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Registration number: 05490121

Rise Technical Recruitment Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

Rise Technical Recruitment Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated group statement of comprehensive income

11

Group statement of financial position

12

Company statement of financial position

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 38

 

Rise Technical Recruitment Limited

Company Information

Directors

Mr BD McCarthy

Mr JC Leng

Registered office

33 Colston
Colston Avenue
Bristol
BS1 4UA

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

Auditors

PKF Francis Clark
Ground Floor
90 Victoria Street
Bristol
BS1 6DP

 

Rise Technical Recruitment Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the group is technical recruitment.

Results and dividends

Rise Technical Recruitment Limited presents its financial results for this financial period which, given the uncertainty of the economic conditions during this period, such as cost of living and rising inflation, show a satisfactory financial performance.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£m

21.86

21.69

Gross profit

£m

16.07

15.37

Net profit before taxation

£m

3.33

3.61

Principal risks and uncertainties

The Group operates primarily in the UK via the parent company, and the USA, Canada, Germany and The Netherlands through its subsidiaries located in those countries.

The following is a summary of the risks and uncertainties that the company faces:

Debtors

Due to the current financial climate, there is a moderate risk of debtors going into administration or liquidation. Our admin team work closely with our clients to try and mitigate the risk of suffering a bad debt cost by maintaining good working relationships and identifying any alarming factors. Risk is also minimised by giving payment terms depending on the credit rating of the organisation, with more favourable credit terms given to the more robust companies.

Cashflow

The cashflow of the company is an area open to financial risk. As a result of this, strong credit control procedures are in place to ensure that debtors are collected within the due period. The Group only looks to pursue new contracts with reliable customers on payment terms that are favourable to the group. This, along with other cash management policies, has resulted in the group maintaining a strong cash balance.

Claims

The risk of large compensation claims for injuries, poor workmanship or damage is covered by training, standard operating procedures and policies, supervision and insurance.

 

Rise Technical Recruitment Limited

Strategic Report for the Year Ended 30 June 2024

Going concern

Management prepare budgets and the group’s performance is monitored against these budgets. This enables management to assess the anticipated cash flow requirements of the group and ensure that sufficient liquidity is available within the group to meet its cash requirements. As the group expands into new markets it also budgets for the expected cash flow impact of this expansion. The group generated an operating cash inflow in the year of £2.45m and had cash and cash equivalents at 30 June 2024 of £1.29m. The directors expect these cash inflows to continue through 2025 despite the more difficult economic conditions. As a result they expect the group to continue to operate as a going concern.

Approved by the Board on 11 March 2025 and signed on its behalf by:

.........................................
Mr BD McCarthy
Director

   
     
 

Rise Technical Recruitment Limited

Directors' Report for the Year Ended 30 June 2024

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

Directors of the group

The directors who held office during the year were as follows:

Mr BD McCarthy

Mr JC Leng

Dividends

Interim dividends of £2.65 per ordinary share, a total of £2,650,000, were paid during the year ended 30 June 2024 (2023: £2.64 per ordinary share, a total of £2,640,000).

The directors have recommended that no final dividend is paid in respect of the year ended 30 June 2024.
 

Financial instruments

Objectives, policies and risk

Credit risk

The group has exposure to credit risk, attributable to trade debtors. These risks are mitigated by undertaking credit risk checks prior to commercial terms being agreed with clients, along with strong collection processes being in place.

Liquidity risk

There is a risk that the group may not be able to meet its short-term financial obligations. Credit terms and cash collections are carefully managed and cash flow forecasts are prepared and regularly reviewed. The group regularly speaks to bankers to ensure that appropriate facilities are in place.

Future developments

Trading in 2024/2025 has slowed across the UK recruitment market due to the contracting jobs market.

The group is focusing on growing its presence abroad and has now opened its second office in the USA.

There is confidence that market share can be increased in the territories of each subsidiary.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with the company' articles, a resolution proposing that PKF Francis Clark be reappointed as auditor of the group will be put at a general meeting.

 

Rise Technical Recruitment Limited

Directors' Report for the Year Ended 30 June 2024

Approved by the Board on 11 March 2025 and signed on its behalf by:

.........................................
Mr BD McCarthy
Director

   
     
 

Rise Technical Recruitment Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Rise Technical Recruitment Limited

Independent Auditor's Report to the Members of Rise Technical Recruitment Limited

Opinion

We have audited the financial statements of Rise Technical Recruitment Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the consolidated group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the statement of changes in equity, the consolidated statement of cash flows and notes to the financial statements, 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).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent 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 director's 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 group or parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

 

Rise Technical Recruitment Limited

Independent Auditor's Report to the Members of Rise Technical Recruitment Limited

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 director's responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Rise Technical Recruitment Limited

Independent Auditor's Report to the Members of Rise Technical Recruitment Limited

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group and parent company 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the group and the industry/sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process, we discussed with management the laws and regulations applicable to the group and parent company, reviewed certification identified on the company website and other communications.

The key regulations we identified were employment legislation and the General Data Protection Regulation (“GDPR").

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and Corporation Taxes Acts 2009 & 2010. We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place.

We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations.

 

Rise Technical Recruitment Limited

Independent Auditor's Report to the Members of Rise Technical Recruitment Limited

Our procedures involved the following:

• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements

• Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance

• Reviewed the Information Commissioners Office website for any indications of breaches during and after the period of which there were none.
 

We also evaluated management’s incentives and opportunities for management bias, override of controls and manipulation of the financial statements. The key incentive identified is to manipulate revenue and we determined that the principal risks were related to the overstatement of profits via overstating revenue. To address the risk, we:

• Used data analytics to test journal entries throughout the year, for appropriateness.

• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

• Undertook specific cut-off procedures in respect of revenue around the year end.

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.

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 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.

......................................
Paul Putnam (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Ground Floor
90 Victoria Street
Bristol
BS1 6DP

12 March 2025

 

Rise Technical Recruitment Limited

Consolidated group statement of comprehensive income for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

21,855,944

21,684,981

Cost of sales

 

(5,787,265)

(6,311,547)

Gross profit

 

16,068,679

15,373,434

Administrative expenses

 

(12,752,203)

(11,759,413)

Other operating income

4

11,218

-

Operating profit

5

3,327,694

3,614,021

Other interest receivable and similar income

6

6,408

980

Interest payable and similar charges

7

(2,062)

(12)

 

4,346

968

Profit before tax

 

3,332,040

3,614,989

Taxation

11

(770,263)

(771,882)

Profit for the financial year

 

2,561,777

2,843,107

Profit/(loss) attributable to:

 

Owners of the company

 

2,561,777

2,843,107

Retained earnings brought forward

 

2,788,855

2,577,260

Dividends paid

 

(2,650,000)

(2,640,000)

Share based payments

 

29,033

8,488

Retained earnings carried forward

 

2,729,665

2,788,855

 

Rise Technical Recruitment Limited

(Registration number: 05490121)
Group statement of financial position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

203,609

281,531

Current assets

 

Debtors

14

3,349,429

3,094,790

Cash at bank and in hand

15

1,293,184

1,551,060

 

4,642,613

4,645,850

Creditors: Amounts falling due within one year

16

(2,081,260)

(2,088,631)

Net current assets

 

2,561,353

2,557,219

Total assets less current liabilities

 

2,764,962

2,838,750

Provisions for liabilities

17

(35,294)

(49,892)

Net assets

 

2,729,668

2,788,858

Capital and reserves

 

Called up share capital

19

3

3

Profit and loss account

2,729,665

2,788,855

Equity attributable to owners of the company

 

2,729,668

2,788,858

Shareholders' funds

 

2,729,668

2,788,858

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr BD McCarthy
Director

.........................................
Mr JC Leng
Director

 
     
 

Rise Technical Recruitment Limited

(Registration number: 05490121)
company statement of financial position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

199,425

281,531

Investments

13

22,351

22,351

 

221,776

303,882

Current assets

 

Debtors

14

3,141,772

3,410,780

Cash at bank and in hand

 

621,195

830,237

 

3,762,967

4,241,017

Creditors: Amounts falling due within one year

16

(1,950,066)

(1,983,522)

Net current assets

 

1,812,901

2,257,495

Total assets less current liabilities

 

2,034,677

2,561,377

Provisions for liabilities

17

(35,294)

(49,892)

Net assets

 

1,999,383

2,511,485

Capital and reserves

 

Called up share capital

19

3

3

Retained earnings

1,999,380

2,511,482

Shareholders' funds

 

1,999,383

2,511,485

The company made a profit after tax for the financial year of £2,108,865 (2023 - profit of £2,608,027). The entity has taken exemption from presenting its unconsolidated profit and loss account under section 408 of Companies Act 2006.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr BD McCarthy
Director

.........................................
Mr JC Leng
Director

 
     
 

Rise Technical Recruitment Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

3

2,788,855

2,788,858

Profit for the year

-

2,561,777

2,561,777

Total comprehensive income

-

2,561,777

2,561,777

Dividends

-

(2,650,000)

(2,650,000)

Share based payment transactions

-

29,033

29,033

At 30 June 2024

3

2,729,665

2,729,668


 

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

3

2,577,260

2,577,263

Profit for the year

-

2,843,107

2,843,107

Total comprehensive income

-

2,843,107

2,843,107

Dividends

-

(2,640,000)

(2,640,000)

Share based payment transactions

-

8,488

8,488

At 30 June 2023

3

2,788,855

2,788,858

 

Rise Technical Recruitment Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

3

2,511,482

2,511,485

Profit for the year

-

2,108,865

2,108,865

Dividends

-

(2,650,000)

(2,650,000)

Share based payment transactions

-

29,033

29,033

At 30 June 2024

3

1,999,380

1,999,383


 

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

3

2,534,967

2,534,970

Profit for the year

-

2,608,027

2,608,027

Dividends

-

(2,640,000)

(2,640,000)

Share based payment transactions

-

8,488

8,488

At 30 June 2023

3

2,511,482

2,511,485

 

Rise Technical Recruitment Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,561,777

2,843,107

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

137,537

174,363

Profit on disposal of tangible assets

(791)

-

Finance income

6

(6,408)

(980)

Finance costs

7

2,062

12

Share based payment transactions

 

29,033

8,488

Income tax expense

11

770,263

771,882

 

3,493,473

3,796,872

Working capital adjustments

 

(Increase)/decrease in trade debtors

14

(223,052)

165,713

Increase/(decrease) in trade creditors

16

156,766

(943,238)

Cash generated from operations

 

3,427,187

3,019,347

Income taxes paid

11

(980,585)

(654,950)

Net cash flow from operating activities

 

2,446,602

2,364,397

Cash flows from investing activities

 

Interest received

6,408

980

Acquisitions of tangible assets

(60,911)

(17,825)

Proceeds from sale of tangible assets

 

2,087

-

Net cash flows from investing activities

 

(52,416)

(16,845)

Cash flows from financing activities

 

Interest paid

7

(2,062)

(12)

Dividends paid

(2,650,000)

(2,640,000)

Net cash flows from financing activities

 

(2,652,062)

(2,640,012)

Net decrease in cash and cash equivalents

 

(257,876)

(292,460)

Cash and cash equivalents at 1 July

 

1,551,060

1,843,520

Cash and cash equivalents at 30 June

 

1,293,184

1,551,060

 

Rise Technical 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:
33 Colston
Colston Avenue
Bristol
BS1 4UA

These financial statements were authorised for issue by the Board on 11 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £1.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

A joint venture is a joint arrangement whereby two or more parties have joint control. This typically involves rights to the net assets of the arrangement, rather than rights to the assets and obligations for the liabilities.

Joint control exists when decisions about the relevant activities require unanimous consent from the parties involved.

The equity method of accounting for joint ventures has been applied.

Going concern

The group generated an operating cash inflow in the year of £2.45m and had cash and cash equivalents at 30 June 2024 of £1.29m. The directors expect these cash inflows to continue through 2025 despite the more difficult economic conditions based upon the forecasts prepared. Current trade and future commitments also indicate those cash inflows are likely to continue through 2025. As a result the financial statements have been prepared on a going concern basis.

Judgements

Significant Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

1) To determine whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

2) The group assesses the likelihood of clawback of revenue for permanent placements that are within the clawback period at the year-end. Where management believe that a candidate has or is likely to leave their post before the end of the clawback period a provision is made against this revenue. No provision has been made in the current year as the amount of any clawback suffered is immaterial.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The net book value of these assets at the 30 June 2024 amount to £203,609 (2023: £281,531).

2) Commissions are recognised on all placements during the specified terms. The company does however review this where there is specific concern that the client will not pay the fee or where activators are not likely to be achieved.

The commissions accrued at the 30 June 2024 amount to £551,017 (2023: £553,920)

3)The fair value of the group equity settled share based payments is partly derived from estimates of the vesting period, the future volatility of the Company's share price, expected dividend yields and risk-free interest rates. These estimates are applied at the date of grant.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales between group companies.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Contract revenue recognition

Revenue from the placement of permanent candidates is recognised on the first day of the candidates employment, net of discounts and Value Added Tax.

The group assesses the likelihood of clawback of revenue for permanent placements that are within the clawback period at the year-end. Where management believe that a candidate has or is likely to leave their post before the end of the clawback period a provision is made against this revenue.

Revenue from the placement of temporary candidates is recognised with reference to the number of hours worked by the candidate, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Government grants

Money due on government grants are recognised in the profit and loss account in the period to which it
relates.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

3 - 5 years straight line

Fixtures and fittings

25% reducing balance / 3 years straight line

Plant and machinery

3 years straight line

Office equipment

5 years straight line

Investments

Investments in subsidiary shares are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Provisions

Holiday Pay Accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

21,855,944

21,684,981

The analysis of the group's turnover for the year by geographical area is as follows:

2024
£

2023
£

United Kingdom

16,202,144

18,124,844

Rest of Europe

548,882

710,414

Rest of the World

5,104,918

2,849,723

21,855,944

21,684,981

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

11,218

-

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

137,537

174,363

Foreign exchange losses

45,096

142,405

Operating lease expense - property

249,019

223,409

Operating lease expense - plant and machinery

2,116

1,936

Profit on disposal of property, plant and equipment

(791)

-

Share-based payment expenses

29,033

8,488

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

786

109

Other finance income

5,622

871

6,408

980

7

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

2,062

12

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

9,247,302

8,442,489

Social security costs

968,597

959,528

Pension costs, defined contribution scheme

167,171

143,581

Share-based payment expenses

29,033

8,488

Other employee expense

111,271

128,107

10,523,374

9,682,193

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

8

12

Sales

185

179

Other departments

15

3

208

194

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

14,400

14,400

Contributions paid to money purchase schemes

20,000

-

34,400

14,400

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Received or were entitled to receive shares under long term incentive schemes

2

2

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
£

2023
£

Remuneration

7,200

7,200

Company contributions to money purchase pension schemes

10,000

-

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

25,000

20,000

Non audit services provided

5,340

21,750

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Taxation

Tax charged/(credited) in the group statement of comprehensive income

2024
£

2023
£

Current taxation

UK corporation tax

725,400

725,350

UK corporation tax adjustment to prior periods

(93,807)

(68)

631,593

725,282

Foreign tax

153,268

75,253

Total current income tax

784,861

800,535

Deferred taxation

Arising from origination and reversal of timing differences

(14,598)

(28,653)

Tax expense in the income statement

770,263

771,882

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,332,040

3,614,989

Corporation tax at standard rate

833,010

686,848

Decrease in UK and foreign current tax from adjustment for prior periods

(93,807)

(68)

Tax increase from effect of capital allowances and depreciation

23,217

29,326

Increase from effect of different UK tax rates on some earnings

-

52,936

Tax decrease from other short-term timing differences

(14,598)

(28,653)

Effect of expense not deductible in determining taxable profit (tax loss)

8,478

15,157

Effect of foreign tax rates

13,959

16,290

Tax increase from other tax effects

4

46

Total tax charge

770,263

771,882

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12

Tangible assets

Group

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

315,254

84,058

152,345

276,884

828,541

Additions

21,550

3,540

-

35,821

60,911

Disposals

-

-

-

(2,087)

(2,087)

At 30 June 2024

336,804

87,598

152,345

310,618

887,365

Depreciation

At 1 July 2023

167,107

71,549

91,769

216,585

547,010

Charge for the year

50,747

12,455

21,653

52,682

137,537

Eliminated on disposal

-

-

-

(791)

(791)

At 30 June 2024

217,854

84,004

113,422

268,476

683,756

Carrying amount

At 30 June 2024

118,950

3,594

38,923

42,142

203,609

At 30 June 2023

148,147

12,509

60,576

60,299

281,531

Included within the net book value of leasehold improvements above is £118,950 (2023 - £148,147) in respect of short leasehold land and buildings.
 

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Company

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

315,254

84,058

152,345

276,884

828,541

Additions

21,550

3,540

-

30,933

56,023

Disposals

-

-

-

(2,087)

(2,087)

At 30 June 2024

336,804

87,598

152,345

305,730

882,477

Depreciation

At 1 July 2023

167,107

71,549

91,769

216,585

547,010

Charge for the year

50,747

12,455

21,653

51,978

136,833

Eliminated on disposal

-

-

-

(791)

(791)

At 30 June 2024

217,854

84,004

113,422

267,772

683,052

Carrying amount

At 30 June 2024

118,950

3,594

38,923

37,958

199,425

At 30 June 2023

148,147

12,509

60,576

60,299

281,531

Included within the net book value of leasehold improvements above is £118,950 (2023 - £148,147) in respect of short leasehold land and buildings.
 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

22,351

22,351

Subsidiaries

£

Cost or valuation

At 1 July 2023

22,351

Carrying amount

At 30 June 2024

22,351

At 30 June 2023

22,351

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Rise IT Recruitment Limited

33 Colston, Colston Avenue, Bristol, BS1 4UA

United Kingdom

Ordinary

100%

100%

Rise Technical Recruitment Bv

Joop Geesinkweg 901-999
1114 AB
Amsterdam

Netherlands

Ordinary

100%

100%

Rise Technical Recruitment GmbH

Alt-Heerdt 104
40549 Düsseldorf

Germany

Ordinary

100%

100%

Rise Technical Recruitment Inc

1011 Centre Road - Suite 322
Wilmington DE 19805

United States of America

Ordinary

100%

100%

Rise Technical Recruitment Corp

333 Bering Ave.
Etobicke, ON M8Z 3A8

Canada

Ordinary

100%

100%

Joint ventures

Newspace Technical Recruitment Limited

33 Colston, Colston Avenue, Bristol, BS1 4UA

Ordinary

50%

0%

 

United Kingdom

     

Subsidiary undertakings

Rise IT Recruitment Limited

The principal activity of Rise IT Recruitment Limited is a dormant company.

Rise Technical Recruitment Bv

The principal activity of Rise Technical Recruitment Bv is engineering recruitment.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Rise Technical Recruitment GmbH

The principal activity of Rise Technical Recruitment GmbH is engineering recruitment.

Rise Technical Recruitment Inc

The principal activity of Rise Technical Recruitment Inc is engineering recruitment.

Rise Technical Recruitment Corp

The principal activity of Rise Technical Recruitment Corp is engineering recruitment.

Joint ventures

Newspace Technical Recruitment Limited

The principal activity of Newspace Technical Recruitment Limited is space sector recruitment.

14

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,977,232

1,747,551

1,346,677

1,416,745

Amounts owed by related parties

23

420,479

390,478

908,935

1,050,227

Other debtors

 

330,576

472,664

327,536

470,781

Prepayments

 

589,555

484,097

558,624

473,027

Income tax asset

11

31,587

-

-

-

   

3,349,429

3,094,790

3,141,772

3,410,780

Included in other debtors, for both the group and the company, are funds held in the factoring facility, not yet drawn down.

There is a fixed and floating charge over all the assets of the company held by Lloyds Bank Commercial Finance Limited.

Details of non-current trade and other debtors

Group

£6,311 (2023 - £Nil) of prepayments is classified as non current.

Company

£6,311 (2023 - £Nil) of prepayments is classified as non current.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

-

23

-

23

Cash at bank

1,292,983

1,522,049

620,994

801,226

Short-term deposits

201

28,988

201

28,988

1,293,184

1,551,060

621,195

830,237

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

295,844

256,398

288,476

253,857

Amounts due to related parties

23

-

-

100

100

Social security and other taxes

 

500,529

483,395

448,895

470,458

Other payables

 

67,601

7,423

60,918

7,422

Accruals

 

978,753

938,745

956,029

936,231

Income tax liability

11

238,533

402,670

195,648

315,454

 

2,081,260

2,088,631

1,950,066

1,983,522

There is a fixed and floating charge over all the assets of the company held by Lloyds Bank Commercial Finance Limited.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

Accelerated capital allowances at 1 July 2023

49,892

49,892

Increase (decrease) in accelerated capital allowances provisions

(14,598)

(14,598)

At 30 June 2024

35,294

35,294

Company

Deferred tax
£

Total
£

Accelerated capital allowances at 1 July 2023

49,892

49,892

Increase (decrease) in accelerated capital allowances provisions

(14,598)

(14,598)

At 30 June 2024

35,294

35,294

The deferred tax provision is wholly due to the advanced corporation tax relief achieved due to the annual investment allowance and super deduction relief obtained, ahead of the depreciation of those assets in the financial statements.

18

Pension and other schemes

Defined contribution pension scheme

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 £167,171 (2023 - £143,581).

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

19

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £0.000001 each

1,000,000

1.00

1,000,000

1.00

B Ordinary of £0.000001 each

1,000,000

1.00

1,000,000

1.00

C Ordinary of £0.000001 each

1,000,000

1.00

1,000,000

1.00

 

3,000,000

3

3,000,000

3

Rights, preferences and restrictions

A Ordinary shares have the following rights, preferences and restrictions:
A) the right to vote on the basis of a show of hands or, on a poll, on the basis of one vote per share held;
B) the right to participate in a dividend if so declared pro rata to the number of shares held;
C) the right to participate in a distribution of capital pro rata to the number of shares held; and
D) are not redeemable.

B Ordinary shares have the following rights, preferences and restrictions:
A) the right to vote on the basis of a show of hands or, on a poll, on the basis of one vote per share held;
B) the right to participate in a dividend if so declared pro rata to the number of shares held;
C) the right to participate in a distribution of capital pro rata to the number of shares held; and
D) are not redeemable.

C Ordinary shares have the following rights, preferences and restrictions:
A) the right to vote on the basis of a show of hands or, on a poll, on the basis of one vote per share held;
B) the right to participate in a dividend if so declared pro rata to the number of shares held;
C) the right to participate in a distribution of capital pro rata to the number of shares held; and
D) are not redeemable.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

20

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

437,835

284,175

Later than one year and not later than five years

826,379

828,844

1,264,214

1,113,019

The amount of non-cancellable operating lease payments recognised as an expense during the year was £249,019 (2023 - £223,409).

21

Share-based payments

Rise Technical Recruitment Ltd 2023 EMI Scheme

Scheme details and movements

The company has a share option scheme for certain employees . Options are exercisable at a price equal to the average market price of the company's shares on the date of grant. The vesting period is immediately prior to an exit event, defined as a sale or flotation of the company. The exercise of options is dependent on eligible employees still being employed by the company at the time of an exit event.

Options are forfeited if the employee leaves the company before the options vest. The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Black-Scholes option pricing model was used to value the share-based payment awards as it was considered that this approach would result in a materially accurate estimate of the fair value of options granted. The volatility assumption, measured at the standard deviation of expected share price return, is based on statistical analysis of daily share prices of comparable publicly quoted companies.

The company did not enter into any share-based payment transactions with the parties other than employees during the current or previous periods.

Of the outstanding options, none are held by a director of the company.

The movements in the number of share options during the year were as follows:

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2024
Number

2023
Number

Outstanding, start of period

303,750

-

Granted during the period

-

303,750

Outstanding, end of period

303,750

303,750

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

0.63

-

Granted during the period

-

0.63

Outstanding, end of period

0.63

0.63

Fair value of share options

The fair value of the share options granted during the year ended 30 June 2024 (and 2023) was calculated using the Black-Scholes option pricing model. The key assumptions used in the calculation were:

Grant date: 15 March 2023

Exercise price: £0.63

Market price at grant date: £1.30

Expected life of options: 10 years

Risk-free interest rate: 0.5%

Expected volatility: 50%

22

Dividends

2024

2023

£

£

Interim dividend of £2.65 (2023 - £2.64) per ordinary share

2,650,000

2,640,000

 

 
 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

23

Related party transactions

Group

Other transactions with directors

As at the year end the company was owed £Nil by the directors (2023: £Nil).

The directors are the only key management personnel, total directors salaries for the year amount to £14,400 (2023: £14,400).

Dividends paid to the directors during the year amount to £2,650,000 (2023: £2,640,000).

Summary of transactions with all associates

As at the 30 June 2024 Future Engineering Recruitment Ltd owed £6,818 (2023: £6,818) to Rise Technical Recruitment Ltd. No further activity occurred between the two companies in this year.

Mr J Leng and Mr B McCarthy are also directors of Rise Investment Property Ltd and hold 100% of the issued share capital collectively.

As at the 30 June 2024 Rise Investment Property Ltd owed £261,655 (2023: £261,655) to Rise Technical Recruitment Ltd.

Mr J Leng and Mr B McCarthy are also directors of Ashenbury Investments Ltd and hold 66% of the issued share capital collectively.

As at the 30 June 2024 Ashenbury Investments Ltd owed £121,624 (2023: £121,624) to Rise Technical Recruitment Ltd.

Mr J Leng and Mr B McCarthy are also directors of Newspace Technical Recruitment Ltd and the company holds 50% of the issued share capital.

As at the 30 June 2024 Newspace Technical Recruitment Ltd owed £30,000 (2023: £nil) to Rise Technical Recruitment Ltd.

During year ended 30 June 2024 Rise Technical Recruitment Ltd supplied services to Newspace Technical Recruitment Ltd of £21,464 (2023: £nil).

At the 30 June 2024 Rise Technical Recruitment Ltd were also owed £381 (2023: £381) from a new subsidiary being established in the United Arab Emirates for set up costs.

 

Rise Technical Recruitment Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

24

Financial instruments

Group

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets that are debt instruments measured at amortised cost

4,018,444

4,159,870

Financial liabilities measured at amortised cost

1,342,199

1,202,566

Company

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets that are debt instruments measured at amortised cost

3,204,342

3,767,990

Financial liabilities measured at amortised cost

1,305,424

1,197,511

25

Parent and ultimate parent undertaking

The directors are the ultimate owners of the parent company, the directors being equal shareholders. No changes to ownership have occurred in the current or prior period.