| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Income Statement | 7 |
| Other Comprehensive Income | 8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 7 Faraday Court |
| First Avenue |
| Burton on Trent |
| Staffordshire |
| DE14 2WX |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| STRATEGIC REPORT |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| The company continues to specialise in the provision of temporary staff to primarily the oil and gas industry. |
| The company is recognised internationally for providing quality permanent and temporary recruitment services in the trades and disciplines of front-line offshore and onshore operations. The company supplies permanent and temporary personnel in Offshore/Drilling, Trades, Commercial, Industrial, Engineering & Construction industries. |
| We consider the key performance indicators to be those which reflect the financial performance and strength of the company, these being turnover, gross profit margins and net profit before tax. |
| The gross profit to 31 August 2024 is £1,650,127 (2023: £1,640,904). |
| Net profit before tax to 31 August 2024 is £705,808 (2023: £689,609). |
| With oil prices on a downward trend since 2014, oil & gas companies have consequently been scaling down their Capex and deferring offshore projects. This has had a direct effect on performance as contracts were re-negotiated for lower day-rates and in some cases the cancelling of contracts especially during the Covid-19 global pandemic causing major uncertainty. |
| A few years on since the global pandemic, a shift can be seen in the market which is presented by the continued favourable performance experienced by the company, in part due to Covid-19 global pandemic restrictions being fully lifted as well as the rising demand in the oil and gas industry. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the company. |
| The principal risks and uncertainties for the business are considered to be the oil price and the direct impact fluctuations in this price have on the economic and financial market. At present, the industry is experiencing an upward turn in the market and the company is adapting to this accordingly. |
| The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The polices set by the board of directors are implemented by the company's finance department. |
| All of the business' cash balances are held in such a way that achieves a competitive rate of interest. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
| Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| FUTURE DEVELOPMENTS |
| The company is a multi-disciplined recruitment business which has developed a proven track record for providing specialist personnel to clients across the Oil & Gas and Renewable industries. As a consequence of the ever changing fluctuations in oil price and the effect this has on clients, there continues to be pressure on margins. |
| ON BEHALF OF THE BOARD: |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of an employment agency and the provision of temporary staff. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 August 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| POLITICAL DONATIONS AND EXPENDITURE |
| During the year, the company has made charitable donations to local charities. There were no political donations made. |
| 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. |
| 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, NUVO Audit 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 |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED |
| Opinion |
| We have audited the financial statements of Tulloch Recruitment (Aberdeen) Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 August 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 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The 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. |
| 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 |
| 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 Strategic Report or the Report of the Directors. |
| 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: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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. |
| 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 our procedures are capable of detecting irregularities, including fraud is detailed below: |
| All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include: |
| - UK GAAP |
| - Companies Act 2006 |
| - Corporation Tax legislation |
| - VAT legislation |
| - Health and Safety legislation |
| We gained an understanding of how the company is complying with these laws and regulations by: |
| - enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims; |
| - enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
| - reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error: |
| - reviewing the level of and reasoning behind the company's procurement of legal and professional services; |
| - performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias. |
| Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TULLOCH RECRUITMENT |
| (ABERDEEN) 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 |
| 7 Faraday Court |
| First Avenue |
| Burton on Trent |
| Staffordshire |
| DE14 2WX |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| INCOME STATEMENT |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 796,408 | 782,212 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| OTHER COMPREHENSIVE INCOME |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| STATEMENT OF FINANCIAL POSITION |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| STATEMENT OF CHANGES IN EQUITY |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| STATEMENT OF CASH FLOWS |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| 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 | - | 4,236 |
| Amount withdrawn by directors | (3,679 | ) | (2,286 | ) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year | 2 | 281,949 |
| Cash and cash equivalents at end of year | 2 | 444,483 | 409,529 |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 90,600 | 92,603 |
| Finance income | (7,071 | ) | (2,080 | ) |
| 835,964 | 837,099 |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 444,483 | 409,529 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 409,529 | 281,949 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 409,529 | 34,954 | 444,483 |
| 409,529 | 444,483 |
| Debt |
| Debts falling due within 1 year | (10,031 | ) | (214 | ) | (10,245 | ) |
| Debts falling due after 1 year | (18,933 | ) | 10,213 | (8,720 | ) |
| (28,964 | ) | 9,999 | (18,965 | ) |
| Total | 380,565 | 44,953 | 425,518 |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Tulloch Recruitment (Aberdeen) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Tulloch Recruitment (Aberdeen) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents the provision of personnel to clients. Turnover is recognised on the completion of approved timesheets and on placement of personnel. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Leasing commitments |
| Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases, (net of any incentives received from the lessors), are recognised in the income statement on a straight-line basis over the period of the lease. |
| Investments |
| Investments held as fixed assets are stated at cost less provision for permanent diminution in value. |
| Dividends in respect of investments held are accounted for upon receipt. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Temping | 115 | 123 |
| Administration | 9 | 9 |
| During the year the company has paid £1,752 (2023: £1,260) to a Group Death in Service Benefits Scheme. |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange differences |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank charges |
| Bank loan interest |
| HMRC interest |
| Invoice discounting interest |
| Loan interest |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Tax on profit |
| UK corporation tax has been charged at 25% (2023 - 25%). |
| 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 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Depreciation in excess of capital allowances |
| Taxes surrendered (from)/to group | ( |
) | ( |
) |
| Margin Relief | ( |
) |
| Total tax charge | 245,363 | 193,071 |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 9. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: 28 Albyn Place, Aberdeen, AB10 1YL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 307,341 | 270,568 |
| Other creditors |
| Directors' current accounts | - | 3,679 |
| Accruals and deferred income |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 13) |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Invoice discounting advance | 1,562,578 | 1,463,778 |
| A Bond and Floating Charge is held by the bank over the whole assets of the company. |
| A Corporate Guarantee is in place, executed by SLLP 246 Limited. |
| A Multi Client Guarantee is in place, executed by Team Recruitment (Aberdeen) Limited. |
| The invoice discounting advance is secured over £2,338,035 (2023: £2,080,817) of the company's trade debtors under an Invoice Discounting Agreement with RBS Invoice Finance Limited. |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| The shares have attached to them full voting, dividend and capital distribution rights. |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| At 31 August 2024 |
| 18. | PENSION COMMITMENTS |
| The company's defined contribution pension cost for the year was £76,311 (2023: £92,745). At the year end there was pension creditor of £18,664 (2023: £12,832). |
| 19. | ULTIMATE PARENT COMPANY |
| SLLP 246 Limited is regarded by the directors as being the company's ultimate parent company. |
| 20. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| TULLOCH RECRUITMENT |
| (ABERDEEN) LIMITED (REGISTERED NUMBER: SC144511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| This loan is interest free and has no fixed repayment terms. |
| 22. | RELATED PARTY DISCLOSURES |
| 506 and 508 Union Street are owned by a small self administered pension scheme, of which a director is a trustee. During the year rent for the premises of £28,500 (2023: £28,500) was paid to the pension scheme. |
| As at 31 August 2024, there is a balance due from a company of £112,672 (2023: £157,672) that is controlled and directed by common directors. |
| Key management personnel compensation for the year ended 31 August 2024 was £12,639 (2023: £13,657) |
| The ultimate controlling party is Mr T Allan. |