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REGISTERED NUMBER: 03699291 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024

FOR

RETAIL HUMAN RESOURCES LIMITED

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


RETAIL HUMAN RESOURCES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: P C J Burgess
J Ellis
H Aldridge
K Appleby





SECRETARY: R Tailor





REGISTERED OFFICE: 14 Bristol Gardens
Little Venice
London
W9 2JG





REGISTERED NUMBER: 03699291 (England and Wales)





AUDITORS: Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024


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

REVIEW OF BUSINESS
A loss of £158,482 is of course disappointing. This is partly made up of two extraordinary items, the cost of selling the business to an Employee Ownership Trust, and dilapidations on one of our leases that had come to an end. Nevertheless, the last year has been challenging. The country entered recession, which always affects recruitment businesses harshly, and the cost of living crisis has impacted on retail sales. Retailers still make up a significant part of our client base. Challenging trading conditions have persisted into late 2024, partly affected by uncertainty around the Autumn Budget.

The budget itself was not a good budget for us. The draconian rise in employer's national insurance will hit employment and we have seen an immediate impact. This is a direct assault on the living standards of ordinary people. This steep rise in tax must be paid out of companies' wage budgets and will result in fewer, or lower, paid employees. Nevertheless, we have reason to be very optimistic. Our fixed costs are very low now and our quest not to be so reliant on retail continues. A particular success has been our continued expansion of international recruitment, and this is seen as a key area for our future expansion. This is unaffected by the economic chaos that we have endured since Brexit. The media division is now back on its feet, and we look forward to it making a significant contribution to profit.

We have enjoyed the best stability amongst our workforce for decades, which is particularly rewarding given that most are sales people and trading has been tough. As Chair of the Board and as a trustee, I am grateful for the loyalty and commitment of our very professional team.

The group's only debt, other than normal trade creditors, is to the group's former shareholder, and is a long-term debt, accruing no interest. It is the intention of the group and the trustees not to take on any external debt and to maintain our longstanding principles of paying all suppliers on time or early.

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

2024 2023
£ £
Turnover 5,974,097 6,313,311
Gross profit 2,132,816 2,658,204
Administrative expenses 2,294,866 2,286,644
Operating (loss)/profit (158,482 ) 377,533


RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The group continues to address the need to evolve its portfolio of services in line with new technologies and customer requirements.

In relation to the key financial risks of price, credit, liquidity, cash flow, and interest rate risks, the directors have familiarised themselves with the concepts of these risks and have assessed that at this time there is no significant exposure to the group. The directors will continue to monitor the group's activities to address any significant risks that do arise to ensure these are minimised to the maximum possible extent.

Operational risks stemming from compliance requirements in a number of areas including legal, employment, health and safety and environmental matters, have been reviewed, and the directors have implemented a number of initiatives during the period to mitigate such risks.

ON BEHALF OF THE BOARD:





P C J Burgess - Director


15th January 2025

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of :

The principal activity of Retail Human Resources Limited in the year under review was that of recruitment consultancy.

The principal activity of Fashion Personnel Limited in the year under review was that of recruitment and employment agency.

The principal activity of The Retail Appointment Ltd in the year under review was that of recruitment advertising.

DIVIDENDS
The total distribution of dividends for the year ended 30th June 2024 will be £ 893,964 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

P C J Burgess
J Ellis

Other changes in directors holding office are as follows:

R J Horwood - resigned 28th May 2024
H Aldridge - appointed 20th February 2024
K Appleby - appointed 20th February 2024

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.

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024


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.

THE PROFIT AND LOSS ACCOUNT
The full profit and loss account of the group for the year is set and on page 9. The reserves were in line with the expectations of the directors.

AUDITORS
Under section 487(2) of the Companies Act 2006, Sproull & Co., Chartered Accountants and Statutory Auditors, are
deemed to be reappointed as auditors.

ON BEHALF OF THE BOARD:





P C J Burgess - Director


15th January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RETAIL HUMAN RESOURCES LIMITED


Opinion
We have audited the financial statements of Retail Human Resources Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2024 which comprise the Consolidated Profit and Loss Account, 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 30th June 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.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RETAIL HUMAN RESOURCES LIMITED


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.

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:

The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
- Manipulation or error in the calculation of deferred and accrued income leading to the overstatement or
understatement of net income;
- Manipulation or error in existence and/or duplication of number of candidates placed on a job leading to
overstatement or understatement of net income.

The procedures we carried out to gain sufficient appropriate audit evidence in the above areas included:

- Identifying and assessing the design effectiveness of controls which management has in place to prevent and
detect fraud and error;
- Understanding the potential for override of these controls on the financial reporting process, and how those
charged with governance address these override potentials;
- Performing tests of controls and substantive testing on appropriate samples;
- Documenting the assumptions and judgements made by management in their significant accounting estimates
and challenging these with management;
- Identifying and testing journal entries, in particular those around the year-end, and those involving unusual
postings, account combinations or amounts.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities. In particular, the senior statutory auditor has a number of years' experience in dealing with similar Employment Agency businesses and preparing accounts under FRS 102.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RETAIL HUMAN RESOURCES LIMITED


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.




Michelle Wickwar (Senior Statutory Auditor)
for and on behalf of Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

16th January 2025

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30TH JUNE 2024

2024 2023
Notes £ £

TURNOVER 4 5,974,097 6,313,311

Cost of sales 3,841,281 3,655,107
GROSS PROFIT 2,132,816 2,658,204

Administrative expenses 2,294,866 2,286,644
(162,050 ) 371,560

Other operating income 5 3,568 5,973
OPERATING (LOSS)/PROFIT 7 (158,482 ) 377,533

Interest receivable and similar income 26,687 12,799
(LOSS)/PROFIT BEFORE TAXATION (131,795 ) 390,332

Tax on (loss)/profit 8 (7,255 ) 74,988
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(124,540

)

315,344

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

CONSOLIDATED BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 17,685 24,691
Tangible assets 12 55,642 90,573
Investments 13 - -
73,327 115,264

CURRENT ASSETS
Debtors 14 786,764 761,154
Cash at bank 1,010,142 1,671,058
1,796,906 2,432,212
CREDITORS
Amounts falling due within one year 15 745,664 796,551
NET CURRENT ASSETS 1,051,242 1,635,661
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,124,569

1,750,925

CREDITORS
Amounts falling due after more than one
year

16

(399,718

)

-

PROVISIONS FOR LIABILITIES 19 (12,119 ) (19,689 )
NET ASSETS 712,732 1,731,236

CAPITAL AND RESERVES
Called up share capital 20 52,616 52,616
Capital redemption reserve 8,904 8,904
Retained earnings 651,212 1,669,716
SHAREHOLDERS' FUNDS 712,732 1,731,236

The financial statements were approved by the Board of Directors and authorised for issue on 15th January 2025 and were signed on its behalf by:





P C J Burgess - Director


RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

COMPANY BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 16,276 22,743
Tangible assets 12 55,239 87,977
Investments 13 790,441 790,441
861,956 901,161

CURRENT ASSETS
Debtors 14 89,282 137,673
Cash at bank 620,452 1,519,761
709,734 1,657,434
CREDITORS
Amounts falling due within one year 15 865,970 1,257,207
NET CURRENT (LIABILITIES)/ASSETS (156,236 ) 400,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

705,720

1,301,388

CREDITORS
Amounts falling due after more than one
year

16

(399,718

)

-

PROVISIONS FOR LIABILITIES 19 (11,775 ) (18,826 )
NET ASSETS 294,227 1,282,562

CAPITAL AND RESERVES
Called up share capital 20 52,616 52,616
Capital redemption reserve 8,904 8,904
Retained earnings 232,707 1,221,042
SHAREHOLDERS' FUNDS 294,227 1,282,562

Company's (loss)/profit for the financial year (94,371 ) 90,476

The financial statements were approved by the Board of Directors and authorised for issue on 15th January 2025 and were signed on its behalf by:





P C J Burgess - Director


RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1st July 2022 52,616 1,354,372 8,904 1,415,892

Changes in equity
Total comprehensive income - 315,344 - 315,344
Balance at 30th June 2023 52,616 1,669,716 8,904 1,731,236

Changes in equity
Dividends - (893,964 ) - (893,964 )
Total comprehensive income - (124,540 ) - (124,540 )
Balance at 30th June 2024 52,616 651,212 8,904 712,732

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1st July 2022 52,616 1,130,566 8,904 1,192,086

Changes in equity
Total comprehensive income - 90,476 - 90,476
Balance at 30th June 2023 52,616 1,221,042 8,904 1,282,562

Changes in equity
Dividends - (893,964 ) - (893,964 )
Total comprehensive income - (94,371 ) - (94,371 )
Balance at 30th June 2024 52,616 232,707 8,904 294,227

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (125,889 ) 321,271
Tax paid (66,012 ) (219,344 )
Net cash from operating activities (191,901 ) 101,927

Cash flows from investing activities
Purchase of intangible fixed assets - (27,948 )
Purchase of tangible fixed assets (1,456 ) (76,653 )
Sale of tangible fixed assets - 21,087
Interest received 26,687 12,799
Net cash from investing activities 25,231 (70,715 )

Cash flows from financing activities
Amount introduced by directors 399,718 787,438
Equity dividends paid (893,964 ) -
Net cash from financing activities (494,246 ) 787,438

(Decrease)/increase in cash and cash equivalents (660,916 ) 818,650
Cash and cash equivalents at beginning of
year

2

1,671,058

852,408

Cash and cash equivalents at end of year 2 1,010,142 1,671,058

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
(Loss)/profit before taxation (131,795 ) 390,332
Depreciation charges 43,393 39,860
Profit on disposal of fixed assets - (15,417 )
Finance income (26,687 ) (12,799 )
(115,089 ) 401,976
Increase in trade and other debtors (685,528 ) (98,987 )
Increase in trade and other creditors 674,728 18,282
Cash generated from operations (125,889 ) 321,271

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 30th June 2024
30.6.24 1.7.23
£ £
Cash and cash equivalents 1,010,142 1,671,058
Year ended 30th June 2023
30.6.23 1.7.22
£ £
Cash and cash equivalents 1,671,058 852,408


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank 1,671,058 (660,916 ) 1,010,142
1,671,058 (660,916 ) 1,010,142
Total 1,671,058 (660,916 ) 1,010,142

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

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


1. STATUTORY INFORMATION

Retail Human Resources Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the group.

Basis of consolidation
The group financial statements consolidate the financial statements of the Retail Human Resources Limited and all of its subsidiary undertakings using acquisition accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of. an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or to, the effective date of acquisition or disposal. All financial statements are made up to 30 June each year. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Related party exemption
The group has taken advantage of the exemption available in accordance with Financial Reporting Standards 102, Section 33.1A, 'Related Party Disclosures' not to disclose transactions entered and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The group recognises revenue when services are delivered.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery- 25% on cost and 25% on reducing balance
Fixtures and fittings- 25% on cost and 25% on reducing balance
Motor vehicles- 25% on cost and 25% on reducing balance
Computer equipment- 50% on cost and 25% on cost

Financial instruments
Financial instruments are classified according to the substance of the financial instrument's contractual obligations, as financial assets, financial liabilities or equity instruments.

Financial instruments are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are
received.

Pension costs and other post-retirement benefits
The group contributes to personal pension schemes for employees and directors. The assets of the schemes are held independently of the group by an insurance company. The amount charged to the profit and loss account are the contributions payable in the year.

Going concern
In assessing the appropriateness of the application of the going concern basis, the directors have considered the trading performance of the group, future forecasts of the group and the available cash. Accordingly the directors have determined that it is appropriate to prepare these financial statements on a going concern basis.

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. 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 lease are depreciated over their estimated useful lives or 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.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful economic lives of the assets and residual values are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values.

4. TURNOVER

The total turnover of the group for the year has been derived from its principal activities wholly undertaken in the UK.

5. OTHER OPERATING INCOME
2024 2023
£ £
Rents receivable 2,396 3,600
Late payment fee income - 1,626
Other income 1,172 747
3,568 5,973

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


6. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,907,867 4,771,008
Social security costs 484,486 481,942
Other pension costs 124,329 93,042
5,516,682 5,345,992

The average number of employees during the year was as follows:
2024 2023

Management 5 4
Sales and operations 24 25
Administration and support 4 6
Temporary staff 126 134
159 169

2024 2023
£ £
Directors' remuneration 233,231 256,891
Directors' pension contributions to money purchase schemes 20,398 12,319

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 80,686 93,211
Pension contributions to money purchase schemes 8,064 4,639

7. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 36,387 36,603
Profit on disposal of fixed assets - (15,417 )
Computer software amortisation 7,006 3,257
Auditors' remuneration 27,000 22,225
Auditors' remuneration - Tax services 4,000 2,500

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 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 315 65,976

Deferred tax (7,570 ) 9,012
Tax on (loss)/profit (7,255 ) 74,988

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)/profit before tax (131,795 ) 390,332
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2023 - 19 %)

(25,041

)

74,163

Effects of:
Expenses not deductible for tax purposes 17,929 6,366
Capital allowances in excess of depreciation - (8,830 )
Depreciation in excess of capital allowances 7,427 -
(Profit)/loss on disposal of tangible assets - (2,929 )
Group relief 3,054 -
Deferred taxation movement (7,570 ) 9,012
Utilisation of brought forward tax losses (3,054 ) (7,100 )
Difference on increase of tax rate to 25% - 4,306
Total tax (credit)/charge (7,255 ) 74,988

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£ £
Ordinary A shares of £1 each
Interim 893,964 -

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


11. INTANGIBLE FIXED ASSETS

Group
Computer
software
£
COST
At 1st July 2023
and 30th June 2024 27,948
AMORTISATION
At 1st July 2023 3,257
Amortisation for year 7,006
At 30th June 2024 10,263
NET BOOK VALUE
At 30th June 2024 17,685
At 30th June 2023 24,691

Company
Computer
software
£
COST
At 1st July 2023
and 30th June 2024 25,798
AMORTISATION
At 1st July 2023 3,055
Amortisation for year 6,467
At 30th June 2024 9,522
NET BOOK VALUE
At 30th June 2024 16,276
At 30th June 2023 22,743

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


12. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1st July 2023 15,253 119,631 29,202 164,086
Additions 507 - 949 1,456
Disposals - - (553 ) (553 )
At 30th June 2024 15,760 119,631 29,598 164,989
DEPRECIATION
At 1st July 2023 11,295 40,193 22,025 73,513
Charge for year 2,915 27,753 5,719 36,387
Eliminated on disposal - - (553 ) (553 )
At 30th June 2024 14,210 67,946 27,191 109,347
NET BOOK VALUE
At 30th June 2024 1,550 51,685 2,407 55,642
At 30th June 2023 3,958 79,438 7,177 90,573

Company
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1st July 2023 2,597 119,631 29,202 151,430
Additions 507 - 949 1,456
Disposals - - (553 ) (553 )
At 30th June 2024 3,104 119,631 29,598 152,333
DEPRECIATION
At 1st July 2023 1,235 40,193 22,025 63,453
Charge for year 722 27,753 5,719 34,194
Eliminated on disposal - - (553 ) (553 )
At 30th June 2024 1,957 67,946 27,191 97,094
NET BOOK VALUE
At 30th June 2024 1,147 51,685 2,407 55,239
At 30th June 2023 1,362 79,438 7,177 87,977

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1st July 2023
and 30th June 2024 790,441
NET BOOK VALUE
At 30th June 2024 790,441
At 30th June 2023 790,441


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 689,751 644,109 46,097 80,972
Other debtors 20,583 29,052 1,623 7,292
Prepayments and accrued income 76,430 87,993 41,562 49,409
786,764 761,154 89,282 137,673

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 41,428 119,775 19,178 95,948
Amounts owed to group undertakings - - 706,886 1,015,089
Taxation 279 65,976 - 3,015
Social security and other taxes 106,686 106,476 14,654 18,991
VAT 244,759 263,001 40,457 55,664
Other creditors 70,547 16,596 6,808 5,658
Accruals and deferred income 281,965 224,727 77,987 62,842
745,664 796,551 865,970 1,257,207

The amounts owned to group undertakings are interest free, unsecured and payable on demand.

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Directors' loan accounts 399,718 - 399,718 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

The total amount of financial commitments under non-cancellable operating leases, not included in the balance sheet, is £94,800 (2023 - £94,800).

18. FINANCIAL INSTRUMENTS

Group

Categorisation of financial instruments
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost 1,720,476 2,344,219

Financial liabilities measured at amortised cost 393,940 361,098

Financial assets measured at amortised cost comprises cash, trade debtors and other debtors.

Financial liabilities measured at amortised cost comprises trade creditors, accrued expenses and other creditors.

Company

Categorisation of financial instruments
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost 668,172 1.608,025

Financial liabilities measured at amortised cost 810,859 1,179,537

Financial assets measured at amortised cost comprises cash, trade debtors, amounts owed by group undertakings and other debtors.

Financial liabilities measured at amortised cost comprises trade creditors, amounts owed to group undertakings, accrued expenses and other creditors.


RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£ £ £ £
Deferred tax
Deferred taxation b/fwd 19,689 10,677 18,826 9,781
Deferred taxation movement (7,570 ) 9,012 (7,051 ) 9,045
12,119 19,689 11,775 18,826

Group
Deferred tax
£
Balance at 1st July 2023 19,689
Provided during year (7,570 )
Balance at 30th June 2024 12,119

Company
Deferred tax
£
Balance at 1st July 2023 18,826
Provided during year (7,051 )
Balance at 30th June 2024 11,775

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
51,071 Ordinary A £1 51,071 51,071
1,545 Ordinary B £1 1,545 1,545
52,616 52,616

Rights, preferences and restrictions
Ordinary A and B shares have the following rights, preferences and restrictions:
Ordinary A and B shares rank pari passu in all respects with regard to dividends receivable, on a winding up and voting rights.

21. PENSION COMMITMENTS

The group operates a defined contribution scheme. During the year the group contributed £104,497 (2023: £70,200). Outstanding contributions at the reporting date is £16,013 (2023: £13,862).

22. RELATED PARTY DISCLOSURES

The group rents its business premises from one of the company's directors. The rent paid during the year was £Nil (2023: £67,500).

RETAIL HUMAN RESOURCES LIMITED (REGISTERED NUMBER: 03699291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


22. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£ £
Amount due to related party 399,718 -

During the year, a loan of £399,718 was received from a director. The loan is unsecured, interest free and repayable in full after 1st July 2025.

23. POST BALANCE SHEET EVENTS

There were no events since the year end which materially affected the company or group.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is RHR Trustees Limited.

25. GROUP UNDERTAKINGS

Retail Human Resources Limited is the parent company of the following two wholly owned subsidiary companies.

Group undertakings are Fashion Personnel Limited and The Retail Appointment Ltd. The nature of the business of Fashion Personnel Limited is that of a recruitment and employment agency and the address of the registered office is 14 Bristol Gardens, London, W9 2JG.

The nature of the business of The Retail Appointment Ltd was recruitment advertising, though the company has been dormant since 1st July 2022. The company's registered office is 14 Bristol Gardens, London, W9 2JG.