Company registration number 02327419 (England and Wales)
GILL COOKE PERSONNEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
GILL COOKE PERSONNEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
GILL COOKE PERSONNEL LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
150,631
176,955
Current assets
Debtors
6
4,232,347
4,333,822
Cash at bank and in hand
67,950
10,103
4,300,297
4,343,925
Creditors: amounts falling due within one year
7
(3,576,732)
(3,848,965)
Net current assets
723,565
494,960
Total assets less current liabilities
874,196
671,915
Creditors: amounts falling due after more than one year
8
(139,604)
(171,933)
Provisions for liabilities
(19,705)
(25,140)
Net assets
714,887
474,842
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
714,787
474,742
Total equity
714,887
474,842
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
Mr Paul Hipkiss
Director
Company registration number 02327419 (England and Wales)
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Gill Cooke Personnel Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Recruitment Group, Unit 2, Long Acre, Castle Donington, Derby, England, DE74 2UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of The Recruitment Group Limited. These consolidated financial statements are available from its registered office, Unit 2 Long Acre, Castle Donington, Derby, England, DE74 2UH.
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern
The financial statements have been prepared on a going concern basis. In assessing this basis, the directors have considered the company’s current financial position, trading performance, and access to funding.
The company has faced challenging trading conditions within the recruitment sector, which have impacted performance during the year and into the post-year-end period. Management continues to monitor performance closely and has implemented cost control measures in response.
Separately, the company is in the process of changing its invoice discounting provider. Notice has been served with the existing funder, and while no new agreement has yet been signed, discussions with an alternative provider are at an advanced stage. The directors are confident that suitable funding arrangements will be secured in due course.
The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of the financial statements. These forecasts reflect the actions being taken by management and the anticipated funding arrangements. Based on this assessment, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
However, they acknowledge that the combination of ongoing trading challenges and the timing of securing new invoice discounting facilities represent a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern if forecasts are not achieved.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is fully amortised.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 Year Straight Line
Fixtures and fittings
20% Reducing Balance
Computers
15% Reducing Balance
Motor vehicles
15% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
76
115
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
5,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
5,000
Carrying amount
At 31 May 2024
At 31 May 2023
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
29,837
40,259
135,077
179,749
384,922
Additions
695
695
At 31 May 2024
29,837
40,259
135,772
179,749
385,617
Depreciation and impairment
At 1 June 2023
29,837
32,234
131,340
14,556
207,967
Depreciation charged in the year
1,605
635
24,779
27,019
At 31 May 2024
29,837
33,839
131,975
39,335
234,986
Carrying amount
At 31 May 2024
6,420
3,797
140,414
150,631
At 31 May 2023
8,025
3,737
165,193
176,955
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,219,971
3,283,604
Corporation tax recoverable
61,697
Amounts owed by group undertakings
638,762
698,284
Other debtors
311,917
332,339
4,232,347
4,314,227
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
19,595
Total debtors
4,232,347
4,333,822
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
277,303
24,436
Amounts owed to group undertakings
210,772
54,742
Corporation tax
1,515
Other taxation and social security
344,993
459,498
Other creditors
2,743,664
3,308,774
3,576,732
3,848,965
Other creditors include debt factoring borrowings amounting to £2,498,763 (2023 - £2,416,675). The debt factoring balance is secured on the assets of the company and by way of a cross guarantee from other group companies.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
139,604
171,933
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The audit opinion includes a material uncertainty related to going concern. Note 1.2 the financial statements, outlines several factors relevant to the company’s ability to continue as a going concern. These include ongoing challenging trading conditions within the recruitment sector and the company’s current transition between invoice discounting providers. Management have put in cost control measures and continue to monitor closely the company's financial performance. Notice has been served with the existing funder, but a new agreement has not yet been finalised. While management is actively engaged in securing alternative funding arrangements, these matters indicate that a material uncertainty exists which may cast significant doubt on the company’s ability to continue as a going concern. The audit opinion is not modified in respect of this matter.
In our opinion the financial statements:
Give a true and fair view of the state of the company’s affairs as at 31st May 2024 and of its loss 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
Senior Statutory Auditor:
Amy Cotterill ACA
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
21 May 2025
GILL COOKE PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
265,291
465,691
11
Parent company
The entire issued share capital of the company was acquired on 23 February 2023 by The Recruitment Group Limited (formally Staffing and Personnel Holdings Limited) thereby making it the ultimate controlling party of the company.
The registered office address of The Recruitment Group Limited is Unit 2 Long Acre, Castle Donington, Derby, DE4 2UH.