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Company No: 02477115 (England and Wales)

CAREER LEGAL LIMITED

Annual Report and Financial Statements
For the financial year ended 30 September 2024

CAREER LEGAL LIMITED

Annual Report and Financial Statements

For the financial year ended 30 September 2024

Contents

CAREER LEGAL LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Hayley Zena Charles
Michelle Clare Church
Gemma Grima-Brown
Zowie Melville
Joseph William Martin Neilson
Denis John William Simpson
Michael Swaby
Anthony Webster
REGISTERED OFFICE 10-12 Alie Street
London
E1 8DE
United Kingdom
COMPANY NUMBER 02477115 (England and Wales)
AUDITOR Praxis
Statutory Auditor
1 Poultry
London
EC2R 8EJ
United Kingdom
CAREER LEGAL LIMITED

STRATEGIC REPORT

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

STRATEGIC REPORT (continued)

For the financial year ended 30 September 2024

The directors present their Strategic Report for the financial year ended 30 September 2024.

REVIEW OF THE BUSINESS

The results for the Company show a pre-tax profit of £524,174 (2023: £1,137,559) for the year and sales of £12,753,328 (2023: £12,972,225) producing a gross profit of £4,670,434 - 36% gross profit margin (2023: £5,257,404 - 41% gross profit margin).

KEY PERFORMANCE INDICATORS ('KPIS')

Given the straightforward nature of the business, the Company's Directors consider the use of additional KPIs unnecessary for the understanding of performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company has identified the following principal risks and corresponding mitigation strategies:

1. Economic Uncertainty:
Risk: Fluctuations in the UK economy may impact the legal sector's recruitment needs.
Mitigation: Diversification of client base across various legal specialties and geographical regions to reduce dependency on any single market segment.

2. Competitive Pressure:
Risk: Increased competition in the legal recruitment sector.
Mitigation: Continued investment in staff training, technology, and specialist expertise to maintain our competitive advantage.

3. Regulatory Changes:
Risk: Changes to employment legislation affecting the recruitment sector.
Mitigation: Regular staff training and engagement with legal experts to ensure compliance with evolving regulations.

4. Talent Acquisition and Retention:
Risk: Challenges in attracting and retaining skilled recruitment consultants.
Mitigation: Comprehensive employee development programs and competitive remuneration packages.

DEVELOPMENT AND PERFORMANCE

The Company has performed strongly during the 2024 financial year, with continued focus on our core legal support staff recruitment services. Our dedicated teams have successfully maintained relationships with existing clients while developing new business opportunities.

During the financial year, we invested in enhancing our technological infrastructure to improve efficiency in candidate matching and client service delivery. This investment is expected to yield further operational improvements in the upcoming financial year.

FUTURE DEVELOPMENTS

Looking ahead to the 2025 financial year, the Company has identified several strategic initiatives:

1. International Expansion: Plans to establish a presence in key international markets, particularly Dubai, Singapore, Hong Kong, and Australia, to capitalise on growing global demand for legal recruitment services and to support our clients' international operations.

2. Service Diversification: Development of new service offerings including qualified lawyer recruitment and specialised cyber security staffing solutions to complement our existing expertise.

3. Technology Investment: Continued enhancement of our digital platforms to improve candidate sourcing and client engagement.

The directors are confident that these initiatives, combined with our established market position and experienced team, will support continued growth in the 2024 financial year despite the competitive landscape.

CORPORATE SOCIAL RESPONSIBILITY

The Company remains committed to ethical business practices, diversity in recruitment, and supporting the legal community through participation in industry events and educational initiatives.

CONCLUSION

The directors believe that Career Legal Limited is well-positioned to navigate market challenges and capitalize on opportunities for growth in the coming financial year. Our strategic focus on service excellence, team development, and prudent expansion provides a solid foundation for sustainable performance.

Approved by the Board of Directors and signed on its behalf by:

Denis John William Simpson
Director
10-12 Alie Street
London
E1 8DE
United Kingdom

17 April 2025

CAREER LEGAL LIMITED

DIRECTORS' REPORT

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 30 September 2024

The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 30 September 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was recruitment consultancy and the supply of temporary staff.

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

DIVIDENDS

The directors paid a dividend of £150,000 in the current financial year (2023: £300,000).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Hayley Zena Charles
Michelle Clare Church
Gemma Grima-Brown
Zowie Melville
Joseph William Martin Neilson
Denis John William Simpson
Michael Swaby
Anthony Webster

FINANCIAL INSTRUMENTS

The company’s financial instruments primarily comprise cash and cash equivalents and trade receivables and payables. The main purpose of these instruments is to manage the working capital requirements and fund operational activities. The company does not trade in financial instruments, nor does it enter into speculative derivative transactions.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


Praxis have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.



Approved by the Board of Directors and signed on its behalf by:

Denis John William Simpson
Director
10-12 Alie Street
London
E1 8DE
United Kingdom

17 April 2025

CAREER LEGAL LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 30 September 2024

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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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 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. The directors 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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAREER LEGAL LIMITED

For the financial year ended 30 September 2024

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAREER LEGAL LIMITED (continued)

For the financial year ended 30 September 2024

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Career Legal Limited (the 'Company'):
* Give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
* The Statement of Income and Retained Earnings;
* The Balance Sheet;
* The Statement of Cash Flows; and
* The related notes 1 to 20.

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).

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 Financial Reporting Council's (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.

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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework(s) that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
* reading minutes of meetings of those charged with governance.

Report on other legal and regulatory requirements

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 Strategic Report and the Director' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and the Director' Report have been prepared in accordance with applicable legal requirements.

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 any material misstatements in the Strategic Report or the Director' Report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The 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.

We have nothing to report in respect of these matters.

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.

Nikinder Baller (Senior Statutory Auditor)
For and on behalf of
Praxis
Statutory Auditor

1 Poultry
London
EC2R 8EJ
United Kingdom

17 April 2025

CAREER LEGAL LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 30 September 2024
Note 2024 2023
£ £
Turnover 3 12,753,328 12,972,225
Cost of sales ( 8,082,894) ( 7,714,821)
Gross profit 4,670,434 5,257,404
Administrative expenses ( 4,147,688) ( 4,143,065)
Other operating income 4 103 20,402
Operating profit 522,849 1,134,741
Interest receivable and similar income 5 1,325 2,818
Profit before taxation 6 524,174 1,137,559
Tax on profit 10 ( 146,959) ( 254,064)
Profit for the financial year 377,215 883,495
Retained earnings at the beginning of financial year 1,809,988 1,226,493
Profit for the financial year 377,215 883,495
Dividends declared and paid ( 150,000) ( 300,000)
Retained earnings at the end of financial year 2,037,203 1,809,988

All amounts relate to continuing operations.

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Statement of Income and Retained Earnings, accordingly no Statement of Comprehensive Income is presented.

CAREER LEGAL LIMITED

BALANCE SHEET

As at 30 September 2024
CAREER LEGAL LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 11 6,538 6,150
Tangible assets 12 57,719 60,907
64,257 67,057
Current assets
Debtors
- due within one year 13 2,264,767 3,264,546
- due after more than one year 13 55,908 34,587
Cash at bank and in hand 905,836 128,225
3,226,511 3,427,358
Creditors: amounts falling due within one year 14 ( 1,253,365) ( 1,684,227)
Net current assets 1,973,146 1,743,131
Total assets less current liabilities 2,037,403 1,810,188
Net assets 2,037,403 1,810,188
Capital and reserves 16
Called-up share capital 200 200
Profit and loss account 2,037,203 1,809,988
Total shareholders' funds 2,037,403 1,810,188

The financial statements of Career Legal Limited (registered number: 02477115) were approved and authorised for issue by the Board of Directors on 17 April 2025. They were signed on its behalf by:

Denis John William Simpson
Director
CAREER LEGAL LIMITED

STATEMENT OF CASH FLOWS

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

STATEMENT OF CASH FLOWS (continued)

For the financial year ended 30 September 2024
2024 2023
£ £
Net cash flows from operating activities (note 18) ( 89,179) 915,456
Cash flows from investing activities
Purchase of fixed assets (25,587) (17,899)
Loans to employees (45,000) 0
Net cash flows from investing activities ( 70,587) ( 17,899)
Cash flows from financing activities
Dividend payments (150,000) (300,000)
Finance lease payments (3,388) (3,388)
Net cash flows from financing activities ( 153,388) ( 303,388)
Net (decrease)/increase in cash and cash equivalents ( 313,154) 594,169
Cash and cash equivalents at beginning of year 1,573,587 979,418
Cash and cash equivalents at end of year 1,260,433 1,573,587
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year 905,836 128,225
Cash equivalents 354,597 1,445,362
Cash and cash equivalents at end of year 1,260,433 1,573,587
CAREER LEGAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
CAREER LEGAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Career Legal Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10-12 Alie Street, London, E1 8DE, England, United Kingdom.

The principal activities are set out in the Directors' Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company is now profitable in the current period and can operate within the level of its current invoice finance facility. Therefore, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents services provided to customers and excludes value added tax. Turnover on temporary placements is recognised over the period of the placement. Turnover on permanent placements is recognised on the commencement of the placement.

Employee benefits

Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 6.66 years straight line
Fixtures and fittings 4 - 6 years straight line
Computer equipment 4 - 6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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 financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

3. Turnover

Breakdown by geographical market:

An analysis of the Company's turnover by geographical market is set out below.

2024 2023
£ £
United Kingdom 12,662,509 12,972,225
North America 47,855 0
Rest of World 42,964 0
12,753,328 12,972,225

4. Other operating income

2024 2023
£ £
Sundry income 103 4,112
Business Rates returns 0 16,290
103 20,402

5. Interest receivable

2024 2023
£ £
Interest receivable and similar income 1,325 2,818

6. Profit before taxation

Profit before taxation is stated after charging/(crediting):

2024 2023
£ £
Depreciation of tangible fixed assets (note 12) 27,575 28,813
Amortisation of intangible assets (note 11) 812 2,511
Operating lease rentals 312,000 267,000

7. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

2024 2023
£ £
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: 17,000 16,000
Total audit fees 17,000 16,000

No services were provided pursuant to contingent fee arrangements.

8. Staff number and costs

2024 2023
Number Number
The average monthly number of employees (including directors) was:
Management 5 5
Administration 13 11
Sales 31 32
Contractors 113 133
162 181

Their aggregate remuneration comprised:

2024 2023
£ £
Wages and salaries 2,118,702 2,005,926
Social security costs 298,665 318,601
Other retirement benefit costs 44,976 38,802
2,462,343 2,363,329

9. Directors' remuneration

2024 2023
£ £
Directors' emoluments 731,023 756,323
Company contributions to money purchase pension schemes 9,246 9,150
740,269 765,473

Remuneration of the highest paid director

2024 2023
£ £
Director's emoluments 169,904 186,486
Company contributions to money purchase schemes 1,321 1,321
171,225 187,807

The highest paid director did not exercise any share options in the year and had no shares receivable under long-term incentive schemes.

10. Tax on profit

2024 2023
£ £
Current tax on profit
UK corporation tax 145,680 257,358
Total current tax 145,680 257,358
Deferred tax
Origination and reversal of timing differences 1,279 ( 3,294)
Total deferred tax 1,279 ( 3,294)
Total tax on profit 146,959 254,064
Tax reconciliation

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK:

2024 2023
£ £
Profit before taxation 524,174 1,137,559
Tax on profit at standard UK corporation tax rate of 25.00% (2023: 25.00%) 131,044 284,390
Effects of:
Expenses not deductible for tax purposes 16,014 20,146
Change in unrecognised deferred tax assets ( 1,279) 3,294
Adjustments in respect of prior years ( 100) ( 6,788)
- Effect of marginal rate - Rate of 25% effective 1 April 2023 0 (34,033)
Capital allowances in excess of depreciation 1,280 (12,945)
Total tax charge for year 146,959 254,064

11. Intangible assets

Computer software Total
£ £
Cost
At 01 October 2023 172,682 172,682
Additions 1,200 1,200
At 30 September 2024 173,882 173,882
Accumulated amortisation
At 01 October 2023 166,532 166,532
Charge for the financial year 812 812
At 30 September 2024 167,344 167,344
Net book value
At 30 September 2024 6,538 6,538
At 30 September 2023 6,150 6,150

Amortisation of intangible fixed assets is included in administrative expenses.

12. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 October 2023 353,755 87,894 107,184 548,833
Additions 0 5,360 19,027 24,387
At 30 September 2024 353,755 93,254 126,211 573,220
Accumulated depreciation
At 01 October 2023 353,755 61,014 73,157 487,926
Charge for the financial year 0 8,562 19,013 27,575
At 30 September 2024 353,755 69,576 92,170 515,501
Net book value
At 30 September 2024 0 23,678 34,041 57,719
At 30 September 2023 0 26,880 34,027 60,907

13. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 2,139,781 3,104,091
Other debtors 2,273 3,342
Prepayments and accrued income 96,228 150,028
Amounts owed by directors 26,485 7,085
2,264,767 3,264,546
Debtors: amounts falling due after more than one year
Other debtors 30,000 30,000
Amounts owed by directors 22,600 0
Deferred tax asset 3,308 4,587
55,908 34,587

During the year loans were issued to two directors; one loan of £35,000 bears interest at a rate of 2.25% per annum and the other of £10,000 bears no interest. At the year end £42,000 remained outstanding.

The remaining amounts owed to directors bear no interest and are repayable on demand.

There is a fixed and floating charge with Barclays Bank PLC over Trade Debtors in respect of debt factoring services.

14. Creditors: amounts falling due within one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 3,088 6,309
Directors loans 1,742 1,742
Trade creditors 94,319 92,858
Payroll taxes payable 211,162 254,128
Taxation and social security 145,680 262,389
VAT 325,911 487,913
Accruals 163,644 410,506
Other creditors 307,819 168,382
1,253,365 1,684,227

Amounts owed to Directors bear no interest and are repayable on demand.

15. Deferred tax

2024 2023
£ £
At the beginning of financial year 4,587 1,293
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,279) 3,294
At the end of financial year 3,308 4,587

16. Called-up share capital and reserves

2024 2023
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 0.01 each 200 200
Presented as follows:
Called-up share capital presented as equity 200 200

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

17. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 333,348 327,848
between one and five years 168,348 529,196
501,696 857,044

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 15,854 45,907

18. Statement of Cash Flows

2024 2023
£ £
Operating profit 522,849 1,134,741
Adjustment for:
Depreciation and amortisation 28,387 31,324
Loss on sale of plant and equipment 0 1,643
Operating cash flows before movement in working capital 551,236 1,167,708
(Increase)/decrease in debtors ( 68,585) 498,398
Decrease in creditors ( 310,766) ( 425,872)
Cash generated by operations 171,885 1,240,234
Income taxes paid ( 262,389) ( 327,596)
Interest received 1,325 2,818
Net cash flows from operating activities ( 89,179) 915,456
Balance at 01 October 2023 Cash flows Acquisitions and disposals Balance at 30 September 2024
£ £ £ £
Cash at bank and in hand 128,225 803,198 ( 25,587) 905,836
Cash equivalents 1,445,361 ( 1,090,765) 0 354,596
1,573,586 ( 287,567) ( 25,587) 1,260,432
Finance leases ( 6,309) 3,221 0 ( 3,088)
( 6,309) 3,221 0 ( 3,088)
Net debt 1,567,277 ( 284,346) ( 25,587) 1,257,344

19. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

20. Controlling party

The controlling party is M Swaby by virtue of his shareholding.