| REGISTERED NUMBER: SC612946 (Scotland) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SLLP 246 LIMITED |
| REGISTERED NUMBER: SC612946 (Scotland) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SLLP 246 LIMITED |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Income Statement | 7 |
| Consolidated Other Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| SLLP 246 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 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| GROUP STRATEGIC REPORT |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| The group continues to specialise in the provision of temporary staff to primarily the oil and gas industry. |
| The group is recognised internationally for providing quality permanent and temporary recruitment services in the trades and disciplines of front-line offshore and onshore operations. The group 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 group, these being turnover, gross profit margins and net profit before tax. |
| The gross profit to 31 August 2024 is £2,924,185 (2023: £2,721,346). |
| Net profit before tax to 31 August 2024 is £1,058,569 (2023: £890,886). |
| 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 specially 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 group, 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 group. |
| 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 group is adapting to this accordingly. |
| The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The polices set by the board of directors are implemented by the group'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 group 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: |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of an employment agency and the provision of temporary staff. |
| DIVIDENDS |
| No interim dividends were paid during the year ended 31 August 2024. |
| The directors recommend final dividends per share as follows: |
| Ordinary A £1 shares | £1,147.26 |
| Ordinary B £1 shares | NIL |
| The total distribution of dividends for the year ended 31 August 2024 will be £ 114,726 . |
| 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 group has made charitable donations to local charities. There were no political donations made. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 |
| SLLP 246 LIMITED |
| Opinion |
| We have audited the financial statements of SLLP 246 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 August 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 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 Group 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 Group 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 Group 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 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 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 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 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 |
| SLLP 246 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 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 directors either intend 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 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 |
| SLLP 246 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 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| CONSOLIDATED INCOME STATEMENT |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 19,159,336 | 19,622,940 |
| Cost of sales | 16,235,151 | 16,901,594 |
| GROSS PROFIT | 2,924,185 | 2,721,346 |
| Administrative expenses | 1,716,133 | 1,659,345 |
| OPERATING PROFIT | 5 | 1,208,052 | 1,062,001 |
| Interest receivable and similar income | 7,838 | 2,816 |
| 1,215,890 | 1,064,817 |
| Interest payable and similar expenses | 6 | 157,321 | 173,931 |
| PROFIT BEFORE TAXATION | 1,058,569 | 890,886 |
| Tax on profit | 7 | 422,254 | 328,632 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 636,315 | 562,254 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 636,315 | 562,254 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
636,315 |
562,254 |
| Total comprehensive income attributable to: |
| Owners of the parent | 636,315 | 562,254 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| CONSOLIDATED BALANCE SHEET |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 954,974 | 1,156,021 |
| Tangible assets | 11 | 211,037 | 273,304 |
| Investments | 12 | - | - |
| 1,166,011 | 1,429,325 |
| CURRENT ASSETS |
| Debtors | 13 | 4,465,751 | 4,229,153 |
| Cash at bank and in hand | 867,154 | 671,116 |
| 5,332,905 | 4,900,269 |
| CREDITORS |
| Amounts falling due within one year | 14 | 5,064,984 | 4,923,100 |
| NET CURRENT ASSETS/(LIABILITIES) | 267,921 | (22,831 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
1,433,932 |
1,406,494 |
| CREDITORS |
| Amounts falling due after more than one year | 15 | (8,720 | ) | (498,858 | ) |
| PROVISIONS FOR LIABILITIES | 19 | (3,531 | ) | (7,544 | ) |
| NET ASSETS | 1,421,681 | 900,092 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 1,000 | 1,000 |
| Retained earnings | 21 | 1,420,681 | 899,092 |
| SHAREHOLDERS' FUNDS | 1,421,681 | 900,092 |
| The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by: |
| C Donaldson - Director |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| COMPANY BALANCE SHEET |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's loss for the financial year | (30,885 | ) | (56,962 | ) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| CONSOLIDATED 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 | 1,000 | 414,564 | 415,564 |
| Changes in equity |
| Dividends | - | (77,726 | ) | (77,726 | ) |
| Total comprehensive income | - | 562,254 | 562,254 |
| Balance at 31 August 2023 | 1,000 | 899,092 | 900,092 |
| Changes in equity |
| Dividends | - | (114,726 | ) | (114,726 | ) |
| Total comprehensive income | - | 636,315 | 636,315 |
| Balance at 31 August 2024 | 1,000 | 1,420,681 | 1,421,681 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| COMPANY 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 |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 August 2024 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| CONSOLIDATED CASH FLOW STATEMENT |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,305,845 | 1,564,830 |
| Interest paid | (157,321 | ) | (173,931 | ) |
| Tax paid | (340,115 | ) | (177,369 | ) |
| Net cash from operating activities | 808,409 | 1,213,530 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (7,091 | ) | (43,466 | ) |
| Sale of tangible fixed assets | - | 11,000 |
| Interest received | 7,838 | 2,816 |
| Net cash from investing activities | 747 | (29,650 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (495,110 | ) | (879,225 | ) |
| Amount introduced by directors | 397 | 4,586 |
| Amount withdrawn by directors | (3,679 | ) | (2,033 | ) |
| Equity dividends paid | (114,726 | ) | (77,726 | ) |
| Net cash from financing activities | (613,118 | ) | (954,398 | ) |
| Increase in cash and cash equivalents | 196,038 | 229,482 |
| Cash and cash equivalents at beginning of year | 2 | 671,116 | 441,634 |
| Cash and cash equivalents at end of year | 2 | 867,154 | 671,116 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 1,058,569 | 890,886 |
| Depreciation charges | 268,271 | 277,460 |
| Loss on disposal of fixed assets | 2,136 | 2,134 |
| Finance costs | 157,321 | 173,931 |
| Finance income | (7,838 | ) | (2,816 | ) |
| 1,478,459 | 1,341,595 |
| (Increase)/decrease in trade and other debtors | (236,598 | ) | 799,889 |
| Increase/(decrease) in trade and other creditors | 63,984 | (576,654 | ) |
| Cash generated from operations | 1,305,845 | 1,564,830 |
| 2. | 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 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 867,154 | 671,116 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 671,116 | 441,634 |
| 3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 671,116 | 196,038 | 867,154 |
| 671,116 | 196,038 | 867,154 |
| Debt |
| Debts falling due within 1 year | (350,095 | ) | 4,971 | (345,124 | ) |
| Debts falling due after 1 year | (498,858 | ) | 490,138 | (8,720 | ) |
| (848,953 | ) | 495,109 | (353,844 | ) |
| Total | (177,837 | ) | 691,147 | 513,310 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| SLLP 246 Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| 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. |
| Goodwill |
| 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 Consolidated 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. |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED 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 balance sheet 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments held as fixed assets are stated at costs less provision for permanent diminution in value. |
| Dividends in respect of investments held are accounted for upon receipt. |
| 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 lessors), are recognised in the income statement on a straight-line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 15,417,873 | 15,876,144 |
| Social security costs | 1,268,491 | 1,355,699 |
| Other pension costs | 126,225 | 132,316 |
| 16,812,589 | 17,364,159 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Temping | 190 | 193 |
| Administration | 15 | 15 |
| During the year the company has paid £3,504 (2023: £2,520) to a Group Death in Service Benefits Scheme |
| 4. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 19,564 | 19,570 |
| Directors' pension contributions to money purchase schemes | 3,600 | 3,600 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 67,222 | 76,414 |
| Loss on disposal of fixed assets | 2,136 | 2,134 |
| Goodwill amortisation | 201,047 | 201,047 |
| Auditors' remuneration | 22,117 | 21,500 |
| Foreign exchange differences | 1,638 | 4,120 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 7,619 | 7,052 |
| Bank loan interest | 650 | 499 |
| HMRC interest | - | 332 |
| Invoice discounting interest | 125,574 | 119,669 |
| Loan interest | 23,478 | 46,379 |
| 157,321 | 173,931 |
| 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 | 426,266 | 324,357 |
| Deferred tax | (4,012 | ) | 4,275 |
| Tax on profit | 422,254 | 328,632 |
| 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 | 1,058,569 | 890,886 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
264,642 |
222,722 |
| Effects of: |
| Expenses not deductible for tax purposes | 147,320 | 148,709 |
| Income not taxable for tax purposes | - | (184 | ) |
| Depreciation in excess of capital allowances | 14,304 | 5,648 |
| Deferred tax | (4,012 | ) | 4,275 |
| Marginal relief | - | (52,538 | ) |
| Total tax charge | 422,254 | 328,632 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary A shares of £1 each |
| Final | 114,726 | 77,726 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 2,010,471 |
| AMORTISATION |
| At 1 September 2023 | 854,450 |
| Amortisation for year | 201,047 |
| At 31 August 2024 | 1,055,497 |
| NET BOOK VALUE |
| At 31 August 2024 | 954,974 |
| At 31 August 2023 | 1,156,021 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 162,194 | 51,053 | 220,741 | 38,625 | 472,613 |
| Additions | - | 6,758 | - | 333 | 7,091 |
| Disposals | - | - | - | (5,414 | ) | (5,414 | ) |
| At 31 August 2024 | 162,194 | 57,811 | 220,741 | 33,544 | 474,290 |
| DEPRECIATION |
| At 1 September 2023 | 65,998 | 31,455 | 84,570 | 17,286 | 199,309 |
| Charge for year | 10,752 | 10,293 | 34,042 | 12,135 | 67,222 |
| Eliminated on disposal | - | - | - | (3,278 | ) | (3,278 | ) |
| At 31 August 2024 | 76,750 | 41,748 | 118,612 | 26,143 | 263,253 |
| NET BOOK VALUE |
| At 31 August 2024 | 85,444 | 16,063 | 102,129 | 7,401 | 211,037 |
| At 31 August 2023 | 96,196 | 19,598 | 136,171 | 21,339 | 273,304 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| 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 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 3,629,914 | 3,315,109 |
| Other debtors | 184,555 | 241,905 |
| Prepayments | 651,282 | 672,139 |
| 4,465,751 | 4,229,153 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 10,245 | 10,031 |
| Other loans (see note 16) | 334,879 | 340,064 |
| Trade creditors | 87,392 | 210,532 |
| Amounts owed to group undertakings | - | - |
| Tax | 327,015 | 240,862 | ( |
) | ( |
) |
| Social security and other taxes | 302,376 | 321,128 |
| VAT | 505,653 | 508,918 | - | - |
| Other creditors | 2,925,655 | 2,484,555 |
| Directors' current accounts | - | 3,282 | - | - |
| Accrued expenses | 571,769 | 803,728 |
| 5,064,984 | 4,923,100 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 16) | 8,720 | 18,933 |
| Other loans (see note 16) | - | 479,925 |
| 8,720 | 498,858 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 10,245 | 10,031 |
| Other loans | 334,879 | 340,064 |
| 345,124 | 350,095 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years | 8,720 | 10,245 |
| Other loans - 1-2 years | - | 350,408 | - |
| 8,720 | 360,653 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years | - | 8,688 |
| Other loans - 2-5 years | - | 129,517 |
| - | 138,205 |
| The company was advanced a loan of £3,545,500 in June 2019. The loan is repayable in 78 monthly instalments. The interest rate is 3% and the loan is unsecured. |
| A subsidiary company received a Bounce Back loan, of £50,000, in June 2020. The loan is repayable in 60 monthly instalments. The interest rate is 2.5% and the loan is unsecured. |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 62,311 | 62,311 |
| Between one and five years | 234,196 | 239,507 |
| In more than five years | 114,000 | 171,000 |
| 410,507 | 472,818 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Invoice discounting advance | 2,485,591 | 1,918,223 |
| A Bond and Floating Charge is held by the bank over the whole assets of the group. |
| A Corporate Guarantee is in place, executed by SLLP 246 Limited. |
| A Multi Client Guarantee is in place, executed by Tulloch Recruitment (Aberdeen) Limited. |
| A Multi Client Guarantee is in place, executed by Team Recruitment (Aberdeen) Limited. |
| The invoice discounting advance is secured over £1,291,879 (2023: £1,234,293) of Team Recruitment (Aberdeen) Limited trade debtors under an Invoice Discounting Agreement with RBS Invoice Finance Limited and £2,338,035 (2023: £2,080,817) of Tulloch Recruitment (Aberdeen) Limited trade debtors under an Invoice Discounting Agreement with RBS Invoice Finance Limited. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 3,531 | 7,544 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 7,544 |
| Provided during year | (4,013 | ) |
| Balance at 31 August 2024 | 3,531 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 100 | 100 |
| Ordinary B | £1 | 900 | 900 |
| 1,000 | 1,000 |
| 21. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 September 2023 | 899,092 |
| Profit for the year | 636,315 |
| Dividends | (114,726 | ) |
| At 31 August 2024 | 1,420,681 |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 21. | RESERVES - continued |
| Company |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 31 August 2024 |
| 22. | PENSION COMMITMENTS |
| The company's defined contribution pension cost for the year was £122,625 (2023: £128,718). At the year end there was a pension creditor of £25,014 (2023: £20,902) outstanding. |
| 23. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 54,133 | - |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 2024 | 2023 |
| £ | £ |
| TM Allan |
| Balance outstanding at start of year | - | 350 |
| Amounts repaid | - | (350 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| C Donaldson |
| Balance outstanding at start of year | (3,282 | ) | (1,079 | ) |
| Amounts advanced | 3,282 | 721 |
| Amounts repaid | - | (2,924 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | (3,282 | ) |
| The loans are interest free and repayable on demand. |
| 25. | RELATED PARTY DISCLOSURES |
| Properties rented by the group are owned by a small self administered pension scheme of which one of the directors is a trustee. During the year rent for the premises of £57,000 (2023: £57,000) was paid to the pension scheme. |
| Key management personnel compensation for the year ended 31 August 2024 was £23,353 (2023: £23,362). |
| Loan note securities of £334,879 (2023: £819,989) are due to one of the directors. They are expected to be paid within the next 12 months. Interest of £19,936 (2023: £46,379) was charged in the year. |
| 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. |
| SLLP 246 LIMITED (REGISTERED NUMBER: SC612946) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is TM Allan. |