PERSONAS GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2024 |
PERSONAS GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2024 |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
PERSONAS GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31st March 2024. |
REVIEW OF BUSINESS |
The principal activity of the group is recruitment agencies. |
The directors' are satisfied with the performance of the group in the year. The company achieved £19.13m of turnover, up from £17.45m in the prior year. The growth was achieved organically. |
The Groups key financial and other performance indicators during the year were as follows: |
Gross profit percentage measured as a ratio of gross profit to total revenue generated: During the period the company made a gross profit margin of 19.88% (2023: 20.75%). |
Vibe Recruit Limited has started new revenue streams since the year end in the automotive sector. This has helped to grow the turnover in this company, which has improved the group's profitability. |
PP Realisations 2024 Ltd (previously Paterson Personnel Limited) acquired a small business out of administration which contributed to top line turnover but has not yet started making profits. |
Future events |
As a result of the trade in PP Realisations 2024 Limited being sold to Vibe Recruit Limited in June 2024, the directors made a strategic decision to liquidate that company. This occurred in November 2024. |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The items listed below are considered by key management as the main risks to the operational and financial performance of the company: |
Competition |
There are many companies in the industry offering similar services, which makes the industry very competitive. The company looks to maintain strong relationships with clients and differentiate themselves from competitors. |
Financial instrument risk |
The company factors it's trade debtors which helps aid cash flow, however there are risks associated with the interest that is charged. |
Staffing |
The business is very dependent on the services delivered by the staff. Gaining access to highly skilled and motivated individuals is key to the success of the business. |
Regulatory environment |
In the recent period, the recruitment industry is governed by increasing levels of regulation, including more complex levels of compliance in their contractual arrangements. |
ON BEHALF OF THE BOARD: |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
During the year , the policy of providing employees with information on the Group has been made available via internal media. Employees are provided with a platform to provide feedback. |
Disabled employees are given the same opportunity with regards temporary or permanence recruitment. Any employee that is disabled in the line of employment are given opportunities to retrain. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
AUDITORS |
The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PERSONAS GROUP LIMITED |
Opinion |
We have audited the financial statements of Personas Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31st March 2024 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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. |
Please also refer to note 2 of the financial statements for further basis of our assessment of going concern. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PERSONAS GROUP LIMITED |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 Statement of Directors' Responsibilities set out on page four, 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 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's 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PERSONAS GROUP LIMITED |
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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
- Identifying and assessing the controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments. |
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
- Assessing the extent of compliance with the relevant laws and regulations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. |
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 Report of the Auditors. |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 19,126,906 | 17,446,363 |
Cost of sales | 15,324,108 | 13,825,492 |
GROSS PROFIT | 3,802,798 | 3,620,871 |
Administrative expenses | 4,192,744 | 3,664,183 |
(389,946 | ) | (43,312 | ) |
Other operating income | - | 7,822 |
OPERATING LOSS | 5 | (389,946 | ) | (35,490 | ) |
Interest payable and similar expenses | 7 | 9,845 | 8,000 |
LOSS BEFORE TAXATION | (399,791 | ) | (43,490 | ) |
Tax on loss | 8 | (2,758 | ) | 6,083 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(397,033 |
) |
(49,573 |
) |
Loss attributable to: |
Owners of the parent | (350,521 | ) | (57,876 | ) |
Non-controlling interests | (46,512 | ) | 8,303 |
(397,033 | ) | (49,573 | ) |
Total comprehensive income attributable to: |
Owners of the parent | (350,521 | ) | (57,876 | ) |
Non-controlling interests | (46,512 | ) | 8,303 |
(397,033 | ) | (49,573 | ) |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
CONSOLIDATED BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 33,163 | 364,833 |
Tangible assets | 11 | 7,355 | 15,286 |
Investments | 12 | - | - |
40,518 | 380,119 |
CURRENT ASSETS |
Debtors | 13 | 1,004,918 | 1,042,013 |
Cash at bank and in hand | 111,087 | 84,638 |
1,116,005 | 1,126,651 |
CREDITORS |
Amounts falling due within one year | 14 | 1,673,421 | 1,623,877 |
NET CURRENT LIABILITIES | (557,416 | ) | (497,226 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(516,898 |
) |
(117,107 |
) |
PROVISIONS FOR LIABILITIES | 18 | 963 | 3,721 |
NET LIABILITIES | (517,861 | ) | (120,828 | ) |
CAPITAL AND RESERVES |
Called up share capital | 19 | 200 | 200 |
Retained earnings | 20 | (514,150 | ) | (163,629 | ) |
SHAREHOLDERS' FUNDS | (513,950 | ) | (163,429 | ) |
NON-CONTROLLING INTERESTS | 21 | (3,911 | ) | 42,601 |
TOTAL EQUITY | (517,861 | ) | (120,828 | ) |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
CONSOLIDATED BALANCE SHEET - continued |
31ST MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on 20th March 2025 and were signed on its behalf by: |
M J Evans - Director |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
COMPANY BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1st April 2022 | 200 | (105,753 | ) | (105,553 | ) | 34,298 | (71,255 | ) |
Changes in equity |
Total comprehensive income | - | (57,876 | ) | (57,876 | ) | 8,303 | (49,573 | ) |
Balance at 31st March 2023 | 200 | (163,629 | ) | (163,429 | ) | 42,601 | (120,828 | ) |
Changes in equity |
Total comprehensive income | - | (350,521 | ) | (350,521 | ) | (46,512 | ) | (397,033 | ) |
Balance at 31st March 2024 | 200 | (514,150 | ) | (513,950 | ) | (3,911 | ) | (517,861 | ) |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Balance at 31st March 2023 |
Changes in equity |
Balance at 31st March 2024 |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 94,906 | (364,604 | ) |
Interest paid | (9,845 | ) | (8,000 | ) |
Tax paid | (21,114 | ) | (15,454 | ) |
Net cash from operating activities | 63,947 | (388,058 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (35,000 | ) | - |
Purchase of tangible fixed assets | (10,498 | ) | (10,750 | ) |
Net cash from investing activities | (45,498 | ) | (10,750 | ) |
Cash flows from financing activities |
New loans in year | 8,000 | 8,000 |
Net cash from financing activities | 8,000 | 8,000 |
Increase/(decrease) in cash and cash equivalents | 26,449 | (390,808 | ) |
Cash and cash equivalents at beginning of year |
2 |
84,638 |
475,446 |
Cash and cash equivalents at end of year | 2 | 111,087 | 84,638 |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Loss before taxation | (399,791 | ) | (43,490 | ) |
Depreciation charges | 79,446 | 73,889 |
Impairment charges | 305,654 | - |
Finance costs | 9,845 | 8,000 |
(4,846 | ) | 38,399 |
Decrease/(increase) in trade and other debtors | 37,095 | (40,337 | ) |
Increase/(decrease) in trade and other creditors | 62,657 | (362,666 | ) |
Cash generated from operations | 94,906 | (364,604 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 111,087 | 84,638 |
Year ended 31st March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 84,638 | 475,446 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 84,638 | 26,449 | 111,087 |
84,638 | 26,449 | 111,087 |
Debt |
Debts falling due within 1 year | (138,629 | ) | (8,000 | ) | (146,629 | ) |
(138,629 | ) | (8,000 | ) | (146,629 | ) |
Total | (53,991 | ) | 18,449 | (35,542 | ) |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Personas Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
At the balance sheet date the Group has net current liabilities. This is due to the losses incurred by PP Realisations 2024 Ltd during the current financial year. PP Realisation 2024 Ltd was however liquidated during November 2024. The current year profitability of Vibe Recruit Limited, together with its projected outlook up to March 2026, suggests that the Group will become profitable going forward. On the basis of the future outlook the Directors believe that the going concern basis is appropriate. |
Basis of consolidation |
The group accounts consolidate the accounts of the subsidiary undertakings, including; PP Realisations 2024 Ltd, Personas Admin Support Services Limited and Vibe Recruit Limited. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method with goodwill, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. |
Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances. |
Critical judgements in applying the Company's accounting policies. |
The directors do not consider there to be any critical accounting judgements that must be applied. |
Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider there to be any estimates or assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue arises from the placement of permanent and temporary candidates into employment. The temporary placements are recognised over the period the temporary workers are provided. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2018 and 2019, are being amortised evenly over their useful life of 10 years. |
During 2024, the Goodwill was impaired to take into account the value of the trade in PP Realisations 2024 Ltd which was sold to Vibe Recruit Limited. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the balance sheet date the group had net current liabilities of £577,416 (2023: £497,226) and net liabilities of £517,861 (2023: £120,828). Since the year end, PP Realisations 2024 Ltd - one of the main trading companies, was running at a loss and was subsequently liquidated during November 2024. Vibe Recruit Limited - another main trading company, positively impacted the year-end loss position by generating profits, contributing to an improvement in the overall loss position. |
The group as a whole has been supported by Mr M Evans, a director and he will continue to do so for the for the foreseeable future. |
Management is actively addressing the financial challenges and is implementing various strategic initiatives to improve profitability and liquidity. The ability of the company is to meet its financial obligations, fund ongoing operations, and regain profitability is contingent upon the successful execution of management's plans. If these initiatives are not successful or if unforeseen circumstances adversely affect the company's financial performance, it may be unable to generate sufficient cash flows to sustain operations. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Temporary - healthcare | 6,358,370 | 6,037,999 |
Permanent - healthcare | 220,457 | 170,704 |
Temporary - commercial & other | 11,969,026 | 10,645,384 |
Permanent - commercial & other | 579,053 | 592,276 |
19,126,906 | 17,446,363 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 17,898,836 | 16,047,753 |
Social security costs | 22,226 | 21,739 |
17,921,062 | 16,069,492 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Employees |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 179,250 | 172,117 |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 17,237 | 13,238 |
Goodwill amortisation | 62,208 | 60,652 |
Auditors' remuneration | 20,660 | 26,635 |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | 134,489 | - |
The exceptional item is made up of the write down of certain liabilities as a result of the liquidation of PP Realisations 2024 Ltd in November 2024 and the impairment of intangible and tangible fixed assets as follows:- |
Impairment of intangible assets | £304,462 |
Impairment of tangible assets | £1,192 |
Write down Social security and taxes creditor | (£414,891 | ) |
Write down VAT creditor | (£25,252 | ) |
Total | (£134,489 | ) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on late tax payment | 1,845 | - |
Interest payable | 8,000 | 8,000 |
9,845 | 8,000 |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | - | 6,012 |
Deferred tax | (2,758 | ) | 71 |
Tax on loss | (2,758 | ) | 6,083 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Loss before tax | (399,791 | ) | (43,490 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
(99,948 |
) |
(8,263 |
) |
Effects of: |
Expenses not deductible for tax purposes | 3,070 | 16,847 |
Capital allowances in excess of depreciation | - | (2,572 | ) |
Depreciation in excess of capital allowances | 17,237 | - |
Deferred tax adjustments | (2,758 | ) | 71 |
Exceptional item - impairment of assets | 76,414 | - |
Losses carried forward | 3,227 | - |
Total tax (credit)/charge | (2,758 | ) | 6,083 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st April 2023 | 606,521 |
Additions | 35,000 |
At 31st March 2024 | 641,521 |
AMORTISATION |
At 1st April 2023 | 241,688 |
Amortisation for year | 62,208 |
Impairment | 304,462 |
At 31st March 2024 | 608,358 |
NET BOOK VALUE |
At 31st March 2024 | 33,163 |
At 31st March 2023 | 364,833 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 | 61,711 | 67,187 | 128,898 |
Additions | 6,449 | 4,049 | 10,498 |
At 31st March 2024 | 68,160 | 71,236 | 139,396 |
DEPRECIATION |
At 1st April 2023 | 56,407 | 57,205 | 113,612 |
Charge for year | 6,802 | 10,435 | 17,237 |
Impairments | 1,192 | - | 1,192 |
At 31st March 2024 | 64,401 | 67,640 | 132,041 |
NET BOOK VALUE |
At 31st March 2024 | 3,759 | 3,596 | 7,355 |
At 31st March 2023 | 5,304 | 9,982 | 15,286 |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Sovereign Court, 215 Witan Gate East, Milton Keynes, Buckinghamshire, MK9 2HP |
Nature of business: |
% |
Class of shares: | holding |
Effective 11 July 2024, the subsidiary formerly known as Paterson Personnel Ltd has been renamed to PP Realisations 2024 Ltd. The Company was put into liquidation on 4 November 2024. |
Registered office: Sovereign Court, 215 Witan Gate East, Milton Keynes, Buckinghamshire, MK9 2HP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Sovereign Court, 215 Witan Gate East, Milton Keynes, Buckinghamshire, MK9 2HP |
Nature of business: |
% |
Class of shares: | holding |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,565,713 | 2,513,546 |
Doubtful debt provision | - | 15,181 | - | - |
Invoice discounting | (2,062,957 | ) | (2,029,308 | ) | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 105,216 | 146,375 |
Directors' current accounts | 137 | 137 | 137 | 137 |
Called up share capital not paid | - | 100 |
Prepayments and accrued income | 396,809 | 395,982 |
1,004,918 | 1,042,013 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans (see note 15) | 146,629 | 138,629 |
Trade creditors | 52,255 | 26,299 |
Amounts owed to group undertakings | - | - |
Corporation tax | - | 21,114 |
Social security and other taxes | 332,583 | 283,819 |
VAT | 483,347 | 531,991 | - | - |
Other creditors | 72,504 | 34,485 |
Net wages outstanding | 251,392 | 168,639 | - | - |
Accruals and deferred income | 334,711 | 418,901 |
1,673,421 | 1,623,877 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Other loans | 146,629 | 138,629 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 95,914 | 35,963 |
Between one and five years | 86,814 | 26,400 |
182,728 | 62,363 |
There were no operating leases within the parent company during the current or prior year. |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Trade debtor - factored | 2,062,957 | 2,029,308 |
A debenture charge was registered in 2018 over the present and future monies, obligations and liabilities of the borrower to the lender including book debts, equipment and properties over the parent company, Personas Group Limited. |
Bibby Financial Services Limited registered a first fixed and floating charge in 2018 over all land owned by the company. |
A fixed and floating charge was registered in 2018 between PP Realisations 2024 Ltd and Personas Group Limited. |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 963 | 3,721 |
Group |
Deferred |
tax |
£ |
Balance at 1st April 2023 | 3,721 |
Provided during year | (2,758 | ) |
Balance at 31st March 2024 | 963 |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st April 2023 | (163,629 | ) |
Deficit for the year | (350,521 | ) |
At 31st March 2024 | (514,150 | ) |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31st March 2024 |
21. | NON-CONTROLLING INTERESTS |
The following minority interests exists at the balance sheet date: |
Minority interest |
B/fwd reserves |
P & L movement |
C/fwd |
PP Realisations 2024 Ltd (previously Paterson Personnel Limited) |
42,601 |
(46,512 |
) |
(3,911 |
) |
All of the above represent equity minority interests. |
PERSONAS GROUP LIMITED (REGISTERED NUMBER: 10300839) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023: |
2024 | 2023 |
£ | £ |
M J Evans |
Balance outstanding at start of year | 147 | 147 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 147 | 147 |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, the Group provided services amounting to £19,980 (2023 - £nil) to Richburns Limited, a company with a common director. At the year end, the Group where owed £19,620 (2023 - £14,568). |
During the year, the Group received consultancy services from Redneval Consultancy Limited, a company with a common director. During the year, the Group was charged £196,163 (2023 - £171,250) for these services. At the year end £2,638 (2023: £nil) was owed to Redneval Consultancy Limited. |
During the year, payments to key management personnel amounted to £179,250 (2023 - £172,117). |