Company registration number 03666780 (England and Wales)
RUSSELL TAYLOR GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
RUSSELL TAYLOR GROUP LTD
COMPANY INFORMATION
Directors
B P Russell
S L M Jones
R D Kurton
Company number
03666780
Registered office
Burton Manor
The Village
Burton
Cheshire
CH64 5SJ
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
RUSSELL TAYLOR GROUP LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
RUSSELL TAYLOR GROUP LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the period ended 31 March 2024.
Review of the business
Russell Taylor Group Limited is a technical and engineering recruitment business, with its head office in Burton, Cheshire. It provides temporary and permanent recruitment solutions to over 250 clients across the UK.
There have not been any significant changes to the company's principal activities during the period under review. The directors are not aware, at the date of this report, of any likely changes to the principal activities in the next year.
Financial Performance
During the period ended 31st March 2024 the company has reported sales of £33.4m, compared to £25.4m achieved in the year ended 31 December 2022. The growth achieved represents a 5.0% increase on a 12 month comparative period, which the directors are satisfied with, given challenging market conditions.
Gross margin and the effective control of costs remained a key focus in 2023/24 and this has resulted in the improved gross margin of 18.7% achieved (2022: 16.8%). The key focus of the business in 2024/25 is to further increase the permanent placement income and improve the temporary placement margin, both of which should have a further positive impact on overall reported gross margin.
A profit for the period has been reported of £0.1m (2022: £0.4m). The reduction in reported trading performance is primarily as a result of inflationary pressures to the company's overhead costs, caused by global economic factors and increased bad debts incurred. Despite this, the board are pleased with the company's management of costs and cash flow throughout 2023/24 and into early 2025.
The company balance sheet has both net current assets and net assets at the period end date, and with strong results forecast for 2025, the directors are satisfied controls and procedures are in place to effectively manage the company through what has been a very buoyant recruitment market. The future cash flows are forecasted to be positive through 2024/25, and the business is forecasting the ability to meet all its liabilities in the foreseeable future, not less than 12 months from the approval of these financial statements.
The outlook for 2024/25 is strong, with increased turnover and profits forecasted, which fundamentally are retained in the company, increasing net assets further.
Operational
The business has maintained its existing office footprint, but invested in bringing in experienced and well-regarded key hires in the sectors we wish to grow our business in.
The key performance indicator the business focuses on more than any other is gross margin %. Many of our competitors work to gross margins below 10%, however due to our strong product offering and good mix of permanent placements, we have achieved a gross margin of 18.7%. We are focusing heavily on returning our gross margin % to 20% by 2025.
Review of the business
The business delivered stronger sales in 2023/24 due to being able to capitalise on its strong client relationships.
People
People are the most important asset to our business, and we invest heavily in their welfare, training and development. The majority of our senior management team have grown from junior roles in the business.
Russell Taylor Group is an Investor in People and ISO registered business.
RUSSELL TAYLOR GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties
The company uses various financial instruments including loans and various other items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.
The existence of these financial instruments exposes the company to several financial risks, which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.
Competitive risk
The recruitment industry is very competitive, but the company has developed strong relationships with customers and has a strong sales pipeline to negate this risk.
Liquidity risk
The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by an invoice discounting facility.
Interest rate risk
The company finances its operations through a combination of retained profits, bank loans, an invoice discounting facility and finance leases and hire purchase contracts. The company exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Credit risk
The principal credit risk arises from the company's trade debtors.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. The company's debts are also insured under a bad debt insurance policy.
Economic risk
As a result of global economic factors, including both the recovery post Covid-19 and the Ukraine war, costs generally have increased impacting on purchases and overhead costs, including energy. These inflation related price increases are expected to remain for some time to come. Close monitoring of costs by the directors to budget are in place to mitigate the financial impact on on-going profitability.
RUSSELL TAYLOR GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Key performance indicators
The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include revenue growth, improvement of gross margins, profit before tax (“PBT”). These are reviewed by the directors on a monthly basis.
The directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.
The main KPI’s and corresponding results are as follows:
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Sales growth % (12 month basis) | | |
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During the period, the company has achieved a satisfactory sales growth on a 12-month comparative basis. Despite a very challenging recruitment market, heavily impacted by global economic factors, with increased operating costs and heighted risk of bad debts, the company has reported a profit for the period. The directors are pleased with the performance of the company and are confident that increased profitability and further sales growth will be achieved for 2025.
The company has maintained both net current assets and net assets at the period end date, illustrating liquidity and financial stability.
B P Russell
Director
28 May 2025
RUSSELL TAYLOR GROUP LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the period ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of recruitment services.
Results and dividends
The results for the period are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
B P Russell
S L M Jones
R D Kurton
Future developments
The company will continue to provide recruitment services, seeking growth opportunities as they arise.
Auditor
Sumer Auditco Limited were appointed as auditor to the company and deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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; and
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
RUSSELL TAYLOR GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
B P Russell
Director
28 May 2025
RUSSELL TAYLOR GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RUSSELL TAYLOR GROUP LTD
- 6 -
Opinion
We have audited the financial statements of Russell Taylor Group Ltd (the 'company') for the period ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 March 2024 and of its profit for the period 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RUSSELL TAYLOR GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RUSSELL TAYLOR GROUP LTD (CONTINUED)
- 7 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to employment, health and safety and data protection.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.
RUSSELL TAYLOR GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RUSSELL TAYLOR GROUP LTD (CONTINUED)
- 8 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Caroline Snape (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
28 May 2025
RUSSELL TAYLOR GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
Period
Year
ended
ended
31 March
31 December
2024
2022
Notes
£
£
Turnover
3
33,396,408
25,448,140
Cost of sales
(27,146,564)
(21,167,175)
Gross profit
6,249,844
4,280,965
Administrative expenses
(5,627,351)
(3,652,164)
Other operating income
50,167
Operating profit
4
672,660
628,801
Interest receivable and similar income
7
6,285
15,783
Interest payable and similar expenses
8
(573,942)
(284,109)
Profit before taxation
105,003
360,475
Tax on profit
9
35,986
(47,461)
Profit for the financial period
140,989
313,014
The profit and loss account has been prepared on the basis that all operations are continuing operations.
RUSSELL TAYLOR GROUP LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
841,922
832,789
Current assets
Debtors
13
10,467,808
7,603,571
Cash at bank and in hand
18,147
10,485,955
7,603,571
Creditors: amounts falling due within one year
14
(10,273,789)
(7,170,980)
Net current assets
212,166
432,591
Total assets less current liabilities
1,054,088
1,265,380
Creditors: amounts falling due after more than one year
15
(105,158)
(421,453)
Provisions for liabilities
Deferred tax liability
18
55,175
91,161
(55,175)
(91,161)
Net assets
893,755
752,766
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
893,655
752,666
Total equity
893,755
752,766
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
B P Russell
Director
Company registration number 03666780 (England and Wales)
RUSSELL TAYLOR GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
737,652
737,752
Year ended 31 December 2022:
Profit and total comprehensive income
-
313,014
313,014
Dividends
10
-
(298,000)
(298,000)
Balance at 31 December 2022
100
752,666
752,766
Period ended 31 March 2024:
Profit and total comprehensive income
-
140,989
140,989
Balance at 31 March 2024
100
893,655
893,755
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information
Russell Taylor Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Burton Manor, The Village, Burton, Cheshire, CH64 5SJ.
1.1
Reporting period
The directors' decided to extend the current accounting period from 31st December 2023 to 31st March 2024 in order to align it with other group companies. As such, the comparative figures (including notes) are not entirely comparable.
1.2
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.
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: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Russell Taylor Holdings Limited. These consolidated financial statements are available from its registered office, Burton Manor, The Village, Burton, Cheshire, CH64 5SJ.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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.
Revenue from temporary placements, which represents amounts billed for services of temporary staff, is recognised when the service has been provided. Revenue from permanent placements is recognised at the date when an offer is accepted by a candidate and a starting date has been determined. This includes revenue anticipated, but not invoiced, at the balance sheet date which is accrued on the balance sheet within prepayments and accrued income.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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 considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
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:
Software
15% p.a. straight line
Fixtures and fittings
15% p.a. straight line
Computers
15% p.a. straight line
Motor vehicles
15% p.a. straight line
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.
1.7
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.8
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.
1.9
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
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.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
The useful economic life of tangible fixed assets has to be estimated by the directors of the company to ensure an appropriate depreciation charge is recognised in the year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.
During the year, depreciation of £238,462 (2022: £165,552) has been charged.
Refer to note 12 for the carrying value of tangible fixed assets impacted by this key estimate.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 17 -
3
Turnover and other revenue
2024
2022
£
£
Turnover analysed by class of business
Recruitment services
33,396,408
25,448,140
2024
2022
£
£
Other revenue
Interest income
6,285
15,783
4
Operating profit
2024
2022
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
15,500
Depreciation of owned tangible fixed assets
170,375
141,803
Depreciation of tangible fixed assets held under finance leases
68,087
23,749
Loss on disposal of tangible fixed assets
3,766
4,266
Operating lease charges
143,470
143,458
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Directors
2
2
Administration
74
72
Total
76
74
Their aggregate remuneration comprised:
2024
2022
£
£
Wages and salaries
7,180,011
4,972,717
Social security costs
692,644
554,459
Pension costs
93,245
54,127
7,965,900
5,581,303
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
5
Employees
(Continued)
- 18 -
Operational workers, who are retained under a contract for services and are used in the daily operation of the company as a recruitment and employment agency, are not included in the average number of employees above. The average number of operational workers for the period was 117 (2022: 58).
These workers are not legally classified as employees but their costs are included within wages and salaries.
6
Directors' remuneration
2024
2022
£
£
Remuneration for qualifying services
173,802
112,674
Company pension contributions to defined contribution schemes
4,403
6,167
178,205
118,841
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
7
Interest receivable and similar income
2024
2022
£
£
Interest income
Other interest income
6,285
15,783
8
Interest payable and similar expenses
2024
2022
£
£
Interest on bank overdrafts and loans
106,020
39,038
Interest on invoice finance arrangements
441,012
203,922
Interest on finance leases and hire purchase contracts
26,910
15,066
Other interest
26,083
573,942
284,109
9
Taxation
2024
2022
£
£
Current tax
UK corporation tax on profits for the current period
22,518
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
9
Taxation
2024
2022
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(35,986)
3,064
Changes in tax rates
21,879
Total deferred tax
(35,986)
24,943
Total tax (credit)/charge
(35,986)
47,461
The actual (credit)/charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2022
£
£
Profit before taxation
105,003
360,475
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
26,251
68,490
Tax effect of expenses that are not deductible in determining taxable profit
(7,832)
(6,216)
Effect of change in corporation tax rate
21,879
Group relief
(59,109)
(32,910)
Permanent capital allowances in excess of depreciation
(5,856)
Depreciation on assets not qualifying for tax allowances
4,704
2,074
Taxation (credit)/charge for the period
(35,986)
47,461
Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.
10
Dividends
2024
2022
£
£
Interim paid
298,000
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 March 2024
3,996
Amortisation and impairment
At 1 January 2023 and 31 March 2024
3,996
Carrying amount
At 31 March 2024
At 31 December 2022
12
Tangible fixed assets
Software
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
196,862
448,000
211,226
560,739
1,416,827
Additions
100,424
6,775
144,161
251,360
Disposals
(134,396)
(42,063)
(65,898)
(42,275)
(284,632)
At 31 March 2024
62,466
506,361
152,103
662,625
1,383,555
Depreciation and impairment
At 1 January 2023
140,906
193,004
108,017
142,111
584,038
Depreciation charged in the period
28,269
86,999
29,936
93,258
238,462
Eliminated in respect of disposals
(134,396)
(42,063)
(65,704)
(38,704)
(280,867)
At 31 March 2024
34,779
237,940
72,249
196,665
541,633
Carrying amount
At 31 March 2024
27,687
268,421
79,854
465,960
841,922
At 31 December 2022
55,956
254,996
103,209
418,628
832,789
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2022
£
£
Motor vehicles
414,521
339,282
Computers
20,104
26,805
434,625
366,087
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 21 -
13
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
5,594,066
4,357,387
Amounts owed by group undertakings
1,817,743
849,900
Other debtors
1,668,771
1,835,115
Prepayments and accrued income
1,387,228
561,169
10,467,808
7,603,571
14
Creditors: amounts falling due within one year
2024
2022
Notes
£
£
Bank loans and overdrafts
16
216,667
232,670
Obligations under finance leases
17
188,182
106,085
Other borrowings
16
93,814
Trade creditors
1,739,026
1,108,864
Amounts owed to group undertakings
332,990
291,571
Corporation tax
36,830
79,672
Other taxation and social security
1,725,163
1,169,508
Other creditors
5,472,238
3,997,270
Accruals and deferred income
468,879
185,340
10,273,789
7,170,980
Bank loans and overdrafts are secured.
Obligations under hire purchase agreements are secured against the assets to which they relate.
Other borrowings represent non-bank loans, of which £52,083 (2022: £Nil) are secured.
Other creditors includes £5,294,066 (2022: £3,956,243) in respect of an invoice discounting facility, which is secured on trade debtors.
15
Creditors: amounts falling due after more than one year
2024
2022
Notes
£
£
Bank loans
16
266,667
Obligations under finance leases
17
105,158
154,786
105,158
421,453
Bank loans are secured.
Obligations under hire purchase agreements are secured against the assets to which they relate.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 22 -
16
Loans and overdrafts
2024
2022
£
£
Bank loans
216,667
497,917
Bank overdrafts
1,420
Other loans
93,814
310,481
499,337
Payable within one year
310,481
232,670
Payable after one year
266,667
Bank loans includes £216,667 (2022: £466,667) in respect of a Coronavirus Business Interruption Loan (CBILs) which is repayable by monthly repayments of £16,667 over a 60 month period, with interest charged at 3.8% p.a. Full repayment is due during April 2025. This bank loan is secured.
Bank loans also include £Nil (2022: £31,250) in respect of a short term business loan which is repayable by 12 monthly repayments of £7,210, with an effective interest rate of 15.4% p.a. Full repayment was achieved during June 2023. This bank loan is secured by way of a personal guarantee provided by a company director.
Other loans include £6,250 (2022: £Nil) in respect of a short term business loan which is repayable by 12 monthly repayments of £7,516, with an effective interest rate of 20.2% p.a. Full repayment was achieved during April 2024. This non-bank loan is secured by way of a personal guarantee provided by a company director.
Other loans also include £45,833 (2022: £Nil) in respect of a short term business loan which is repayable by 12 monthly repayments of £5,706, with an effective interest rate of 24.5% p.a. Full repayment is due during January 2025. This non-bank loan is unsecured.
Other loans also include £41,731 (2022: £Nil) in respect of a short term business loan which is repayable by 48 monthly repayments of £2,013, with an effective interest rate of 9.5% p.a. Full repayment is due during November 2024. This non-bank loan is secured by way of a personal guarantee provided by a company director.
17
Finance lease obligations
2024
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
188,182
106,085
In two to five years
105,158
154,786
293,340
260,871
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 23 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2022
Balances:
£
£
Accelerated capital allowances
56,980
91,161
Retirement benefit obligations
(1,805)
-
55,175
91,161
2024
Movements in the period:
£
Liability at 1 January 2023
91,161
Credit to profit or loss
(35,986)
Liability at 31 March 2024
55,175
The deferred tax liability set out above predominately relates to accelerated capital allowances that are expected to mature over the associated fixed assets useful economic life. Pension contributions will attract tax relief in the year paid.
19
Retirement benefit schemes
2024
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,245
54,127
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
As at the year-end, contributions due to the schemes in respect of the current reporting year were £12,785 (2022: £538).
20
Share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80
80
80
80
A Ordinary shares of £1 each
5
5
5
5
B Ordinary shares of £1 each
5
5
5
5
C Ordinary shares of £1 each
5
5
5
5
D Ordinary shares of £1 each
5
5
5
5
100
100
100
100
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
20
Share capital
(Continued)
- 24 -
All shares carry no fixed right to income and rank pari passu in every respect.
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2022
£
£
Within one year
206,717
373,029
Between two and five years
166,528
261,815
373,245
634,844
22
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2022
2024
2022
£
£
£
£
Other related parties
14,820,980
709,270
283,418
1,935,962
2024
2022
Amounts due to related parties
£
£
Other related parties
27,191
-
The following amounts were outstanding at the reporting end date:
2024
2022
Amounts due from related parties
£
£
Other related parties
1,666,450
1,815,093
Other information
The above transactions were entered into with entities which are under the control of B P Russell and his wife.
RUSSELL TAYLOR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 25 -
23
Directors' transactions
Dividends totalling £0 (2022 - £78,000) were paid in the period in respect of shares held by the company's directors.
During the period. a personal guarantee has been provided by a company director in respect of 2 non-bank loans included within other borrowings. At the balance sheet date these other borrowings totaled £47,981 (2022: £Nil).
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director loan
2.25
-
1,152,836
5,970
(1,158,806)
-
Director loan
2.25
-
38,837
131
(38,968)
-
Director loan
2.25
-
19,816
184
(20,000)
-
-
1,211,489
6,285
(1,217,774)
-
24
Ultimate controlling party
The ultimate parent company is Russell Taylor Holdings Limited, a company registered in England and Wales.
Russell Taylor Group Ltd is consolidated within Russell Taylor Holdings Limited's group financial statements and copies can be obtained on request from the groups registered office, Burton Manor, The Village, Burton, Cheshire, CH64 5SJ.
The ultimate controlling party is deemed to be B P Russell by virtue of his majority shareholding in Russell Taylor Holdings Limited.
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