REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
UNIQUE PERSONNEL (U.K.) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
UNIQUE PERSONNEL (U.K.) LIMITED |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
UNIQUE PERSONNEL (U.K.) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The directors are pleased with a strong year, with increased turnover of 10% on 2023 despite challenging uncontrollable pressures for example increases in minimum and London living wages. The company's overall profits before tax remained consistent with growth despite the pressures mentioned above, which the directors consider to be an excellent performance. Where possible, hourly charge out prices have been increased to mirror the rise in living wages which have kept margins constant. |
The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax |
results. |
Turnover has continued to rise, posting a 10% increase to £13,126,424 as the company continues to maintain |
and expand the local authorities that it serves. Gross profit margin also remains consistent with last year. |
Non-financial key performance indicators are considered to be: |
Quality control and standards |
Local authority retention |
Ability to retain staffing levels to meet demands |
New tenders issued |
Company reputation |
Employee skill set and training |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the nature of the Company's strategy are subject to a number of risks. |
The Directors have set out below the principal risks facing the business. |
The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks. |
Operational risk |
Operational risk is the risk of losses caused by flawed or failed processes, systems, policies or events that disrupt business operations. Although tremendous investment has been made in the performances of systems, processes are ultimately within the full control of the managerial staff. Management of these higher level staff along with emphasis on internal controls are a priority of the company to ensure relevant risk is minimised where possible. |
Competition risk |
Competition risk is the potential for a business’s competitors to prevent a company’s growth and success. Competition in the London Boroughs is highly saturated with many attempting to undercut where possible. Unique Personnel in order to maximise recruitment of staff focus on healthy staff salaries and quality service to distinguish them from others. |
Uncontrollable risks |
Uncontrollable risks are present and directly influence Unique Personnel’s ability to perform. Examples of these risks include statutory changes in minimum and average pay which are set in stone by government dictation, along with strong pressures from local authorities who in part set prices that they pay per hour. Although uncontrollable, the company makes a conscious effort to review costs and margins on a consistent basis to ensure that despite government influence profitability is still evident. |
ON BEHALF OF THE BOARD: |
29 April 2025 |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of provision of care home services. |
GOING CONCERN |
The balance sheet as at 30 April 2024 shows a deficit in shareholders' funds. |
The Company continues to meet its day to day working capital requirements through operating cashflows. |
The Directors are confident that the Company will continue to deliver positive cash flows from trading that will be sufficient to meet working capital and financial obligations as they fall due. |
Having considered all the relevant facts the directors consider it is appropriate to prepare the financial statements on a going concern basis. |
DIVIDENDS |
No dividends will be distributed for the period ended 30 April 2024 (2023: £nil). |
FUTURE DEVELOPMENTS |
The coming year will see further growth as Unique Personnel seek expansion into further London Boroughs fuelled by their constant efforts to recruit and maintain staffing levels operationally. In the year so far, several new tenders have been issued in respect of new contracts with extreme emphasis on maintaining and where possible increasing margins. |
Additionally, to ensure expansion is controlled, further focus is being placed on improving the skill set of managerial level staff along with recruiting those of a similar stature. |
The directors foresee further increases in both turnover and profitability as the business continues to trade into 2025. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
The company does not discriminate between employees or potential employees on grounds of colour, race, ethnic or national origin, sex, disability, age, marital status or religious beliefs. Full consideration is given to applications for employment from those with disabilities who are able to demonstrate that they have the necessary abilities. |
The importance of staff training, equal opportunity, health and safety, environmental matters and the avoidance of sexual harassment is recognised at all levels and is monitored on a regular basis by committees chaired by a director or senior manager reporting directly to the Board. |
The company gives full and fair consideration to applications for employment from those with disabilities. In the event of employees becoming disabled whilst in service of the company, every effort is made to continue their employment by transfer to alternative duties, if required and by provision of such retraining as is appropriate. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen to make disclosures in relation to financial risk management and other matters considered to be of strategic importance which would otherwise be in the Directors report within the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNIQUE PERSONNEL (U.K.) LIMITED |
Qualified opinion |
We have audited the financial statements of Unique Personnel (U.K.) Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report on the current year and corresponding figures, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its 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 qualified opinion |
Limitation of scope - Trade debtors and opening balances reserves |
We have been unable to verify opening balances due to the lack of working papers provided by our predecessor accountancy firm. We were unable to satisfy ourselves by alternative means concerning the opening balances by using other audit procedures. Consequently, we were unable to determine whether any adjustment to trade debtors is necessary. We have concluded that an adjustment of £1,146,079 was required to opening reserves. |
Limitation of scope - Income completeness, trade debtors recoverability and expenditure testing |
Due to the poor state of the accounting records and lack of supporting documentation, we have been unable to satisfy ourselves that income is complete, that trade debtors are fully recoverable and that expenditure is accurately recorded. Consequently, we were unable to determine whether any adjustment to income, trade debtors and expenditure is necessary. |
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
As described in the basis for qualified opinion section or our report, we were unable to verify opening balances, income completeness, trade debtors recoverability and expenditure testing due to the lack of available evidence. We have concluded that where the other information refers to debtors or related balances within the income statement, it may be materially misstated for the same reason. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNIQUE PERSONNEL (U.K.) LIMITED |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. |
Arising solely from the limitation on the scope of our work relating to opening balances, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
In relation to the following financial statement areas, we report that the company did not keep proper books and records during the year ended 30 April 2024: |
- Trade debtors |
- Trade creditors |
- Payroll |
- Expenditure receipts |
Due to extensive repair work undertaken by the client, we were however able to obtain sufficient and appropriate audit evidence in relation to payroll and trade creditors on these areas and are therefore not qualifying our report in respect of these matters. |
Except for matters noted above, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNIQUE PERSONNEL (U.K.) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which the audit was considered capable of detecting irregularities including fraud |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, UK Visas and Immigration (UKVI) and health & safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, UKVI and any other relevant regulators as required. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters which we are required to address |
The financial statements for the year ended 30 April 2023, forming the corresponding figures of the financial statements for the year ended 30 April 2024, are unaudited as the directors claimed exemption from under section 477 of the Companies Act 2006 relating to small companies. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNIQUE PERSONNEL (U.K.) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(66,104 | ) | 97,592 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
178,681 | 120,609 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
32,444 |
Note |
Prior year adjustment | 7 | ( |
) | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(1,085,877 |
) |
(1,079,720 |
) |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 | ( |
) | (232,972 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2024 | ( |
) | ( |
) |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 21 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 45,153 | - |
Amount withdrawn by directors | - | (169,483 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
22 |
261,933 |
(154,445 |
) |
Cash and cash equivalents at end of year |
22 |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Unique Personnel (U.K.) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
The balance sheet as at 30 April 2024 shows a deficit in shareholders' funds. |
The Company continues to meet its day to day working capital requirements through operating cashflows. |
The Directors are confident that the Company will continue to deliver positive cash flows from trading that will be sufficient to meet working capital and financial obligations as they fall due. |
Having considered all the relevant facts the directors consider it is appropriate to prepare the financial statements on a going concern basis. |
Significant judgements and 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) Critical judgements in applying the entity's accounting policies |
There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity’s accounting policies that have a significant effect on the amounts recognised in the financial statements. |
b) Critical accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Impairment of debtors |
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing their impairment, the management considers factors including the ageing profile of debtors and historical experience. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates and other sales credits. |
Revenue from the provision of care home services is recognised when the services are rendered to the customer. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Government grants |
Government grants are accounted for using the accruals basis. |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Carers | 504 | 480 |
Office staff | 88 | 89 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
as restated |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank interest |
HMRC interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Marginal relief | (2,806 | ) | - |
Deferred tax | 9,212 | - |
Total tax charge | 22,133 | 8,619 |
7. | PRIOR YEAR ADJUSTMENT |
The previous accountants were unable to verify certain closing balances at 30 April 2023 due to a lack of information available. These differences were transferred into a newly created reserve account named "Revaluation Reserve". Certain debtors and creditors balances were also incorrectly classified. |
During the preparation of the current year accounts, the company has reassessed the nature of these balances and has determined that they were incorrectly recorded in the prior year. The comparative figures have been restated to correct these errors. |
The changes are reflected in the table below: |
2023 | 2023 | 2023 |
£'000000 | £'000000 | £'000000 |
Original | Prior year adjustment | Restated |
Bank loans and overdrafts | (683,915 | ) | (136,523 | ) | (820,438 | ) |
Cash at bank | 261,933 | 170,438 | 432,371 |
Other debtors | - | 71,907 | 71,907 |
Directors' loan account | - | 169,483 | 169,483 |
Other creditors | (546,776 | ) | (241,390 | ) | (788,166 | ) |
Retained earnings | - | 1,112,164 | 1,112,164 |
Revaluation reserve | 1,146,079 | (1,146,079 | ) | - |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 124,330 | 169,483 |
Corporation tax recoverable |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 12) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
The other creditors relate to April 2024 wages and pensions which were paid in the following month. |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 12) |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans - less than 1 year |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
Between one and five years |
The above leases relate to company's office premises. |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as restated |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loan is supported and secured by the UK Government's Bounce Back Loan Scheme (BBLS). Interest is charged at a fixed rate of 3.99% and the balance is repayable over a total of 60 months, with the first payment due 12 months after inception. |
The bank overdraft is secured by fixed and floating charge over the assets of the company. |
The director G E Aghoghovbia has given personal guarantee towards all liabilities of the borrower under the facility limited to £100,000. |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 9,212 | - |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Provided during year |
Balance at 30 April 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 10 | 10 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Prior year adjustment | ( |
) |
( |
) |
Profit for the year |
At 30 April 2024 | ( |
) |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The director's loan is interest free and repayable on demand. |
19. | RELATED PARTY DISCLOSURES |
At the year end, unsecured loans were advanced to the close family of certain Directors, totalling £4,000 (2023: £71,907). These loans are interest free with no fixed terms for repayment. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is G E Aghoghovbia. |
UNIQUE PERSONNEL (U.K.) LIMITED (REGISTERED NUMBER: 04218958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
21. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 130,261 | 79,546 |
Finance income | (2,923 | ) | - |
193,953 | 141,734 |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
22. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 501,004 | 432,371 |
Bank overdrafts | ( |
) | ( |
) |
341,710 | 261,933 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
as restated |
£ | £ |
Cash and cash equivalents | 432,371 | - |
Bank overdrafts | ( |
) | ( |
) |
261,933 | (154,445 | ) |
23. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.5.23 | Cash flow | changes | At 30.4.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 432,371 | 68,633 | 501,004 |
Bank overdrafts | (170,438 | ) | 11,144 | (159,294 | ) |
261,933 | 341,710 |
Debt |
Debts falling due |
within 1 year | (200,000 | ) | 200,000 | (200,000 | ) | (200,000 | ) |
Debts falling due |
after 1 year | (450,000 | ) | - | 200,000 | (250,000 | ) |
(650,000 | ) | 200,000 | - | (450,000 | ) |
Total | (388,067 | ) | 279,777 | - | (108,290 | ) |