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Registered number: 07724980









TEMPEST RESOURCING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
TEMPEST RESOURCING LIMITED
 
 
COMPANY INFORMATION


Director
P J Bromwich 




Registered number
07724980



Registered office
Walbrook Wharf
73-83 Upper Thames Street

London

EC4R 3TD




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
TEMPEST RESOURCING LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Consolidated Statement of Comprehensive Income
 
 
9
Consolidated Statement of Financial Position
 
 
10 - 11
Company Statement of Financial Position
 
 
12 - 13
Consolidated Statement of Changes in Equity
 
 
14 - 15
Company Statement of Changes in Equity
 
 
16
Consolidated Statement of Cash Flows
 
 
17 - 18
Consolidated Analysis of Net Debt
 
 
19
Notes to the Financial Statements
 
 
20 - 43


 
TEMPEST RESOURCING LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
Tempest Resourcing Limited is a leading recruitment business specialising in the provision of education staff, qualified social workers, and other public sector workers across the United Kingdom. This report provides an overview of the company's performance and strategic direction for 2024.

Review of Business Operations and Position
 
2024 marked the continuation of the company’s five-year growth plan, with a strong emphasis on nvestment across all areas of the business.
The company maintained its commitment to expanding revenue streams, reinforcing its presence in key markets, and enhancing operational efficiencies.
Revenue for the year ended 31 July 2024 increased to £60.4m, up from £35.6m for the seven-month period in 2023.
Gross profit rose to £8.3m, compared to £4.8m in 2023, reflecting ongoing improvements in margin efficiency and overall sales performance.
The company established a permanent team for its QSW division which alongside continued investment in its Housing Division, strengthen its permanent revenue streams.
Tempest Resourcing (Manchester) Limited, launched in 2023, contributed positively to the company’s performance, with a strong foothold in the Qualified Social Work and Education recruitment sectors predominantly in the North-West England regions.
Due to a restructuring of the non-fee earner workforce, overall headcount adjusted to 70 at the end of the financial year, compared to 76 in the previous year.

Principal risks and uncertainties
 
Economic Outlook: The recruitment sector, particularly within the public sector, remained stable despite economic uncertainties. However, high interest rates continued to impact financial costs due to the company’s utilization of an Invoice Finance Facility.
Competitive Landscape: The company strengthened its Tier 1 provider status across multiple managed vendor arrangements and successfully bid for new education and social work recruitment contracts.
Regulatory & Compliance Risks: Continued investment in compliance technology and internal audit processes ensured adherence to regulatory requirements across all operational divisions.

Financial Review
 
Profit Before Tax: Increased to £613k, up from £135k in 2023, reflecting the extended financial year and enhanced revenue performance.
Net Asset Value: Grew by 33% to £1.2m, up from £0.9m in 2023.

Page 1

 
TEMPEST RESOURCING LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Key Performance Indicators (KPIs)
 
Revenue Growth: 70% (from £35.6m to £60.4m)
Gross Margin Growth: 73% (from £4.8m to £8.3m)
Net Asset Value Growth: 33% (from £0.9m to £1.2m)
Profit Before Tax Growth: 353% (from £135k to £613k)

Strategic Direction

The company remains focused on its five-year growth strategy, with particular emphasis on:
°Further expansion of the Manchester division to increase regional market share and to increase geographical reach.
°Strengthening the Catch-Up Academy through increased penetration into local authority markets.
Investing in digital transformation, including AI-driven recruitment tools to improve candidate matching and efficiency.
°Revamping the company’s marketing strategy and website to enhance brand visibility, improve user experience, and drive inbound candidate and client engagement.
°Exploring offshoring opportunities in South Africa to support operational scalability, reduce costs, and build a flexible talent pool for back-office and candidate delivery functions.

Concluding Remarks
The financial year 2024 represented a period of accelerated growth, market consolidation, and operational investment for Tempest Resourcing. With an expanded regional footprint, a strengthened leadership team, and a clear strategic vision, the company is well-positioned for continued success in 2025 and beyond.


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



P J Bromwich 
Director



Date: 25 April 2025


Page 2

 
TEMPEST RESOURCING LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the audited financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated audited financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare audited financial statements for each financial year. Under that law the director has elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the audited financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these audited financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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;

prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the audited financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of Tempest Resourcing Limited ("the Company") is the delivery of recruitment services to the health, social care and education sectors. 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £502,581 (2023 - £100,852).

The director declared an interim dividend of £45,000 (2023: £Nil) in the year. 

Director

The director who served during the year was:

P J Bromwich 

Future developments

The future developments have been outlined in the group strategic report. 

Page 3

 
TEMPEST RESOURCING LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





P J Bromwich
Director

Date: 25 April 2025

Page 4

 
TEMPEST RESOURCING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPEST RESOURCING LIMITED
 

Opinion


We have audited the financial statements of Tempest Resourcing Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
TEMPEST RESOURCING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPEST RESOURCING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
TEMPEST RESOURCING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPEST RESOURCING LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


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:
Enquiring of management around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance
Reviewing financial statement disclosures and testing to supporting documents with applicable laws and regulations
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Page 7

 
TEMPEST RESOURCING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPEST RESOURCING LIMITED (CONTINUED)


Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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.





Myfanwy Neville FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

25 April 2025
Page 8

 
TEMPEST RESOURCING LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

12 months ended
31 July
7 months ended
31 July
2024
2023
Note
£
£

  

Turnover
 4 
60,407,976
35,551,981

Cost of sales
  
(52,058,760)
(30,689,161)

Gross profit
  
8,349,216
4,862,820

Administrative expenses
  
(7,458,483)
(4,590,251)

Operating profit
 5 
890,733
272,569

Interest receivable and similar income
 9 
34,765
-

Interest payable and similar expenses
 10 
(312,300)
(137,197)

Profit before taxation
  
613,198
135,372

Tax on profit
 11 
(127,921)
(31,270)

Profit for the financial year
  
485,277
104,102

Profit/ (loss) for the year attributable to:
  

Non-controlling interests
  
(17,304)
3,250

Owners of the parent Company
  
502,581
100,852

  
485,277
104,102

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 43 form part of these financial statements.

Page 9

 
TEMPEST RESOURCING LIMITED
REGISTERED NUMBER: 07724980

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
(5,542)
(67,538)

Tangible assets
 14 
50,477
44,586

  
44,935
(22,952)

Current assets
  

Debtors: amounts falling due after more than one year
 16 
89,080
100,200

Debtors: amounts falling due within one year
 16 
8,709,532
7,704,932

Cash at bank and in hand
 17 
1,069,407
104,412

  
9,868,019
7,909,544

Creditors: amounts falling due within one year
 18 
(8,670,114)
(6,981,249)

Net current assets
  
 
 
1,197,905
 
 
928,295

Total assets less current liabilities
  
1,242,840
905,343

Provisions for liabilities
  

Net assets
  
1,242,840
905,343

Page 10

 
TEMPEST RESOURCING LIMITED
REGISTERED NUMBER: 07724980
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
71
71

Capital redemption reserve
 21 
29
29

Profit and loss account
 21 
1,260,443
905,642

Equity attributable to owners of the parent Company
  
1,260,543
905,742

Non-controlling interests
  
(17,703)
(399)

  
1,242,840
905,343


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P J Bromwich
Director

Date: 25 April 2025

The notes on pages 20 to 43 form part of these financial statements.

Page 11

 
TEMPEST RESOURCING LIMITED
REGISTERED NUMBER: 07724980

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
10,601
-

Tangible assets
 14 
48,732
41,409

Investments
 15 
184
177

  
59,517
41,586

Current assets
  

Debtors: amounts falling due after more than one year
 16 
85,840
99,100

Debtors: amounts falling due within one year
 16 
8,838,192
7,802,372

Cash at bank and in hand
 17 
1,067,999
103,412

  
9,992,031
8,004,884

Creditors: amounts falling due within one year
 18 
(8,667,701)
(7,003,908)

Net current assets
  
 
 
1,324,330
 
 
1,000,976

Total assets less current liabilities
  
1,383,847
1,042,562

  

  

Net assets
  
1,383,847
1,042,562

Page 12

 
TEMPEST RESOURCING LIMITED
REGISTERED NUMBER: 07724980
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 20 
71
71

Capital redemption reserve
 21 
29
29

Profit and loss account
 21 
1,383,747
1,042,462

  
1,383,847
1,042,562


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P J Bromwich
Director

Date: 25 April 2025

The notes on pages 20 to 43 form part of these financial statements.

Page 13
 

 
TEMPEST RESOURCING LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024



Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 January 2023
72
28
852,043
852,143
(3,649)
848,494



Comprehensive income for the period


Profit and total comprehensive income for the year
-
-
100,852
100,852
-
100,852



Contributions by and distributions to owners


Purchase of own shares
-
1
(47,253)
(47,252)
-
(47,252)


Shares cancelled during the period
(1)
-
-
(1)
-
(1)


Equity attributable to non controlling interest
-
-
-
-
3,250
3,250





At 1 August 2023
71
29
905,642
905,742
(399)
905,343



Comprehensive income for the year


Profit and total comprehensive income
-
-
502,581
502,581
-
502,581



Contributions by and distributions to owners


Dividends
-
-
(45,000)
(45,000)
-
(45,000)


Consideration paid for shares transferred to EBT
-
-
(90,840)
(90,840)
-
(90,840)


Purchase of own shares
-
-
(11,940)
(11,940)
-
(11,940)


Equity attributable to non controlling interest
-
-
-
-
(17,304)
(17,304)



At 31 July 2024
71
29
1,260,443
1,260,543
(17,703)
1,242,840


Page 14

 

 
TEMPEST RESOURCING LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


The notes on pages 20 to 43 form part of these financial statements.

Page 15
 
TEMPEST RESOURCING LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
72
28
979,298
979,398


Comprehensive income for the period

Profit and total comprehensive income for the period
-
-
110,417
110,417


Contributions by and distributions to owners

Shares redeemed during the period
-
1
(47,253)
(47,252)

Shares cancelled during the period
(1)
-
-
(1)


Total transactions with owners
(1)
1
(47,253)
(47,253)



At 1 August 2023
71
29
1,042,462
1,042,562


Comprehensive income for the period

Profit and total comprehensive income
-
-
489,065
489,065


Contributions by and distributions to owners

Dividends
-
-
(45,000)
(45,000)

Consideration paid for shares transferred to EBT
-
-
(90,840)
(90,840)

Purchase of own shares
-
-
(11,940)
(11,940)


Total transactions with owners
-
-
(147,780)
(147,780)


At 31 July 2024
71
29
1,383,747
1,383,847


The notes on pages 20 to 43 form part of these financial statements.

Page 16

 
TEMPEST RESOURCING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

12 months ended 31 July 2024
7 months ended 31 July 2023
£
£

Cash flows from operating activities

Profit for the financial year
485,277
104,102

Adjustments for:

Amortisation of intangible assets
(51,394)
(33,953)

Depreciation of tangible assets
35,046
23,340

Loss on disposal of tangible assets
-
(1,301)

Interest paid
312,300
137,197

Interest received
(34,765)
-

Taxation charge
127,921
31,270

(Increase) in debtors
(995,637)
(943,074)

Increase in creditors
1,281,287
483,625

Corporation tax (paid)/received
(168,356)
-

Net cash generated from operating activities

991,679
(198,794)
Page 17

 
TEMPEST RESOURCING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£




Cash flows from investing activities

Purchase of intangible fixed assets
(10,600)
(1,297)

Purchase of tangible fixed assets
(41,297)
(13,284)

Interest received
34,765
-

Disposal of negative goodwill
-
1,301

Net cash from investing activities

(17,132)
(13,280)

Cash flows from financing activities

Purchase of ordinary shares
(11,940)
(47,760)

New secured loans
450,168
415,307

Dividends paid
(45,000)
-

Interest paid
(312,300)
(137,196)

Purchase of shares under EBT
(90,480)
-

Net cash used in financing activities
(9,552)
230,351

Net increase in cash and cash equivalents
964,995
18,277

Cash and cash equivalents at beginning of year
104,412
86,135

Cash and cash equivalents at the end of year
1,069,407
104,412


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,069,407
104,412

1,069,407
104,412


The notes on pages 20 to 43 form part of these financial statements.

Page 18

 
TEMPEST RESOURCING LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

104,412

964,995

1,069,407

Debt due within 1 year

(4,161,754)

(450,168)

(4,611,922)


(4,057,342)
514,827
(3,542,515)

The notes on pages 20 to 43 form part of these financial statements.

Page 19

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The principal activity of Tempest Resourcing Limited ("the Company") together with its own subsidiaries ("the Group") is the delivery of recruitment services to the health, social care and education sectors. 
The Company is a private company limited by shares and is incorporated in England and Wales.
 The registered office is Walbrook Whaft, 73-83 Upper Thames Street, London, England, EC4R 3TD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue represents the amount invoiced for services provided net of Value Added Tax. Revenue derived from contractors is recognised as work is performed. Permanent placement fees are recognised when contractual obligations are fulfilled. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 21

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 22

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 23

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Development Costs

Development expenditure incurred in respect of individual projects is capitalised if the future economic benefits of the projects is probable and is recognised if the following conditions are met: the Company can demonstrate how the intangible asset will generate economic benefits, the Company has the resources to complete the project and intends to and the costs of the assets can be reliably measured.  
Amortisation begins when development is complete and the asset is ready to use.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Where the price paid for an entity is lower than the fair value of share of its identifiable assets and liabilities, negative goodwill is recognised. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 2 years.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 24

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.13

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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. 
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.


 
Page 25

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest. 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. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 26

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of
the debtor, the ageing profile of debtors and historical experience.
(b) Useful economic life of goodwill
The useful economic life of the goodwill arising on consolidation is subject to estimation. In line with FRS 102, the directors have determined that the goodwill should be amortised over a 2 year period given the financial performance of the business. Should the performance of the businesses change in the future, the directors will amend their estimate of the useful economic life of the goodwill.
(c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property plant and equipment, and accounting policy note 2.12 for the useful economic lives for each class of assets.
 


4.


Turnover

An analysis of turnover by class of business is as follows:


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Placement fees
60,407,976
35,551,981

60,407,976
35,551,981


All turnover arose within the United Kingdom.

Page 27

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Operating profit

The operating profit is stated after charging:

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Amortisation
(51,394)
(33,953)

Other operating lease rentals
571,131
307,680

Depreciation
35,406
23,341


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
33,325
36,500

Fees payable to the Company's auditors in respect of:

Taxation compliance services
5,000
4,700

All consultancy services
3,150
-

All non-audit services not included above
3,600
3,300

Page 28

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,206,184
1,767,939
2,880,148
1,767,939

Social security costs
478,050
283,038
441,265
283,038

Cost of defined contribution scheme
60,636
33,982
56,435
33,982

3,744,870
2,084,959
3,377,848
2,084,959


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
  12 months ended
        31 July
   7 months ended
         31 July
  12 months ended
        31 July
   7 months ended
         31 July
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
79
86
71
86


8.


Director's remuneration

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Director's emoluments
9,680
5,647

Group contributions to defined contribution pension schemes
241
126

9,921
5,773


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 29

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Interest receivable

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


Interest receivable from group companies
33,883
-

Other interest receivable
882
-

34,765
-


10.


Interest payable and similar expenses

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


Interest on secured finance
312,300
137,197

312,300
137,197

Page 30

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Taxation


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Corporation tax


Current tax on profits for the year
127,921
44,838


127,921
44,838


Total current tax
127,921
44,838

Deferred tax


Origination and reversal of timing differences
-
(13,568)

Total deferred tax
-
(13,568)


Tax on profit
127,921
31,270
Page 31

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - lower than) the average (standard) rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


Profit on ordinary activities before tax
613,198
158,503


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
153,300
35,584

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
23,993
14

Capital allowances for year/period in excess of depreciation
-
(251)

Remeasurement of deferred tax for changes in tax rates
-
(1,738)

Movement in deferred tax not recognised
(12,703)
(2,339)

Group relief
(36,669)
-

Total tax charge for the year/period
127,921
31,270


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Interim paid
45,000
-

45,000
-

Page 32

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Intangible assets

Group





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 August 2023
-
(101,491)
(101,491)


Additions
10,600
-
10,600



At 31 July 2024

10,600
(101,491)
(90,891)



Amortisation


At 1 August 2023
-
(33,953)
(33,953)


Charge for the year on owned assets
-
(51,394)
(51,394)



At 31 July 2024

-
(85,347)
(85,347)



Net book value



At 31 July 2024
10,600
(16,144)
(5,544)



At 31 July 2023
-
(67,538)
(67,538)



Page 33

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
           13.Intangible assets (continued)

Company




Development expenditure

£



Cost


Additions
10,600



At 31 July 2024

10,600






Net book value



At 31 July 2024
10,600



At 31 July 2023
-

Page 34

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Tangible fixed assets

Group






Office equipment

£



Cost or valuation


At 1 August 2023
368,489


Additions
41,297



At 31 July 2024

409,786



Depreciation


At 1 August 2023
323,903


Charge for the year on owned assets
35,406



At 31 July 2024

359,309



Net book value



At 31 July 2024
50,477



At 31 July 2023
44,586

Page 35

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

Company






Office equipment

£

Cost or valuation


At 1 August 2023
365,312


Additions
38,413



At 31 July 2024

403,725



Depreciation


At 1 August 2023
323,903


Charge for the year on owned assets
31,090



At 31 July 2024

354,993



Net book value



At 31 July 2024
48,732



At 31 July 2023
41,409







15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
177


Additions
7



At 31 July 2024
184




Page 36

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


Subsidiary undertakings



Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Catch-Up Academy Limited
Walbrook Wharf, 73-83 Upper Thames Street, London, England, EC4R 3TD
Ordinary shares
88%
Tempest Resourcing (Manchester) Limited
Walbrook Wharf, 73-83 Upper Thames Street, London, England, EC4R 3TD
Ordinary shares
95%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Catch-Up Academy Limited
100
(72,281)

Tempest Resourcing (Manchester) Limited
100
(64,193)

The Group has taken advantage of the exemption under s479A of the Companies Act and has chosen not to have the above subsidiary undertakings separately audited. 
During the year the Company acquired an additional 750 Ordinary C shares in its subsidiary Catch up Academy Limited. 

Page 37

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
89,080
100,200
85,840
99,100

89,080
100,200
85,840
99,100


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
6,778,546
5,621,355
6,780,441
5,626,669

Amounts owed by group undertakings
-
-
147,289
95,927

Other debtors
1,126,047
816,150
1,125,186
814,360

Prepayments and accrued income
775,107
1,235,437
755,444
1,233,426

Tax recoverable
28,739
30,897
28,739
30,897

Deferred taxation
1,093
1,093
1,093
1,093

8,709,532
7,704,932
8,838,192
7,802,372



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,069,407
104,412
1,067,999
103,412

1,069,407
104,412
1,067,999
103,412




Page 38

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
4,611,922
4,161,754
4,611,923
4,161,754

Trade creditors
51,573
75,696
49,355
75,696

Amounts owed to group undertakings
-
-
320,177
258,661

Corporation tax
138,402
182,132
127,921
168,318

Other taxation and social security
958,417
486,288
803,608
475,938

Other creditors
717,520
517,132
598,778
314,722

Accruals and deferred income
2,192,280
1,558,247
2,155,939
1,548,819

8,670,114
6,981,249
8,667,701
7,003,908


The amount included within bank loans is secured by a fixed charge over the book debts and fixed and floating charges over the assets of the company
The balance within amounts owed to group undertakings is unsecured, interest free with no fixed date of repayment and is repayable on demand. 

Page 39

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


Deferred taxation


Group



2024


£






At beginning of year
1,093



At end of year
1,093

Company


2024


£






At beginning of year
1,093



At end of year
1,093

The deferred tax asset is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
1,093
1,093
1,093
1,093

1,093
1,093
1,093
1,093


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,608 (2023 - 4,925) Ordinary B shares of 1p each shares of £0.01 each
49
49
1,475 (2023 - 1,500) Ordinary C shares of 1p each shares of £0.01 each
15
15
967 (2023 - 650) Ordinary D shares of 1p each shares of £0.01 each
7
7

71

71

During the year the Company repurchased 25 Ordinary C shares for consideration of £11,940. 
During the year the Company redesignated 317 B Ordinary Shares of 1p each as D Shares.


Page 40

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

21.


Reserves

Capital redemption reserve

The capital redemption reserve represents the fair value of Enterprise Management Incentive ("EMI") share options granted to employees of the Company. The option over the shares was granted by the trustees of the Tempest Resourcing Employees Benefit Trust ("EBT"). The obligations under the Scheme will be met from shares already vested in the EBT.

Profit and loss account

The profit and loss account represents the accumulated profits and losses.


22.


Share-based payments

During the year options over shares of the Company were granted by trustees of the Tempest Resourcing Employee Benefit Trust ("EBT") to employees of the Company. The obligations under the Scheme will be met from shares aleady vested in the EBT. 

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0

-

 
-
 
Granted during the year

11000

464

 
-
 
Outstanding at the end of the year
11,000

464

 
-
 

2024
2023

Option pricing model used


Black scholes

 
Weighted average share price (pence)


24790

 
Exercise price (pence)


11,000

 
Weighted average contractual life (days)


3,471

 
Expected volatility


30%

 
Expected dividend growth rate


0%

 
Risk-free interest rate


4%

 


Neither the charge for the year, nor the cumulative charge since the options were granted are material to the Company so are not recognised in these financial statements. 

Page 41

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,395 (2023: £33,856). Contributions totaling £51,978 (2023: £44,633) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
448,416
444,945

Later than 1 year and not later than 5 years
382,800
12,499

831,216
457,444

25.


Transactions with directors

Included within other debtors are amounts owed by the director of £Nil (2023: £4,553). The balance was interest free, unsecured and repayable upon demand.


26.


Related party transactions

Included in amounts owed by group undertakings is a balance of £147,289 (2023: £95,927) owed by the subsidiary undertaking. These amounts are unsecured and interest free with no fixed repayment terms.
Included within other debtors are amounts due by companies under common control of £1,026,510 (2023: £866,224). The balance accrues interest at a rate between 6% and 7.25% and the Group received interest on the balances of £33,883 (2023: £Nil) during the year. 
Included in amounts owed to group undertakings is a balance of £ £320,177 (2023: £258,661) owed to a subsidiary undertaking. These amounts are unsecured with no fixed repayment terms and accrued interest at a rate between 6% and 7.25%.
Included within other creditors are amounts owed to companies under common control of £301,562 (2023: £155,108).
Included within turnover is £189,478 (2023: £Nil) of fees recharged from a company under common control. 
During the year, companies under common control charged the Company £859,815 (2023 - £493,943) for management fees and overheads.  

Page 42

 
TEMPEST RESOURCING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

27.


Controlling party

The ultimate controlling party is P Bromwich. 

 
Page 43