagement with employees

During the year, the policy of providing employees with information, including information relating to the economic and financial factors affecting the performance of the group, has continued through the newsletter in which employees are encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow free flow of information and ideas. Employees participate directly in the success of the business through the company's profit sharing schemes.




Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 
COREPEOPLE RECRUITMENT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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


Mr I J Storer
Director

Date: 11 March 2025

Page 5

 
COREPEOPLE RECRUITMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COREPEOPLE RECRUITMENT LIMITED
 

Opinion


We have audited the financial statements of Corepeople Recruitment Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.


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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
COREPEOPLE RECRUITMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COREPEOPLE RECRUITMENT LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 7

 
COREPEOPLE RECRUITMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COREPEOPLE RECRUITMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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

•  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 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 and employment.
•  we assessed the extent of compliance with the laws and regulations identified above through making
 enquiries of management and inspecting legal correspondence; and
•  identified laws and regulations were communicated within the audit team regularly and the team remained
 alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including
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.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
•  tested journal entries to identify unusual transactions;
•  assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias; and
•  investigated the rationale behind significant or unusual transactions.
 
Page 8

 
COREPEOPLE RECRUITMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COREPEOPLE RECRUITMENT LIMITED (CONTINUED)


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
•  agreeing financial statement disclosures to underlying supporting documentation;
•  reading the minutes of meetings of those charged with governance;
•  enquiring of management as to actual and potential litigation and claims; and reviewing correspondence    with HMRC.


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


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.


Use of our report
 

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


Simon Turner (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants
Northallerton

11 March 2025
Page 9

 
COREPEOPLE RECRUITMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
  
13,930,374
14,041,308

Cost of sales
  
(12,301,173)
(12,419,387)

Gross profit
  
1,629,201
1,621,921

Administrative expenses
  
(1,425,612)
(1,525,923)

Operating profit
 5 
203,589
95,998

Interest payable and similar expenses
 9 
(48,960)
(30,152)

Profit before tax
  
154,629
65,846

Tax on profit
 10 
(41,172)
(12,699)

Profit for the financial year
  
113,457
53,147

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 27 form part of these financial statements.

Page 10

 
COREPEOPLE RECRUITMENT LIMITED
REGISTERED NUMBER: 03682485

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
6,433
8,730

Investments
 13 
76
76

  
6,509
8,806

Current assets
  

Debtors: amounts falling due within one year
 14 
1,754,215
1,633,771

Cash at bank and in hand
 15 
507
2,619

  
1,754,722
1,636,390

Creditors: amounts falling due within one year
 16 
(1,630,623)
(1,478,215)

Net current assets
  
 
 
124,099
 
 
158,175

Total assets less current liabilities
  
130,608
166,981

Provisions for liabilities
  

Deferred tax
 18 
(170)
-

  
 
 
(170)
 
 
-

Net assets
  
130,438
166,981


Capital and reserves
  

Called up share capital 
 19 
180
180

Profit and loss account
 20 
130,258
166,801

  
130,438
166,981


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




Mr I J Storer
Director

Date: 11 March 2025

The notes on pages 15 to 27 form part of these financial statements.

Page 11

 
COREPEOPLE RECRUITMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
180
263,654
263,834



Profit for the year
-
53,147
53,147

Dividends
-
(150,000)
(150,000)



At 1 July 2023
180
166,801
166,981



Profit for the year
-
113,457
113,457

Dividends
-
(150,000)
(150,000)


At 30 June 2024
180
130,258
130,438


The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
COREPEOPLE RECRUITMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
113,457
53,147

Adjustments for:

Depreciation of tangible assets
4,972
5,249

Loss on disposal of tangible assets
-
(1,423)

Interest paid
48,960
30,152

Taxation charge
41,172
12,699

(Increase)/decrease in debtors
(121,983)
281,885

(Decrease) in creditors
(76,922)
(337,800)

Corporation tax received/(paid)
8,277
(21,290)

Net cash generated from operating activities

17,933
22,619


Cash flows from investing activities

Purchase of tangible fixed assets
(2,672)
(3,217)

Sale of tangible fixed assets
-
1,423

Net cash from investing activities

(2,672)
(1,794)

Cash flows from financing activities

Other new loans
181,587
136,530

Dividends paid
(150,000)
(150,000)

Interest paid
(48,960)
(30,152)

Net cash used in financing activities
(17,373)
(43,622)

Net (decrease) in cash and cash equivalents
(2,112)
(22,797)

Cash and cash equivalents at beginning of year
2,619
25,416

Cash and cash equivalents at the end of year
507
2,619


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
507
2,619

507
2,619


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
COREPEOPLE RECRUITMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

2,619

(2,112)

507

Debt due within 1 year

(611,925)

(181,587)

(793,512)


(609,306)
(183,699)
(793,005)

The notes on pages 15 to 27 form part of these financial statements.

Page 14

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales. 
The address of its registered office is Salvus House, Aykley Heads, Durham, DH1 5TS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the situation with regard to the current macro economic situation as part of their going concern assessment. The view of the directors is that, while they acknowledge there are increased costs and an uncertain finacial climate, the company has been well placed to negotiate the set of conditions currently facing the UK economy as the company’s clients and customers operate within sectors that are considered critical to the UK. 
In reaching their conclusion, the directors have prepared budgets covering a period for at least twelve months following the signing of these financial statements, and applied sensitivity analyses as appropriate. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Temporary and permanent staff placement fees are recognised in the period in which the placement occurs. 

 
2.4

Operating leases: the Company as lessee

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

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

Page 15

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

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

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

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

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

  
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
25%

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

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

  
2.11

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

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

 
2.16

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of
Page 17

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Sections 11 and 12 and the other presentation requirements of FRS 102.

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

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

Other financial assets

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

Impairment of financial assets

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

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

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 18

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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

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

Other financial instruments

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The key sources of estimation uncertainty are investment property valuation and recoverability of debts. The Directors' review their past experience of and available commercial information in applying these estimates. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£



Temporary placements
13,351,583
13,393,656

Permanent placements
522,959
586,378

Other income
55,832
61,274

13,930,374
14,041,308

All turnover arose within the United Kingdom. 


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
4,969
5,249

Other operating lease rentals
65,363
67,310


6.


Auditors' remuneration

2024
2023
£
£



Fees payable to the Comapny's auditor and its associates for the audit of the Company's annual financial statements
11,000
10,000
Page 20

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Fees payable to the Company's auditor and its associates in respect of:


Taxation compliance services
2,450
2,000

2,450
2,000


7.


Employees

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


2024
2023
£
£

Wages and salaries
4,067,557
4,407,922

Social security costs
349,616
378,033

Cost of defined contribution scheme
23,355
24,920

4,440,528
4,810,875


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


        2024
        2023
            No.
            No.







Office
22
25



Agency
128
142

150
167


8.


Directors' remuneration

2024
2023
£
£
Directors' emoluments

110,246

107,064

Company contributions to defined contribution pension schemes

2,800

2,800

113,046

109,864


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 21

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
48,960
30,152

48,960
30,152


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
39,911
17,076

Adjustments in respect of previous periods
325
(3,611)


40,236
13,465


Total current tax
40,236
13,465

Deferred tax


Origination and reversal of timing differences
936
(766)


Taxation on profit on ordinary activities
41,172
12,699
Page 22

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
154,629
65,846


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
38,657
13,496

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,469
3,172

Fixed asset differences
-
(148)

Adjustments to tax charge in respect of prior periods
-
(3,612)

Remeasurement of deferred tax for changes 
in tax rates
-
(256)

Movement in deferred tax not recognised
325
657

Marginal relief
(1,279)
(610)

Total tax charge for the year
41,172
12,699


Factors that may affect future tax charges

An increase in the UK corporate tax from 19% to 25% was announced in the 2021 budget, this is
has taken effect from April 2023. The rate for small profits under £50,000 will remain at 19%, and
there will be taper relief for businesses with profits between £50,000 and £250,000. 


11.


Dividends

2024
2023
£
£


Ordinary A shares
76,500
76,500


Ordinary B shares
73,500
73,500

150,000
150,000

Page 23

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
110,677
148,028
258,705


Additions
-
2,672
2,672



At 30 June 2024

110,677
150,700
261,377



Depreciation


At 1 July 2023
108,959
141,016
249,975


Charge for the year on owned assets
1,503
3,466
4,969



At 30 June 2024

110,462
144,482
254,944



Net book value



At 30 June 2024
215
6,218
6,433



At 30 June 2023
1,718
7,012
8,730


13.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 July 2023
76



At 30 June 2024
76

Page 24

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Debtors

2024
2023
£
£


Trade debtors
1,308,924
1,245,114

Other debtors
123,470
133,384

Prepayments and accrued income
321,821
254,507

Deferred taxation
-
766

1,754,215
1,633,771



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
507
2,619

507
2,619



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
793,512
611,925

Trade creditors
45,785
102,024

Amounts owed to group undertakings
513
513

Corporation tax
41,860
27,858

Other taxation and social security
341,482
348,807

Other creditors
37,981
38,588

Accruals and deferred income
369,490
348,500

1,630,623
1,478,215


Other loans are secured against the trade debtors book. 

Page 25

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
793,512
611,925


793,512
611,925

793,512
611,925



18.


Deferred taxation




2024


£






At beginning of year
766


Charged to profit or loss
(936)



At end of year
(170)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Timing differences
766
766

Tax losses carried forward
(936)
-

(170)
766


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



51 (2023 - 51) Ordinary A shares of £1.00 each
51
51
49 (2023 - 49) Ordinary B shares of £1.00 each
49
49
8,000 (2023 - 8,000) Ordinary C shares of £0.01 each
80
80

180

180


Page 26

 
COREPEOPLE RECRUITMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses. 


21.


Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £23,355 (2023: £24,920). 


22.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
86,414
82,943

Later than 1 year and not later than 5 years
90,527
167,740

176,941
250,683


23.


Related party transactions

At the year end there was a balance of £91,237 (2023: £88,942) owing from Mr I J Storer, a director and shareholder of the company. This balance is included within other debtors. There is no interest payable on this balance. 
At the year end there was a balance of £513 (2023: £513) owed to Hawthorne Blue. This balance is included in amounts owed to group undertakings.


24.


Controlling party

The ultimate controlling party is Mr I J Storer.
The subsidiary undertaking is dormant and considered to be immaterial. As such the company has not prepared consolidated financial statements in the year. 

Page 27