Fairer Consulting Limited
Annual Report and Financial Statements
For the year ended 30 June 2024
Company registration number 10821054 (England and Wales)
Fairer Consulting Limited
Company Information
Directors
D Robertson
J Musgrave
J Hilton
R Ford
(Appointed 30 August 2024)
Secretary
Hays Nominees Limited
Company number
10821054
Registered office
4th Floor
20 Triton Street
London
NW1 3BF
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Herts
AL1 1LJ
Fairer Consulting Limited
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
Fairer Consulting Limited
Directors' Report
For the year ended 30 June 2024
Page 1

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

Principal activities

The principal activity of the company is the provision of consultancy and training.

Results and dividends

The results for the year are set out on page 6.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Robertson
D Evans
(Resigned 30 August 2024)
J Musgrave
J Hilton
R Ford
(Appointed 30 August 2024)
Auditor

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Fairer Consulting Limited
Directors' Report (Continued)
For the year ended 30 June 2024
Page 2
Small companies note

In preparing this report, the directors have taken advantage of the small companies' exemptions provided by section s414B of the Companies Act 2006.

On behalf of the board
D Robertson
Director
27 March 2025
Fairer Consulting Limited
Independent Auditor's Report
To the Members of Fairer Consulting Limited
Page 3
Opinion

We have audited the financial statements of Fairer Consulting Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Fairer Consulting Limited
Independent Auditor's Report (Continued)
To the Members of Fairer Consulting Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:

Fairer Consulting Limited
Independent Auditor's Report (Continued)
To the Members of Fairer Consulting Limited
Page 5

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Luke Parker (Senior Statutory Auditor)
for and on behalf of Gilberts Chartered Accountants
28 March 2025
Chartered Accountants
Statutory Auditor
Pendragon House
65 London Road
St Albans
Herts
AL1 1LJ
Fairer Consulting Limited
Statement of Comprehensive Income
For the year ended 30 June 2024
Page 6
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
765,335
477,637
Cost of sales
(93,948)
-
0
Gross profit
671,387
477,637
Administrative expenses
(2,106,035)
(717,952)
Operating loss
3
(1,434,648)
(240,315)
Interest receivable and similar income
7
1,625
10
Interest payable and similar expenses
8
(24,315)
(1,662)
Loss before taxation
(1,457,338)
(241,967)
Tax on loss
9
-
0
787
Loss and total comprehensive income for the financial year
(1,457,338)
(241,180)
Fairer Consulting Limited
Balance Sheet
As at 30 June 2024
Page 7
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
10
7,618
1,735
Current assets
Debtors
11
350,747
146,105
Cash at bank and in hand
244,551
29,149
595,298
175,254
Creditors: amounts falling due within one year
12
(1,203,292)
(184,355)
Net current liabilities
(607,994)
(9,101)
Total assets less current liabilities
(600,376)
(7,366)
Creditors: amounts falling due after more than one year
12
(10,000)
(20,000)
Net liabilities
(610,376)
(27,366)
Capital and reserves
Called up share capital
16
75
75
Capital redemption reserve
17
25
25
Profit and loss reserves
(610,476)
(27,466)
Total equity
(610,376)
(27,366)
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
D Robertson
Director
Company Registration No. 10821054
Fairer Consulting Limited
Statement of Changes in Equity
For the year ended 30 June 2024
Page 8
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
75
25
78,190
78,290
Period ended 30 June 2023:
Loss and total comprehensive income for the period
-
-
(241,180)
(241,180)
Transactions with owners in their capacity as owners:
Contribution from parent company
-
-
135,524
135,524
Balance at 30 June 2023
75
25
(27,466)
(27,366)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(1,457,338)
(1,457,338)
Transactions with owners in their capacity as owners:
Contribution from parent company
-
-
874,328
874,328
Balance at 30 June 2024
75
25
(610,476)
(610,376)
Fairer Consulting Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 9
1
Accounting policies
Company information

Fairer Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 20 Triton Street, London, NW1 3BF.

1.1
Reporting period

The financial statements are for a period of one year and the previous financial statement was presented for a shorter period, due to the shortening of the accounting period from 30 September to 30 June. Therefore, the amounts presented in the financial statements are not entirely comparable.

1.2
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS1:

 

Where required, equivalent disclosures are given in the group accounts of Hays International Holdings Limited. The group accounts of Hays International Holdings Limited are available to the public and can be obtained as set out in note 19.

1.3
Going concern

The company has net liabilities of £610,376 (2023 - £27,366) and is dependent on the continued support from the parent entity. The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements, and along with the parent entity, will continue to financially support the company if required. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 10
1.4
Turnover

Turnover is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a service to a customer.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

The company applies the IFRS 15 principles for revenue recognition from contracts with customers:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 11

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash and cash equivalents 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.

1.8
Financial assets

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 12
Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 13
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 14
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Revenue recognition and stage of completion

Revenue is recognised over the period to which the service relates and the contract is fulfilled, with reference to the agreed services to be provided to the customer. Where the services are partially complete at the year end, the stage of completion is calculated with reference to the agreed days per the scope of the engagement.

3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
1,745
-
Fees payable to the company's auditor for the audit of the company's financial statements
18,750
15,000
Depreciation of property, plant and equipment
2,666
889
Share-based payments
874,328
135,524
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,750
15,000
Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 15
5
Employees

The average monthly number of persons (including director) employed by the company during the year were :

2024
2023
Number
Number
9
4

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
756,358
326,083
Social security costs
82,102
41,446
Pension costs
19,939
2,070
Long-term employee benefit expense - service cost
874,328
135,524
1,732,727
505,123
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
259,644
181,667
Long-term employee benefit expense – service cost
874,328
135,524

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 0).

During the 2023 financial year, 65% of the ordinary shares of the Company were acquired by Hays International Holdings Limited from the existing Directors. On the same date, the remaining Director entered into an option agreement Hays International Holdings Limited giving the former the option to sell and the latter the option to purchase the remaining 35% ordinary shares held by the remaining Director, subject to the Company meeting certain conditions on the third or fourth years following the date of acquisition. Under the accounting requirements, the Company is required to accrue for the potential consideration that would become payable by its parent company Hays International Holdings Limited, if the option crystallises such that Hays International Holdings Limited acquires the 35% shares from the Director. The amount is accounted for as an accrued expense over the period of the option settled by a capital contribution from Hays International Holdings Limited, the purchaser of the shares. During the year this amount representing the accrual for the potential consideration payable for the acquisition of the shares was £874,328 (2023: £135,524).

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 16
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
10
Other interest income
1,625
-
0
Total income
1,625
10
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,076
640
Interest payable to group undertakings
21,239
319
Interest on other loans
-
0
703
24,315
1,662
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
(787)

The charge for the year can be reconciled to the loss per the profit and loss account as follows:

2024
2023
£
£
Loss before taxation
(1,457,338)
(241,967)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 19.00%)
(364,335)
(45,974)
Effect of expenses not deductible in determining taxable profit
219,559
33,660
Impact of losses not recognised
144,776
12,314
Impact of losses carried back
-
(787)
Taxation charge/(credit) for the year
-
(787)

The company has tax losses carried forward of £643,000 (2023: £63,897) to use in future years. The deferred tax asset measured at 25% has not been recognised.

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 17
10
Tangible fixed assets
Computer equipment
£
Cost
At 1 July 2023
6,022
Additions
8,549
Disposals
(782)
At 30 June 2024
13,789
Accumulated depreciation and impairment
At 1 July 2023
4,287
Charge for the year
2,666
Eliminated on disposal
(782)
At 30 June 2024
6,171
Carrying amount
At 30 June 2024
7,618
At 30 June 2023
1,735
11
Debtors
2024
2023
£
£
Trade debtors
169,838
102,375
Prepayments and accrued income
180,909
43,730
350,747
146,105
12
Creditors
Due within one year
Due after one year
2024
2023
2024
2023
Notes
£
£
£
£
Loans and overdrafts
13
10,000
10,000
10,000
20,000
Creditors
14
1,059,373
109,686
-
0
-
0
Corporation tax
-
0
6,758
-
-
Other taxation and social security
66,669
53,352
-
-
Deferred income
15
67,250
4,559
-
0
-
0
1,203,292
184,355
10,000
20,000
Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 18
13
Loans and overdrafts
Due within one year
Due after one year
2024
2023
2024
2023
£
£
£
£
Borrowings held at amortised cost:
Bank loans
10,000
10,000
10,000
20,000

 

14
Trade and other creditors
2024
2023
£
£
Trade creditors
71,451
47,910
Amounts owed to fellow group undertakings
835,411
50,319
Accruals
115,144
5,946
Other creditors
37,367
5,511
1,059,373
109,686

The parent company has granted a loan facility which shall not exceed £5,000,000.

 

The maturity date of this agreement with the parent company is for a period of 3 years from date of issuance and will be deemed to renew automatically without an amendment for a further 3 years from the expiry date, and any future expiry date.

 

The drawdown amount shall bear interest on a daily basis from the date of drawdown at a variable rate equal to the overnight reference rate of SONIA.

15
Deferred revenue
2024
2023
£
£
Deferred income
67,250
4,559
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of 10p each
755
755
75
75

The holders of the Ordinary shares have full voting, dividend and capital distribution rights (including on winding up) and do not confer any rights of redemption.

Fairer Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 19
17
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
25
25
18
Related party transactions

During the period the company was charged a sales commission of £1,000 (2023: £93,201) from a company under common directorship. As well as this, the company was charged costs in relation to occupancy and recruitment of £21,979 (2023: £nil).

 

At the period end, included in other creditors is a loan amount of £835,411 (2023: £50,319) due to the parent company. The loan has no set repayment date and interest of £21,239 (2023: £319) was charged in the year. Interest is charged on a daily basis from the date of drawdown at a variable rate equal to the overnight reference rate of SONIA.

 

19
Controlling party

There is no ultimate controlling party.

 

The parent company is Hays International Holdings Limited, which is a 100% subsidiary of Hays PLC. The registered office of both companies is 4th Floor 20 Triton Street, London, NW1 3BF.

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