Company registration number 13147618 (England and Wales)
VALLUM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VALLUM GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P E Bland
Mr M Kamara
Mr M D Petrie
Mr K Kim
Company number
13147618
Registered office
10 Lower Thames Street
Ground Floor
London
EC3R 6AF
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
VALLUM GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 26
VALLUM GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors of Vallum Associates Limited present their Strategic Report of the Company for the year ended 31 December 2024.

Business review

Under the vision of CEO Malvin Kamara, Vallum Associates Limited was established in July 2015 and has continued to grow year on year into a specialist recruiter operating globally across various sectors, including Energy & Utilities, Engineering & Renewables, Financial Services, and Tech Practices. The Company connects ambitious talent with pioneering companies.

 

In 2020 and 2021, the current Board was formed with the addition of:

 

-    Phil Bland FCCA (CFO): Bringing 30 years of financial and commercial staffing knowledge.

-    Michael Petrie (Chairman): 30 years of executive-level search experience in the financial services     markets.

-    Kang Kim (COO): 20+ years of experience in prime services, risk management, and hedge funds.

 

Over the last four years, the business has experienced considerable and consistent growth across a selection of credible and sustainable clients in all four verticals. Several household-name clients are considered strategic partners. The Company has built and reinforced relationships with existing clients while onboarding new clients, demonstrating mutual respect and success. This approach has enabled the business to work with a diverse range of clients across its pillars, generating consistent repeat business.

 

The Business continues to underpin its successes by forging partnerships with global system integrators and consultancies, derived from strong relationships fostered over many years. This provides confidence to our strategic partners that Vallum Associates can quickly support their business as a trusted partner.

 

We continue to maintain strict control over overheads and outgoings which helps to maintain a lean and efficient operation, allowing continued investment in day-to-day practices that further benefit the Company and its clients.

Principal risks and uncertainties

 

Risk is ubiquitous and sometimes arrives uninvited, as seen with the Coronavirus pandemic, International conflicts, Brexit etc. However, risk continues to present Vallum with opportunities. During the last 12 months the Company has made further investments in personnel, larger premises both home and abroad, technology and implemented business complimentary strategies to continue diversifying its vertical to meet client and market demands. This has ensured risk mitigation through continued training and development, monitoring of regulatory and legal framework changes, and maintaining strong relationships with business partners ensuring continued strong cash liquidity. The Company has also built resilience against unfavorable conditions with effective credit, liquidity, overhead, and· market risk strategies and plans.

 

Interest rate risk

The Company continues to finance its operations via a mixture of credit and financing facilities with credible providers and re-investment of profits. Its main exposure to risk is via the Invoice Discounting Facility provided by Close Finance whom we have a strong and mutual relationship.

 

Currency risk

The Company has minimal exposure to foreign currency fluctuations. Where present, such exposures are usually hedged internally with sales and cost of sales being in the same currency.

 

Credit risk

The Company has implemented financial policies that require appropriate credit checks on all potential customers before sales are made. The amount of exposure to individual customers is subject to limits that are re-assessed regularly by the Finance department.

 

Liquidity risk

Cautious liquidity management entails maintaining sufficient reserves of cash and/or availability via an Invoice Discounting Facility, ensuring that there are available funds to carry on operations and any planned expansions. Constant crash tests and forecasts are monitored to manage this risk.

VALLUM GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance

 

The Board of Directors continue to foresee a positive future and solid returns on investments in 2025 and beyond. Whilst we continue to strengthening our internal core, future expansion will continue to be at the forefront.

Key performance indicators

 

Vallum Group has performed well against recruitment-specific success metrics, including:

 

                                    2024        2023

Permanent placement fee(%)                         19%         18%

NFI (Net Fee Income) against turnover(%)                     33%         24%

NFI per head (£'000)                            £222k / 51    £126k / 49

Direct costs against NFI (%)                         29%         46%

Overheads against NFI (%)                         27%         40%

EBIT against NFI (%)                              44%         18%

Debt turnaround days (days)                         56         60

This report was approved by the board and signed on its behalf by

Mr P E Bland
Director
14 April 2025
VALLUM GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continues to be that of recruitment services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,940,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr P E Bland
Mr M Kamara
Mr M D Petrie
Mr K Kim
Post reporting date events

There have been no significant events affecting the Company since the year end.

Auditor

Sumer Audit were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Matters covered in the Strategic Report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P E Bland
Director
14 April 2025
VALLUM GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VALLUM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALLUM GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Vallum Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 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:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

VALLUM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALLUM GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 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 parent 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

VALLUM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALLUM GROUP LIMITED
- 7 -

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

Other matters which we are required to address

The financial statements of Vallum Group Limited for the year ended 31 December 2023 were audited by Cooper Parry Group Limited who expressed an unmodified audit opinion on those statements on 18 August 2024.

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.

Tony Summers (Senior Statutory Auditor)
For and on behalf of Sumer Audit
14 April 2025
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
VALLUM GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
34,691,342
28,094,898
Cost of sales
(24,289,551)
(22,062,904)
Gross profit
10,401,791
6,031,994
Administrative expenses
(4,563,617)
(4,283,423)
Operating profit
4
5,838,174
1,748,571
Investment income
648
-
0
Finance costs
8
(159,041)
(149,091)
Profit before taxation
5,679,781
1,599,480
Tax on profit
9
(1,624,120)
(374,465)
Profit for the financial year
4,055,661
1,225,015
Other comprehensive income
Currency translation gain/(loss) arising in the year
7,009
(11,074)
Total comprehensive income for the year
4,062,670
1,213,941
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
VALLUM GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
444,845
552,748
Current assets
Trade and other receivables
14
5,676,211
5,048,525
Cash and cash equivalents
206,115
180,379
5,882,326
5,228,904
Current liabilities
15
(4,329,972)
(3,953,890)
Net current assets
1,552,354
1,275,014
Total assets less current liabilities
1,997,199
1,827,762
Non-current liabilities
16
(362,232)
(419,228)
Provisions for liabilities
Deferred tax liability
18
109,600
5,837
(109,600)
(5,837)
Net assets
1,525,367
1,402,697
Equity
Called up share capital
20
177
177
Capital redemption reserve
21
23
23
Other reserves
21
(10,750)
(17,759)
Retained earnings
21
1,535,917
1,420,256
Total equity
1,525,367
1,402,697

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
14 April 2025
Mr P E Bland
Director
Company registration number 13147618 (England and Wales)
VALLUM GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
12
210
210
Current assets
-
-
Current liabilities
15
(10)
(10)
Net current liabilities
(10)
(10)
Net assets
200
200
Equity
Called up share capital
20
177
177
Capital redemption reserve
21
23
23
Total equity
200
200

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £3,940,000 (2023 - £797,333 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
14 April 2025
Mr P E Bland
Director
Company registration number 13147618 (England and Wales)
VALLUM GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Currency translation reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
200
-
0
(6,685)
992,574
986,089
Year ended 31 December 2023:
Profit for the year
-
-
-
1,225,015
1,225,015
Other comprehensive income:
Currency translation differences
-
-
(11,074)
-
0
(11,074)
Total comprehensive income
-
-
(11,074)
1,225,015
1,213,941
Dividends
10
-
-
-
(797,333)
(797,333)
Purchase of own shares
(23)
23
-
-
-
Balance at 31 December 2023
177
23
(17,759)
1,420,256
1,402,697
Year ended 31 December 2024:
Profit for the year
-
-
-
4,055,661
4,055,661
Other comprehensive income:
Currency translation differences
-
-
7,009
-
0
7,009
Total comprehensive income
-
-
7,009
4,055,661
4,062,670
Dividends
10
-
-
-
(3,940,000)
(3,940,000)
Balance at 31 December 2024
177
23
(10,750)
1,535,917
1,525,367
VALLUM GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2023
200
-
0
-
0
200
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
797,333
797,333
Dividends
10
-
-
(797,333)
(797,333)
Purchase of own shares
(23)
23
-
-
Balance at 31 December 2023
177
23
-
0
200
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,940,000
3,940,000
Dividends
10
-
-
(3,940,000)
(3,940,000)
Balance at 31 December 2024
177
23
-
0
200
VALLUM GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
4,984,829
1,564,385
Interest paid
(159,041)
(149,091)
Income taxes paid
(803,509)
(510,072)
Net cash inflow from operating activities
4,022,279
905,222
Investing activities
Purchase of property, plant and equipment
(4,195)
(4,514)
Interest received
648
-
0
Net cash used in investing activities
(3,547)
(4,514)
Financing activities
Payment of finance leases obligations
(52,996)
(94,380)
Dividends paid to equity shareholders
(3,940,000)
(797,333)
Net cash used in financing activities
(3,992,996)
(891,713)
Net increase in cash and cash equivalents
25,736
8,995
Cash and cash equivalents at beginning of year
180,379
171,384
Cash and cash equivalents at end of year
206,115
180,379
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Vallum Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Lower Thames Street, Ground Floor, London, United Kingdom, EC3R 6AF .

 

The group consists of Vallum Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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.

 

The group cashflow statement has been restated to correct errors in the prior year's financial statements. There is is no impact on the profit or net assets of the group as a result of these presentational adjustments.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Vallum Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

 

 

 

Turnover from temporary placements is recognised based on the number of contractor hours worked multiplied by the agreed hourly rate of the temporary staff. Turnover not invoiced at the reporting date is included within accrued income.

Fees for permanent placements are agreed in advance with customers. Turnover for permanent placements is recognised when the offer from the customer is accepted by the candidate and is net of back-out provisions where applicable.

 

Turnover from retainers are agreed in advance with customers. As per the agreement with the client a monthly fixed fee is agreed and sent to the client on a rolling monthly basis over the duration oft he agreement.

1.5
Property, plant and equipment

Property, plant and equipment 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:

Fixtures and fittings
33% straight line
Motor vehicles
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 income statement.

1.6
Non-current investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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

1.7
Impairment of non-current assets

At each reporting period end date, the group 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).

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.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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

VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

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 stock or non-current 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.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Perm revenue
2,444,073
2,793,403
Expenses recharged
57,339
46,051
Contractor revenue
27,175,668
17,637,476
Non-recruitment services
5,014,262
7,617,968
34,691,342
28,094,898
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
32,202,088
26,358,253
Europe
1,315,221
951,344
United States
1,155,645
748,472
Rest of the World
18,388
36,829
34,691,342
28,094,898
2024
2023
£
£
Other revenue
Interest income
648
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
49,487
21,260
Depreciation of owned property, plant and equipment
7,496
8,873
Depreciation of property, plant and equipment held under finance leases
104,602
86,192
Operating lease charges
399,663
463,783
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
7,000
Audit of the financial statements of the company's subsidiaries
20,000
23,000
26,000
30,000
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
43
39
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,399,782
2,105,903
-
0
-
0
Social security costs
364,180
353,314
-
-
Pension costs
38,495
33,894
-
0
-
0
2,802,457
2,493,111
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
120,000
120,000
Company pension contributions to defined contribution schemes
2,851
2,851
122,851
122,851
8
Finance costs
2024
2023
£
£
Other interest
159,041
149,091
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,520,357
377,152
Deferred tax
Origination and reversal of timing differences
103,763
(2,687)
Total tax charge
1,624,120
374,465
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
5,679,781
1,599,480
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,419,945
399,870
Tax effect of expenses that are not deductible in determining taxable profit
59,779
67,937
Other permanent differences
4,056
-
0
Deferred tax adjustments in respect of prior years
131,063
-
0
Change in tax rate
-
0
(23,760)
Foreign tax carried forward
9,277
68,967
Deferred tax not provided for
-
0
(138,549)
Taxation charge
1,624,120
374,465
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
3,940,000
797,333
11
Property, plant and equipment
Group
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
45,581
609,203
654,784
Additions
4,195
-
0
4,195
At 31 December 2024
49,776
609,203
658,979
Depreciation and impairment
At 1 January 2024
15,844
86,192
102,036
Depreciation charged in the year
7,496
104,602
112,098
At 31 December 2024
23,340
190,794
214,134
Carrying amount
At 31 December 2024
26,436
418,409
444,845
At 31 December 2023
29,737
523,011
552,748
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Property, plant and equipment
(Continued)
- 21 -
The company had no property, plant and equipment at 31 December 2024 or 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
418,409
523,011
-
0
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
210
210
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
210
Carrying amount
At 31 December 2024
210
At 31 December 2023
210
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Vallum Associates Limited
10 Lower Thames Street, Ground Floor, London, United Kingdom, EC3R 6AF
Ordinary
100.00
Vallum Associates Inc
10 Lower Thames Street, Ground Floor, London, United Kingdom, EC3R 6AF
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Vallum Associates Limited
1,897,164
4,091,695
Vallum Associates Inc
(371,797)
(36,034)
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
5,346,747
4,574,146
-
0
-
0
Other receivables
89,574
308,979
-
0
-
0
Prepayments and accrued income
239,890
165,400
-
0
-
0
5,676,211
5,048,525
-
-
15
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
99,595
95,595
-
0
-
0
Trade payables
1,779,282
1,198,549
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
10
10
Corporation tax payable
920,000
203,152
-
0
-
0
Other taxation and social security
478,119
412,425
-
-
Other payables
853,147
1,690,414
-
0
-
0
Accruals and deferred income
199,829
353,755
-
0
-
0
4,329,972
3,953,890
10
10

Included in Other Creditors is a loan amount of £256,134 (2023: £1,436,698). The loan amount is an invoice factoring account which is secured against invoices raised by the Company.

16
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
362,232
419,228
-
0
-
0
17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
99,595
95,595
-
0
-
0
In two to five years
362,232
419,228
-
0
-
0
461,827
514,823
-
-
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Finance lease obligations
(Continued)
- 23 -

Finance lease payments represent rentals payable by the company or group for motor vehicles. There are no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis.with a final lump sum payment at the end of the lease terms.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
109,600
5,837
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
5,837
-
Charge to profit or loss
103,763
-
Liability at 31 December 2024
109,600
-

The directors have considered the deferred tax liabilities noted above and concluded that it is not possible to state the estimated liabilities which will reverse in the next 12 months. This is due to the level of reversal being dependent on events which are not yet known.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,495
33,894

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.025p each
400,000
400,000
100
100
Ordinary B shares of 0.025p each
280,000
280,000
70
70
Ordinary C shares of 0.025p each
27,000
27,000
7
7
707,000
707,000
177
177

Ordinary A shares have attached to them voting and dividend rights.

 

Ordinary B shares have full capital distribution (including on winding up) rights.

 

Ordinary C shares have attached to the capital distribution rights as set out in the articles of association.

21
Reserves

Share Capital

 

The nominal value paid for a share on the issue of the share.

 

Capital redemption reserve

 

Previously issued shares repurchased from share holders by the Company.

 

Currency translation reserve

 

Net gains and losses arising on the translation of the functional currency to the presentational currency.

 

Profit and loss account

 

Accumulated gains and losses not elsewhere classified available for distribution.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
128,625
154,350
-
-
Between two and five years
-
128,625
-
-
128,625
282,975
-
-
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
23
Related party transactions
Transactions with related parties

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the Group.

 

There were no key management personnel other than the directors.

24
Directors' transactions
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Philip Bland
38,150
611,850
(850,000)
(200,000)
Malvin Kamara
105,000
547,500
(652,500)
-
Michael Petrie
35,749
614,251
(650,000)
-
Kang Shik Kim
41,795
608,205
(650,000)
-
220,694
2,381,806
(2,802,500)
(200,000)
25
Controlling party

There is not considered to be a controlling party.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,055,661
1,225,015
Adjustments for:
Taxation charged
1,624,120
374,465
Finance costs
159,041
149,091
Investment income
(648)
-
0
Depreciation and impairment of property, plant and equipment
112,098
95,065
Currency translation differences
7,009
(11,074)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(627,686)
1,360,139
Decrease in trade and other payables
(344,766)
(1,628,316)
Cash generated from operations
4,984,829
1,564,385
VALLUM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
27
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
180,379
25,736
206,115
Obligations under finance leases
(514,823)
52,996
(461,827)
(334,444)
78,732
(255,712)
2024-12-312024-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr P E BlandMr M KamaraMr M D PetrieMr K Kimfalsefalse13147618bus:Consolidated2024-01-012024-12-31131476182024-01-012024-12-3113147618bus:Director12024-01-012024-12-3113147618bus:Director22024-01-012024-12-3113147618bus:Director32024-01-012024-12-3113147618bus:Director42024-01-012024-12-3113147618bus:RegisteredOffice2024-01-012024-12-31131476182024-12-3113147618bus:Consolidated2024-12-3113147618bus:Consolidated2023-01-012023-12-31131476182023-01-012023-12-3113147618core:ForeignCurrencyTranslationReservebus:Consolidated2024-01-012024-12-3113147618core:ForeignCurrencyTranslationReservebus:Consolidated2023-01-012023-12-3113147618core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3113147618core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-01-012024-12-3113147618bus:Consolidated2023-12-3113147618core:FurnitureFittingsbus:Consolidated2024-12-3113147618core:MotorVehiclesbus:Consolidated2024-12-3113147618core:FurnitureFittingsbus:Consolidated2023-12-3113147618core:MotorVehiclesbus:Consolidated2023-12-3113147618core:ShareCapitalbus:Consolidated2024-12-3113147618core:ShareCapitalbus:Consolidated2023-12-3113147618core:CapitalRedemptionReservebus:Consolidated2024-12-3113147618core:CapitalRedemptionReservebus:Consolidated2023-12-3113147618core:OtherMiscellaneousReservebus:Consolidated2024-12-3113147618core:OtherMiscellaneousReservebus:Consolidated2023-12-3113147618core:ShareCapital2024-12-3113147618core:ShareCapital2023-12-3113147618core:CapitalRedemptionReserve2024-12-3113147618core:CapitalRedemptionReserve2023-12-3113147618core:ShareCapitalbus:Consolidated2022-12-3113147618core:CapitalRedemptionReservebus:Consolidated2022-12-3113147618core:ForeignCurrencyTranslationReservebus:Consolidated2022-12-3113147618core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3113147618core:ForeignCurrencyTranslationReservebus:Consolidated2023-12-3113147618core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3113147618core:ForeignCurrencyTranslationReservebus:Consolidated2024-12-3113147618core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3113147618core:ShareCapital2022-12-3113147618core:CapitalRedemptionReserve2022-12-3113147618core:RetainedEarningsAccumulatedLosses2022-12-3113147618core:RetainedEarningsAccumulatedLosses2023-12-3113147618core:RetainedEarningsAccumulatedLosses2024-12-31131476182023-12-3113147618bus:Consolidated2022-12-3113147618core:FurnitureFittings2024-01-012024-12-3113147618core:MotorVehicles2024-01-012024-12-3113147618core:UKTaxbus:Consolidated2024-01-012024-12-3113147618core:UKTaxbus:Consolidated2023-01-012023-12-3113147618bus:Consolidated12024-01-012024-12-3113147618bus:Consolidated12023-01-012023-12-3113147618bus:Consolidated22024-01-012024-12-3113147618bus:Consolidated22023-01-012023-12-3113147618bus:Consolidated32024-01-012024-12-3113147618bus:Consolidated32023-01-012023-12-3113147618bus:Consolidated42024-01-012024-12-3113147618bus:Consolidated42023-01-012023-12-3113147618core:FurnitureFittingsbus:Consolidated2023-12-3113147618core:MotorVehiclesbus:Consolidated2023-12-3113147618bus:Consolidated2023-12-3113147618core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3113147618core:MotorVehiclesbus:Consolidated2024-01-012024-12-3113147618core:MotorVehicles2024-12-3113147618core:MotorVehicles2023-12-3113147618core:Subsidiary12024-01-012024-12-3113147618core:Subsidiary22024-01-012024-12-3113147618core:Subsidiary112024-01-012024-12-3113147618core:Subsidiary212024-01-012024-12-3113147618core:Subsidiary12024-12-3113147618core:Subsidiary22024-12-3113147618core:CurrentFinancialInstruments2024-12-3113147618core:CurrentFinancialInstruments2023-12-3113147618core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3113147618core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3113147618core:Non-currentFinancialInstrumentsbus:Consolidated2024-12-3113147618core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3113147618core:Non-currentFinancialInstruments2024-12-3113147618core:Non-currentFinancialInstruments2023-12-3113147618core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3113147618core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3113147618core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3113147618core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113147618core:WithinOneYearbus:Consolidated2024-12-3113147618core:WithinOneYearbus:Consolidated2023-12-3113147618core:WithinOneYear2024-12-3113147618core:WithinOneYear2023-12-3113147618core:BetweenTwoFiveYearsbus:Consolidated2024-12-3113147618core:BetweenTwoFiveYearsbus:Consolidated2023-12-3113147618core:BetweenTwoFiveYears2024-12-3113147618core:BetweenTwoFiveYears2023-12-3113147618bus:PrivateLimitedCompanyLtd2024-01-012024-12-3113147618bus:FRS1022024-01-012024-12-3113147618bus:Audited2024-01-012024-12-3113147618bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3113147618bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP