REGISTERED NUMBER: 09636263 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED |
REGISTERED NUMBER: 09636263 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Statement of Directors' Responsibilities | 8 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Financial Statements | 22 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Andrew A Clark FCA |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
A key strength of the Group is the range of professional services we are able to offer to different types and sizes of organisations as well as to individuals. This not just reduces the risk of changes in both legislation and market conditions but means we can capitalise on changes. |
IT Infrastructure and Cybersecurity Enhancement |
The Affinity Professional Services Group Limited has made significant investments in upgrading its IT systems and processes. The achievement of Cyber Essentials Plus status demonstrates a strong commitment to cybersecurity and data protection. This certification not only enhances the security posture of the organisation but also strengthens client confidence and compliance with industry standards. The upgraded IT infrastructure is expected to improve operational efficiency, reduce risks associated with cyber threats, and support the group's overall digital transformation strategy. |
Expansion of Office Presence |
The group has expanded its operational footprint by enlarging its head office and opening additional offices in Glasgow and Salisbury. This strategic move reflects a growth-oriented approach aimed at increasing accessibility, improving client service delivery, and supporting business development. The expansion also enhances regional market penetration, allowing the group to attract new clients and talent while reinforcing its brand presence in key locations. |
Strengthening Internal Compliance and Operations |
The development of an internal compliance team and an operations team signifies a proactive approach to governance and operational excellence. The compliance team ensures adherence to regulatory requirements, mitigates risks, and upholds industry best practices. Meanwhile, the operations team focuses on optimising business processes, improving efficiency, and enhancing service delivery. These strategic enhancements contribute to overall business resilience, ensuring sustainable growth and long-term success. |
Commitment to Sustainability and Net Zero Goals |
In line with global sustainability efforts, the group has conducted an energy efficiency audit to evaluate and improve its environmental impact. This initiative aligns with the company's commitment to contributing towards net zero emissions. By identifying areas for energy savings and efficiency improvements, the group can reduce operational costs while demonstrating corporate responsibility. This positions the company favourably in an increasingly eco-conscious market where sustainability considerations are integral to business success. |
The Affinity Professional Services Group Limited has made substantial strides in strengthening its IT infrastructure, expanding its geographical presence, enhancing sustainability efforts, and reinforcing internal governance. These strategic initiatives position the company for continued growth, improved client trust, and operational excellence in a competitive market. Moving forward, maintaining a focus on innovation, regulatory compliance, and sustainability will be key to achieving long-term success. |
Operating Results |
In the year ended 30th June 2024 the Group generated turnover of £79m (2023: £64.7m), a 22.1% increase, as a result of a focus on the marketing activities of the Group. Gross profit for the year decreased by 5% to £1.73m (2023: £1.82m), combined with increased administrative expenses, earnings (EBITDA) were £0.95m (2023: £1.15m), a 17% decrease on the previous year. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Financial Position |
The Directors expect the trading entity to remain cash generative and sufficiently profitable to satisfy liabilities as they fall due. Trade debtors increased by 28% to £4.82m (2023: £3.76m) and creditors increased by 30% to £10.3m (2023: £7.9m). |
Cash Flow |
The Group's year end cash balance increased from £4.2m in 2023 to £4.8m in 2024. |
The Directors consider the measurements above to be sufficient in providing an understanding of the performance and position of the Group and that no further KPIs would be of benefit to this report. As part of the wider group initiative, the Group has invested significantly in improving efficiencies and preparing the infrastructure required for further growth of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Principal Risks and Uncertainties |
The Group has a process in place to manage strategic operational risks that could impact the business that are clearly identified and monitored on an ongoing basis. The key risks and uncertainties currently facing the business are as follows: |
- Fraud risk management - The Group implements policies and controls designed to minimise the risk of fraudulent activity within the business. Staff are trained to ensure they are aware of potential red flags and what procedures to follow in case of any doubt. Whilst effective procedures are maintained, it is only possible to minimise the risk of fraudulent activity as opposed to remove it entirely. |
- Regulatory risk - the Group operates in a heavily regulated industry that experiences ongoing change. The Group maintains procedures and controls to ensure compliance with all relevant laws and regulations by way of continual regulatory reviews and updates. |
- Financial, operational and management information systems - the Group is reliant on effective software for the efficient operation and control of the business. A failure in its systems could result in a loss of key information and have an adverse impact on Group operations. The Group adopts a regular assessment of all information systems and ensures controls are in place to minimise any failure in their operation. The Group is in its final stages of an operational IT system overhaul. |
- Key personnel - the Group has in place a strong and experienced senior management team that are key to the ongoing success of the business. A loss of a significant number of key personnel could impact the Group's ability to operate effectively and damage key stakeholder relationships. |
- Competition risk - the Group typically operates via rolling contracts and maintains long-term relationships with its customers. The market within which the Group operates is competitive but with the effective management of customer relationships and targeted marketing, existing contracts are maintained whilst new business is generated. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
SECTION 172(1) STATEMENT |
The Board promotes the success of the Group for the benefit of its members and all stakeholders that are key to the long-term success of the business. The impact on all stakeholders are considered throughout all decision making processes including recognition that some decisions required to benefit a particular stakeholder group may not be in the interest of another. The Board ensures all stakeholder groups are treated fairly to ensure the continual success of the Group. |
Key Stakeholders |
Whilst the below is not an exhaustive list, the Board have identified the key stakeholders of the business and addresses their importance below: |
Regulators |
The Board recognises the importance of demonstrating to contractors and recruitment businesses that it adheres to rigorous compliance standards and acts both professionally and ethically within the UK tax, employment and regulatory laws. The Group is an accredited member of The Freelancer and Contractor Services Association (FCSA). |
Society and Communities |
The Board recognises the importance of enacting positive change and commits to supporting the wider society and the environment. Our offices are primarily paperless with all records stored online, we use digital notebooks for information recording and sharing and we recycle everything from lunch waste to delivery packaging. The Group regularly organises charitable fundraisers and provides donations to a variety of local charities. |
Culture and Group Values |
The Board have developed a set of core business values that are used to drive the behaviour within the business for the benefit of all stakeholder relationships. |
Put clients first |
We believe that being the best in business means truly understanding the needs of our clients and employees and delivering what they need to the highest standards. When they are happy, our business grows so we listen, we empathise, we support and we value our people and clients. |
Think big |
We're ambitious, identifying opportunities to grow, both as individuals and as a group. Never settling, we believe in the power of perseverance and continuous improvement, always aiming to be the best that we can be. |
Work as a team |
We recognise that difficult problems are best solved by people with different views, perspectives and backgrounds. We tackle problems head on, we're non-judgemental and embrace our differences as a team, using these to drive towards our common goals. |
Act with integrity |
Leading by example, we always do what we say we're going to do, with no tolerance for hidden agendas or politics. We are honest and ethical in our approach to all we do, welcoming feedback from all avenues, both internal and external in order to identify areas to improve. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Key events and stakeholders affected |
The Group has invested considerable resources in the development of a robust infrastructure to facilitate growth and ensure the ongoing success of the business. |
- Head office - Relocation into the new head office optimises operational efficiency, allowing for better collaboration and efficient access to shared services across the Group. |
- Senior management team - the appointment of skilled and experienced department leads allowed for better support to existing staff across the Group and in turn a better service offering for our clients. |
ENGAGEMENT WITH EMPLOYEES |
The greatest asset of the Group are the people and it maintains ongoing relationships ensuring they are included in all of its industry relevant literature whilst responding to their queries in a timely fashion. The Board has ensured continued work in preventing modern slavery and has maintained thorough policies and procedures throughout. |
Disabled employees |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
ON BEHALF OF THE BOARD: |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of accountants. |
DIVIDENDS |
Interim dividends were paid on the following classes of shares |
£ |
B Ordinary shares of £1 | 194,984 |
C Ordinary shares of £1 | 194,984 |
D Ordinary shares of £1 | 270,484 |
E Ordinary shares of £1 | 84,264 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The primary focus of the Group is to exceed the expectations of its clients to ensure repeat business and regular referrals. In order to understand their requirements, the Group issues regular feedback surveys and endeavours to adapt in line with client needs. Queries are dealt with immediately and clients are provided with regular updates through email literature and social media postings to keep them informed of changes affecting the industry. |
STREAMLINED ENERGY AND CARBON REPORTING |
For the year ended 30 June 2024 the Group had UK energy consumption and related emissions of carbon dioxide as follows: |
Combustion of gas and heating oil (Scope 1) - 3.2 tonnes (2023 - 4.1 tonnes) |
Consumption of fuel for the purpose of transport (Scope 1 & 3) - 30.7 tonnes (2023 - 24.5 tonnes) |
Purchase of electricity for own use, including for the purpose of transport (Scope 2 & 3) - 13.1 tonnes (2023 - 9.6 tonnes) |
The Group's emissions of carbon dioxide equivalent per full time equivalent person was 0.07 tonnes (2023 - 0.06 tonnes). |
The aggregate annual quantity of energy consumed for activities for which the Group is responsible was 216,690 kWh (2023 - 186,580 kWh). |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Greenhouse gas emissions are reported in gross tonnes Co2e in line with the requirements set out in the UK Government's Environmental Reporting Guidelines (March 2019 version) and use the UK Government Green House Gas Conversion Factors for Company Reporting (2024 version 1.1). The operational control approach for the group's UK activities has been applied and is guided by the Green House Gas Protocol - Corporate Standard (revised edition). |
Consumption of fuel for the purpose of transport includes fuel used in company owned vehicles (Scope 1) directors' and employees' vehicles for business purposes (Scope 3). Energy consumption and emissions are estimated and based on mileage. As vehicle details are unrecorded, emissions factors and conversion from miles to kWh is based on an 'Average Car and 'Unknown' fuel. |
Energy efficiency action |
The Group are in the process of implementing an energy efficiency strategy, which will form part of the wider Environmental, Social and Governance strategy which will include provisions to reduce waste (both fuel and landfill) and improve efficiency. |
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. |
AUDITORS |
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 30 JUNE 2024 |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED |
Opinion |
We have audited the financial statements of The Affinity Professional Services Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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. |
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 eight, 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 |
THE AFFINITY PROFESSIONAL SERVICES 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: |
Our audit work included testing complete populations of certain transactions and balances, and using data auditing techniques. In other areas our procedures comprise investigating a limited number of items for testing, rather than testing complete populations. |
We based our audit samples following a comprehensive audit plan after reviewing the accounts and discussing them with the directors. The level of testing is then based on our observations of controls and responses with the work targeting particular items for testing based on their size or risk characteristics. |
In other cases, we used audit sampling to enable us to draw a conclusion about the population from which the sample is selected. |
We make enquiries of management concerning compliance with laws and regulations affecting the industry in which the group operates. |
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 |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 3 | 78,992,267 | 64,712,779 |
Cost of sales | 77,261,962 | 62,892,818 |
GROSS PROFIT | 1,730,305 | 1,819,961 |
Administrative expenses | 1,423,642 | 1,212,651 |
306,663 | 607,310 |
Other operating income | 503,799 | 429,923 |
OPERATING PROFIT | 5 | 810,462 | 1,037,233 |
Interest receivable and similar income | 61,600 | 5,459 |
872,062 | 1,042,692 |
Interest payable and similar expenses | 6 | 13,248 | 66,828 |
PROFIT BEFORE TAXATION | 858,814 | 975,864 |
Tax on profit | 7 | 236,627 | 228,893 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 622,187 | 746,971 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 622,187 | 746,971 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
622,187 |
746,971 |
Note |
Prior year adjustment | 10 | 10,970 | 68,833 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
633,157 |
815,804 |
Total comprehensive income attributable to: |
Owners of the parent | 633,157 | 815,804 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 249,056 | 419,595 |
Tangible assets | 12 | 297,926 | 251,114 |
Investments | 13 | - | - |
546,982 | 670,709 |
CURRENT ASSETS |
Debtors | 14 | 5,438,379 | 3,847,543 |
Cash at bank | 4,840,685 | 4,189,009 |
10,279,064 | 8,036,552 |
CREDITORS |
Amounts falling due within one year | 15 | 10,294,729 | 7,920,664 |
NET CURRENT (LIABILITIES)/ASSETS | (15,665 | ) | 115,888 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
531,317 |
786,597 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(52,082 |
) |
(190,658 |
) |
PROVISIONS FOR LIABILITIES | 19 | (26,706 | ) | (20,881 | ) |
NET ASSETS | 452,529 | 575,058 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,004 | 1,004 |
Retained earnings | 451,525 | 574,054 |
SHAREHOLDERS' FUNDS | 452,529 | 575,058 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by: |
D J Mepham - Director |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 742,797 | 506,411 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 | 1,004 | 473,243 | 474,247 |
Prior year adjustment | - | 68,833 | 68,833 |
As restated | 1,004 | 542,076 | 543,080 |
Changes in equity |
Dividends | - | (714,993 | ) | (714,993 | ) |
Total comprehensive income | - | 736,001 | 736,001 |
Balance at 30 June 2023 | 1,004 | 563,084 | 564,088 |
Prior year adjustment | - | 10,970 | 10,970 |
As restated | 1,004 | 574,054 | 575,058 |
Changes in equity |
Dividends | - | (744,716 | ) | (744,716 | ) |
Total comprehensive income | - | 622,187 | 622,187 |
Balance at 30 June 2024 | 1,004 | 451,525 | 452,529 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,607,617 | (71,766 | ) |
Interest paid | (2,349 | ) | (58,683 | ) |
Interest element of hire purchase payments paid |
(10,899 |
) |
(8,145 |
) |
Tax paid | (133,193 | ) | (192,513 | ) |
Net cash from operating activities | 1,461,176 | (331,107 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (314,093 | ) |
Purchase of tangible fixed assets | (118,717 | ) | (192,937 | ) |
Interest received | 61,600 | 5,459 |
Net cash from investing activities | (57,117 | ) | (501,571 | ) |
Cash flows from financing activities |
New loans in year | - | 62,085 |
Capital repayments in year | (7,322 | ) | (4,648 | ) |
Amount introduced by directors | - | 2,856 |
Amount withdrawn by directors | (345 | ) | - |
Equity dividends paid | (744,716 | ) | (714,993 | ) |
Net cash from financing activities | (752,383 | ) | (654,700 | ) |
Increase/(decrease) in cash and cash equivalents | 651,676 | (1,487,378 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,189,009 |
5,676,387 |
Cash and cash equivalents at end of year | 2 | 4,840,685 | 4,189,009 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation | 858,814 | 975,864 |
Depreciation charges | 131,749 | 116,034 |
Loss on disposal of fixed assets | 2,925 | - |
Finance costs | 13,248 | 66,828 |
Finance income | (61,600 | ) | (5,459 | ) |
945,136 | 1,153,267 |
(Increase)/decrease in trade and other debtors | (1,590,836 | ) | 1,228,111 |
Increase/(decrease) in trade and other creditors | 2,253,317 | (2,453,144 | ) |
Cash generated from operations | 1,607,617 | (71,766 | ) |
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 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 4,840,685 | 4,189,009 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
as restated |
£ | £ |
Cash and cash equivalents | 4,189,009 | 5,676,387 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,189,009 | 651,676 | 4,840,685 |
4,189,009 | 651,676 | 4,840,685 |
Debt |
Finance leases | (128,835 | ) | 7,322 | (121,513 | ) |
(128,835 | ) | 7,322 | (121,513 | ) |
Total | 4,060,174 | 658,998 | 4,719,172 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
The Affinity Professional Services Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of the business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent considerations after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for the final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at at cost less impairment. |
Deferred tax is recognised on differences between the value of the assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The consolidated financial statements incorporate those of The Affinity Professional Services Group Limited and all its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All the financial statements are made up to 30th June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. |
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amounts paid in connection with the acquisition of fees is initially being amortised at a rate of 25% reducing balance for the first 5 years with the remainder being amortised on a straight line basis over the remaining useful life of 5 years. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are initially recognised at cost. |
Financial instruments |
Classification |
The group holds the following financial instruments:- |
Short term trade and other debtors and creditors |
Long term loan debtors held at amortised cost |
Intercompany loans held at amortised cost; and |
Cash and bank balances |
All financial instruments are classified as basic. |
Recognition and measurement |
The group has chosen to apply the recognition and measurement principles in FRS102. |
Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the asset expire or substantially all risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the group's obligations are discharged, expire or are cancelled. |
Except for the loan debtors finance facility and other loans, all other instruments are initially measured at transaction price, including transaction costs, and are substantially carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking into account impairment adjustments. |
The loan debtor finance facility is initially measured at transaction price, and is subsequently carried at amortised cost using the effective interest method. |
Other loans are measured at transaction price and subsequently carried at amortised cost. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | TURNOVER |
The turnover and profit 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 |
as restated |
£ | £ |
Umbrella sales | 74,712,855 | 60,831,518 |
Margin | 477,406 | 378,986 |
Accountancy income | 3,802,006 | 3,502,275 |
78,992,267 | 64,712,779 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 61,011,674 | 50,245,859 |
Social security costs | 7,424,915 | 6,681,706 |
Other pension costs | 8,303,054 | 5,406,717 |
76,739,643 | 62,334,282 |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Staff |
The average number of employees by undertakings that were proportionately consolidated during the year was 718 (2023 - 622 ) . |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | 46,090 | 50,280 |
Directors' pension contributions to money purchase schemes | 137,780 | 78,557 |
During the year, a total of key management personnel compensation of £681,820 (2023 - £507,262) was paid. |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery | 1,540 | 1,540 |
Other operating leases | 101,893 | 86,697 |
Depreciation - owned assets | 40,010 | 14,796 |
Depreciation - assets on hire purchase contracts | 28,969 | 23,281 |
Loss on disposal of fixed assets | 2,925 | - |
Goodwill amortisation | 62,770 | 77,957 |
Auditors' remuneration | 13,200 | 13,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Interest | 2,349 | 57,830 |
Other loan interest | - | 853 |
Hire purchase | 10,899 | 8,145 |
13,248 | 66,828 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 230,802 | 214,515 |
(Over)/under provision | - | (2,738 | ) |
Total current tax | 230,802 | 211,777 |
Deferred tax | 5,825 | 17,116 |
Tax on profit | 236,627 | 228,893 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | TAXATION - continued |
Reconciliation of total tax 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 |
as restated |
£ | £ |
Profit before tax | 858,814 | 975,864 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
214,704 |
243,966 |
Effects of: |
Expenses not deductible for tax purposes | 4,514 | 17,050 |
Capital allowances in excess of depreciation | - | (1,733 | ) |
Depreciation in excess of capital allowances | 1,716 | - |
Adjustments to tax charge in respect of previous periods | - | (2,738 | ) |
Effect of change in main rate of corporation tax | - | (47,141 | ) |
Non qualifying amortisation | 15,693 | 19,489 |
Total tax charge | 236,627 | 228,893 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
as restated |
£ | £ |
B Ordinary share of £1 |
Interim | 194,984 | 165,255 |
C Ordinary share of £1 |
Interim | 194,984 | 202,255 |
D Ordinary share of £1 |
Interim | 270,484 | 229,255 |
E Ordinary share of £1 |
Interim | 84,264 | 118,228 |
744,716 | 714,993 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment has been made in respect of a change of accounting policy as a result of a review of the basis on which goodwill is amortised. |
The effect of the prior year adjustment is an increase in reserves brought forward as at 1 July 2022 of £68,333 and an increase in profits previously reported in the year ended 30 June 2023 of £10,970. The overall effect is an increase on reserves previously reported as at 30 June 2023 of £79,803. |
There is no effect on taxation previously reported as at 30 June 2022 or 30 June 2023. |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 | 623,528 |
Disposals | (107,769 | ) |
At 30 June 2024 | 515,759 |
AMORTISATION |
At 1 July 2023 | 203,933 |
Amortisation for year | 62,770 |
At 30 June 2024 | 266,703 |
NET BOOK VALUE |
At 30 June 2024 | 249,056 |
At 30 June 2023 | 419,595 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 | 57,216 | 61,217 | 157,302 | 55,882 | 331,617 |
Additions | - | 24,718 | 64,958 | 29,041 | 118,717 |
Disposals | - | (1,211 | ) | (958 | ) | (1,575 | ) | (3,744 | ) |
At 30 June 2024 | 57,216 | 84,724 | 221,302 | 83,348 | 446,590 |
DEPRECIATION |
At 1 July 2023 | - | 24,498 | 40,759 | 15,246 | 80,503 |
Charge for year | - | 17,212 | 40,510 | 11,257 | 68,979 |
Eliminated on disposal | - | (489 | ) | - | (329 | ) | (818 | ) |
At 30 June 2024 | - | 41,221 | 81,269 | 26,174 | 148,664 |
NET BOOK VALUE |
At 30 June 2024 | 57,216 | 43,503 | 140,033 | 57,174 | 297,926 |
At 30 June 2023 | 57,216 | 36,719 | 116,543 | 40,636 | 251,114 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 157,302 |
DEPRECIATION |
At 1 July 2023 | 40,759 |
Charge for year | 28,969 |
At 30 June 2024 | 69,728 |
NET BOOK VALUE |
At 30 June 2024 | 87,574 |
At 30 June 2023 | 116,543 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 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: 1 Cedar Office Park, Cobham Road, Wimborne, Dorset, BH21 7SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 1 Cedar Office Park, Cobham Road, Wimborne, Dorset, BH21 7SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1 Cedar Office Park, Cobham Road, Wimborne, Dorset, BH21 7SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 1 Cedar Office Park, Cobham Road, Wimborne, Dorset, BH21 7SB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 1 Cedar Office Park, Cobham Road, Wimborne, England, BH21 7SB |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ |
Aggregate capital and reserves |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 4,821,723 | 3,758,475 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 4,900 | - |
Other debtors | 555,291 | 20,579 |
Prepayments and accrued income | 56,465 | 68,489 |
5,438,379 | 3,847,543 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 69,431 | 6,652 |
Trade creditors | 67,450 | 70,674 |
Amounts owed to group undertakings | - | - |
Corporation tax | 230,837 | 133,228 |
Social security and other taxes | 1,874,963 | 1,913,773 |
VAT | 2,878,166 | 2,166,003 | - | - |
Other creditors | 719,819 | 590,954 |
Directors' current accounts | 2,511 | 2,856 | - | - |
Accruals and deferred income | 4,451,552 | 3,036,524 |
10,294,729 | 7,920,664 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts (see note 17) | 52,082 | 122,183 |
Other creditors | - | 68,475 |
52,082 | 190,658 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year | 71,655 | 9,988 |
Between one and five years | 52,082 | 124,407 |
123,737 | 134,395 |
Finance charges repayable: |
Within one year | 2,224 | 3,336 |
Between one and five years | - | 2,224 |
2,224 | 5,560 |
Net obligations repayable: |
Within one year | 69,431 | 6,652 |
Between one and five years | 52,082 | 122,183 |
121,513 | 128,835 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
as restated |
£ | £ |
Between one and five years | 14,067 | 24,154 |
In more than five years | 532,288 | 598,385 |
546,355 | 622,539 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts | 121,513 | 128,835 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax | 26,706 | 20,881 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 20,881 |
Charge to Income Statement during year | 5,825 |
Balance at 30 June 2024 | 26,706 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1,000 | 1,000 |
B Ordinary | £1 | 1 | 1 |
C Ordinary | £1 | 1 | 1 |
D Ordinary | £1 | 1 | 1 |
E Ordinary | £1 | 1 | 1 |
1,004 | 1,004 |
THE AFFINITY PROFESSIONAL SERVICES GROUP |
LIMITED (REGISTERED NUMBER: 09636263) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
21. | RELATED PARTY DISCLOSURES |
TRANSACTIONS WITH COMPANIES UNDER COMMON CONTROL |
During the year the group charged management fees to companies under common control. The amount included in the profit and loss account for the year was £474,947 (2023 - £409,869). |
TRANSACTIONS WITH COMPANIES IN WHICH A DIRECTOR HAS AN INTEREST |
During the year a loan was advanced by a subsidiary company to a company in which a director has an interest. The amount due from the related party at the balance sheet date amounted to £534,635. Interest is payable at 1.5% per annum and the loan is repayable on demand. No interest was received in the current year. |
22. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors there was no ultimate controlling party in the current or previous period. |