| REGISTERED NUMBER: 10173656 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| People Group of Companies Ltd |
| REGISTERED NUMBER: 10173656 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| People Group of Companies Ltd |
| People Group of Companies Ltd (Registered number: 10173656) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 7 |
| Consolidated Profit and Loss Account | 11 |
| Consolidated Other Comprehensive Income | 12 |
| Consolidated Balance Sheet | 13 |
| Company Balance Sheet | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| People Group of Companies Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Phillipa Symington ACA CA(SA) |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Oak Tree House, Harwood Road |
| Northminster Business Park |
| Upper Poppleton |
| York |
| YO26 6QU |
| People Group of Companies Ltd (Registered number: 10173656) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| REVIEW OF BUSINESS |
| The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. |
| The key financial and other performance indicators during the year were as follows: |
| Group Results | 2024 | 2023 | Change |
| as restated |
| Turnover | 102,301,336 | 96,193,351 | +6.3% |
| Gross Profit | 20,069,190 | 13,894,227 | +44..4% |
| Profit/(Loss) before tax | 13,024,687 | 8,206,983 | +58.7% |
| Equity shareholders' |
| Funds | 35,329,576 | 26,496,608 | +33.3% |
| Number of employees | 31 | 29 | +6.9% |
| Compared to the previous period, 2024 saw an improvement in the Group's financial performance. |
| This is largely due to the following: |
| - Increased number of projects |
| - Increased clients |
| Our gross profits have increased due to several projects being design only alongside an expanded client base with market rates, counteracting some of the retained clients and projects on lower margins. |
| Our headcount has increased by 17% to provide focus on our new clients. We expect this to grow further into 2025. |
| As per 2024, we continue to make progress in the development and welfare of our employees. This has been acknowledged by 'Great Place to Work' certification being awarded in both our UK and UAE locations as well as being awarded the 'Best Workplaces for Wellbeing' in the UK 2024. |
| Our 4-day-working-week was continued as a second year which greatly facilitated more work / life balance for all employees across the regions and through the analysis we monitored the effect on productivity and employee wellbeing. |
| The Leadership Team now have a rotating seat at the Board with greater empowerment to input to agency vision and feedback to the agency day to day. |
| Our 'Heads' of departments are expanding providing specific growth and focus across each business strand. |
| We have undertaken an intense and detailed Sustainability Audit with 'The Bulb', following an award-winning delivery of the most recent National Day for its sustainability credentials. |
| FUTURE DEVELOPMENTS |
| 2025 is People's tenth year in operations. A plan has been formed to celebrate our tenth year through our purpose, to change lives through live experiences - where this will be amplified not only for our clients, but for our employees, team and wider partner network too. |
| Moving forward, we do not expect to see further revenue growth and believe our numbers will stabilize through the following 2-3 years as we hit a peak in forecasts for the foreseeable future. |
| People Group of Companies Ltd (Registered number: 10173656) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The principal risks and uncertainties facing the Company are: |
| Competitive risk: |
| The Company's customer base serves large and small businesses across the UK and UAE entertainment industries. The main risks to the Company are considered to be the inability to pass on any increases to costs while remaining competitive which could affect the results of the Company. |
| Liquidity risk: |
| The Company minimises liquidity risk by ensuring sufficient funds are available to meet scheduled payments. There are currently no bank borrowings and the Company is well placed to meet all foreseeable liabilities. The credit risk on trade debtors is managed through regular monitoring of overdue accounts and review of customer insured credit limits. |
| SECTION 172(1) STATEMENT |
| The Board of directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders as a whole, and in doing so have regard to a range of matters including: |
| - The need to foster the Company's business relationships with suppliers, customers, and other related parties. |
| - The interests of the Company's employees, including health and safety. |
| - The desirability of the Company maintaining a reputation for high standards of business conduct. |
| - The likely consequences of any decision in the long term. |
| - The impact on the local community and the environment in which we operate. |
| The Company identifies sustainability as fundamental to the long-term success of the business. The Company operates as a responsible events management services by operating safely and efficiently, and by being mindful of the community in which it operates, as well as the wider environment. Throughout the year, the Company has continued to strive towards creating a more socially, environmentally, and economically sustainable business. The Company is committed to reducing its carbon footprint by investing in onsite renewable energy sources. |
| RESEARCH & DEVELOPMENT |
| There has been no research and development activities throughout the year. |
| BRANCHES OUTSIDE THE UNITED KINGDOM |
| The Group operates a significant branch in the UAE. The UAE branch focuses on providing services across the UAE. In FY2024, the overseas branch contributed approximately 98.86% of Group revenue. Currency fluctuations and regional economic policies are monitored closely as part of management strategy. |
| ON BEHALF OF THE BOARD: |
| 29 May 2025 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Report of the Director |
| for the Year Ended 31 August 2024 |
| The director presents his 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 the provision of events management services & branding, marketing, communications, post production services, advertising, content productions & graphic design services. |
| DIVIDENDS |
| Interim dividends per share were paid as follows: |
| On 01 September 2023: |
| A Ordinary £1 shares | £384.16 |
| B Ordinary £1 shares | NIL |
| C Ordinary £1 shares | £33,074.21 |
| D Ordinary £1 shares | NIL |
| On 25 October 2023: |
| A Ordinary £1 shares | £40,644.36 |
| B Ordinary £1 shares | NIL |
| C Ordinary £1 shares | £704.52 |
| D Ordinary £1 shares | NIL |
| The directors recommend that no final dividend will be paid. |
| The total distribution of dividends for the year ended 31 August 2024 will be £2,220,628. |
| DIRECTOR |
| CARBON EMISSIONS |
| The company consumed 40,000 kWh of energy or less in the United Kingdom during the period in respect of which the directors' report is prepared, and the report states that the information is not disclosed for that reason. |
| RELATIONSHIPS WITH CUSTOMERS & SUPPLIERS |
| The Company works closely with its customers and suppliers and continues to build on its strategy of pursuing a highly competitive service and quality products whilst continuing to develop the favourable relationships which it has developed over many years. |
| POLITICAL DONATIONS & CONTRIBUTIONS TO NON-EU POLITICAL PARTY |
| No political donations and expenditure has been incurred during the current or prior year. |
| People Group of Companies Ltd (Registered number: 10173656) |
| Report of the Director |
| for the Year Ended 31 August 2024 |
| FINANCIAL RISK MANAGEMENT |
| The company’s operations expose it to a variety of financial risks, including credit risk, liquidity risk, foreign and exchange risk. The company has in place a risk management framework to monitor and manage these exposures on an ongoing basis. The key financial risks and management policies are summarised below: |
| Credit Risk |
| The company is exposed to credit risk from its trade receivables and cash deposits. Credit exposure is managed by setting credit limits and monitoring the creditworthiness of customers. The company does not have significant concentrations of credit risk. |
| Liquidity Risk |
| The company maintains sufficient cash and credit facilities to meet its short-term obligations. Cash flow forecasts are regularly prepared and reviewed to ensure adequate liquidity is maintained. |
| Foreign Exchange Risk |
| The company is exposed to foreign currency fluctuations on transactions denominated in foreign currencies. The company monitors its currency exposures and may enter into hedging arrangements where appropriate. |
| QUALIFYING THIRD PARTY INDEMNITY PROVISION |
| During the financial year and up to the date of approval of this report, the company maintained qualifying third party indemnity provisions (as defined in Section 234 of the Companies Act 2006) for the benefit of its directors. These provisions were in force throughout the period and remain in force at the date of this report. |
| INCLUSION OF INFORMATION IN THE STRATEGIC REPORT |
| In accordance with Section 415(5) of the Companies Act 2006, certain information required to be included in the Directors’ Report has been presented in the Strategic Report instead. This includes information relating to: |
| - Review of business |
| - Future developments |
| - Research and development |
| - Principal risk and uncertainties |
| This information should be read as forming part of the Directors’ Report. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| People Group of Companies Ltd (Registered number: 10173656) |
| Report of the Director |
| for the Year Ended 31 August 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| A prior year adjustment has been made in the current year. Refer to note 9 for details relating to this adjustment. |
| AUDITORS |
| The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| People Group of Companies Ltd |
| Opinion |
| We have audited the financial statements of People Group of Companies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Profit and Loss Account, 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| People Group of Companies Ltd |
| 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 Director. |
| 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| People Group of Companies Ltd |
| 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in like with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this. |
| We undertake the following procedures to identify and respond to these risks of non-compliance: |
| - | Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety, and employment law. |
| - | Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance. |
| - | Review of board minutes and correspondence with regulators. |
| - | Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed. |
| - | Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies |
| - | Identifying and testing unusual journal entries, with a particular focus on manual journal entries. |
| Through these procedures, we did not become aware of actual or suspected non-compliance. |
| We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or 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. |
| 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 |
| People Group of Companies Ltd |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Oak Tree House, Harwood Road |
| Northminster Business Park |
| Upper Poppleton |
| York |
| YO26 6QU |
| People Group of Companies Ltd (Registered number: 10173656) |
| Consolidated |
| Profit and Loss Account |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 3 | 102,301,336 | 96,193,351 |
| Cost of sales | (82,232,146 | ) | (82,299,124 | ) |
| GROSS PROFIT | 20,069,190 | 13,894,227 |
| Administrative expenses | (7,044,503 | ) | (5,687,244 | ) |
| OPERATING PROFIT and |
| PROFIT BEFORE TAXATION | 13,024,687 | 8,206,983 |
| Tax on profit | 6 | (1,316,060 | ) | - |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 11,708,627 | 8,206,983 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 11,708,627 | 8,206,983 |
| OTHER COMPREHENSIVE INCOME |
| Purchase of own shares | (655,024 | ) | (945,093 | ) |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(655,024 |
) |
(945,093 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
11,053,603 |
7,261,890 |
| Note |
| Prior year adjustment | 9 | 122,029 |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
11,175,632 |
| Total comprehensive income attributable to: |
| Owners of the parent | 11,175,632 | 7,261,890 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Consolidated Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 | 2022 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | - | - | - |
| Tangible assets | 11 | 282,660 | 349,551 | 137,323 |
| Investments | 12 | - | - | - |
| 282,660 | 349,551 | 137,323 |
| CURRENT ASSETS |
| Contract work in progress | 13 | 586,802 | 95,381 | 737,108 |
| Debtors | 14 | 19,320,499 | 17,686,708 | 10,487,127 |
| Cash at bank and in hand | 18,529,516 | 15,696,592 | 10,589,134 |
| 38,436,817 | 33,478,681 | 21,813,369 |
| CREDITORS |
| Amounts falling due within one year | 15 | (3,369,606 | ) | (7,311,329 | ) | (2,695,674 | ) |
| NET CURRENT ASSETS | 35,067,211 | 26,167,352 | 19,117,695 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
35,349,871 |
26,516,903 |
19,255,018 |
| NET ASSETS | 35,349,871 | 26,516,903 | 19,255,018 |
| CAPITAL AND RESERVES |
| Called up share capital | 17 | 288 | 295 | 300 |
| Share premium | 18 | 19,985 | 19,985 | 19,985 |
| Capital redemption reserve | 18 | 22 | 15 | - |
| Retained earnings | 18 | 35,329,576 | 26,496,608 | 19,234,733 |
| SHAREHOLDERS' FUNDS | 35,349,871 | 26,516,903 | 19,255,018 |
| The financial statements were approved by the director and authorised for issue on 29 May 2025 and were signed by: |
| T J Elliott - Director |
| People Group of Companies Ltd (Registered number: 10173656) |
| Company Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Capital redemption reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 2,812,245 | - |
| The financial statements were approved by the director and authorised for issue on |
| People Group of Companies Ltd (Registered number: 10173656) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 September 2022 | 300 | 19,234,733 | 19,985 | - | 19,255,018 |
| Changes in equity |
| Issue of share capital | (5 | ) | - | - | - | (5 | ) |
| Total comprehensive income | - | 7,139,846 | - | 15 | 7,139,861 |
| Balance at 31 August 2023 | 295 | 26,374,579 | 19,985 | 15 | 26,394,874 |
| Prior year adjustment | - | 122,029 | - | - | 122,029 |
| As restated | 295 | 26,496,608 | 19,985 | 15 | 26,516,903 |
| Changes in equity |
| Issue of share capital | (7 | ) | - | - | - | (7 | ) |
| Dividends | - | (2,220,628 | ) | - | - | (2,220,628 | ) |
| Total comprehensive income | - | 11,053,596 | - | 7 | 11,053,603 |
| Balance at 31 August 2024 | 288 | 35,329,576 | 19,985 | 22 | 35,349,871 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Issue of share capital | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 August 2023 | 20,295 |
| Prior year adjustment | - | - | - |
| As restated |
| Changes in equity |
| Issue of share capital | ( |
) | - | - | ( |
) |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 August 2024 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 5,937,665 | 7,424,143 |
| Tax paid | (1,316,060 | ) | - |
| Net cash from operating activities | 4,621,605 | 7,424,143 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (13,096 | ) | (271,513 | ) |
| Net cash from investing activities | (13,096 | ) | (271,513 | ) |
| Cash flows from financing activities |
| Amount introduced by directors | 1,100,074 | - |
| Amount withdrawn by directors | - | (1,100,074 | ) |
| Share issue | - | 10 |
| Share buyback | (655,031 | ) | (945,108 | ) |
| Equity dividends paid | (2,220,628 | ) | - |
| Net cash from financing activities | (1,775,585 | ) | (2,045,172 | ) |
| Increase in cash and cash equivalents | 2,832,924 | 5,107,458 |
| Cash and cash equivalents at beginning of year |
2 |
15,696,592 |
10,589,134 |
| Cash and cash equivalents at end of year | 2 | 18,529,516 | 15,696,592 |
| People Group of Companies Ltd (Registered number: 10173656) |
| 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 |
| as restated |
| £ | £ |
| Profit before taxation | 13,024,687 | 8,206,983 |
| Depreciation charges | 79,987 | 59,285 |
| 13,104,674 | 8,266,268 |
| (Increase)/decrease in contract work in progress | (491,421 | ) | 641,727 |
| Increase in trade and other debtors | (2,733,865 | ) | (6,099,507 | ) |
| (Decrease)/increase in trade and other creditors | (3,941,723 | ) | 4,615,655 |
| Cash generated from operations | 5,937,665 | 7,424,143 |
| 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 | 18,529,516 | 15,696,592 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 15,696,592 | 10,589,134 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 15,696,592 | 2,832,924 | 18,529,516 |
| 15,696,592 | 2,832,924 | 18,529,516 |
| Total | 15,696,592 | 2,832,924 | 18,529,516 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| People Group of Companies Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis. |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year. |
| Going concern |
| The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved. |
| The financial statements are prepared on the going concern basis which assumes that the will group continue to trade. If the group is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities. |
| Basis of consolidation |
| The group accounts consolidate the results of the company and its subsidiaries under the acquisition method. |
| 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. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
| The following are the group's key sources of estimation uncertainty: |
| Work-in-progress / Deferred income |
| The carrying value of work-in-progress is sensitive to changes in the estimated stage of completion of contracts, and to the extent that the outcome of a contract can be measured reliably. See notes for the carrying amount of work-in-progress. |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 fair value of the right to consideration for goods sold and services provided to customers. |
| Income recognition |
| Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has been transferred to to buyer. Income from the rendering of services is recognised by reference to the stage of completion to the extent that the outcome of a contract can be estimated reliably. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and impairment. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Work-in-progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. Profit is only recognised to the extent that the outcome of a contract can be estimated reliably. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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. |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Translation of group companies |
| For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency into sterling using the closing exchange rate. Income and expenditure are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rate at the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other comprehensive income and are not reclassified to retained earnings. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| United Kingdom | 1,165,908 | 526,661 |
| United Arab Emirates | 101,135,428 | 95,666,690 |
| 102,301,336 | 96,193,351 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Wages and salaries | 1,862,579 | 2,187,474 |
| Social security costs | 111,542 | 88,409 |
| Other pension costs | 16,015 | 11,059 |
| 1,990,136 | 2,286,942 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| as restated |
| Production |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Director's remuneration | 119,393 | 110,782 |
| Key management remuneration is not disclosed as the directors are the only employees considered key management and disclosed separately. |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Other operating leases | 186,770 | 198,500 |
| Depreciation - owned assets | 79,987 | 59,285 |
| Auditors' remuneration | 46,900 | 37,700 |
| Foreign exchange differences | 2,749,803 | 1,660,728 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 17,921 | - |
| Overseas tax charge | 1,298,139 | - |
| Tax on profit | 1,316,060 | - |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Profit before tax | 13,024,687 | 8,206,983 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
2,474,691 |
1,559,327 |
| Effects of: |
| Income not taxable for tax purposes | (2,454,451 | ) | (1,556,862 | ) |
| Capital allowances in excess of depreciation | (2,319 | ) | (2,465 | ) |
| Overseas tax charge | 1,298,139 | - |
| Total tax charge | 1,316,060 | - |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | (655,024 | ) | - | (655,024 | ) |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | (945,093 | ) | - | (945,093 | ) |
| 7. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Accounts of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| A Ordinary shares of £1 each |
| Interim | 212,293 | - |
| B Ordinary and C Ordinary shares of £1 each |
| Interim | 2,008,335 | - |
| 2,220,628 | - |
| Refer to note 9 in relation to prior year adjustment made. |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | PRIOR YEAR ADJUSTMENT |
| Whilst preparing the People Group of Companies Limited financial statements for 31 August 2024 it was noted that ten £1 Ordinary B shares had not been recognised in the 2023 financial statements. |
| In addition, it was noted that a buyback of ten £1 Ordinary B shares and five £1 Ordinary C shares had occurred during the year for consideration of £945,108 which had not been disclosed in the 2023 financial statements. |
| Finally, dividends declared in the year to 31 August 2023 of £1,067,137 were recategorised from dividends to participants' loans. |
| These matters have been adjusted by way of a prior year adjustment in the 2024 accounts, resulting in a restatement of the 2023 comparatives from the signed 2023 financial statements as follows: |
| - A decrease in share capital of £5 as at 31 August 2023; |
| - An increase in the capital redemption reserve of £15 as at 31 August 2023; |
| - An increase in closing creditors of £945,098 as at 31 August 2023; |
| - An increase in closing debtors of £1,067,137 as at 31 August 2023; and, |
| - An increase in retained earnings of £122,029 as at 31 August 2023. |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 65,765 |
| AMORTISATION |
| At 1 September 2023 |
| and 31 August 2024 | 65,765 |
| NET BOOK VALUE |
| At 31 August 2024 | - |
| At 31 August 2023 | - |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 278,069 | 50,021 | 104,504 |
| Additions | - | - | 13,096 |
| At 31 August 2024 | 278,069 | 50,021 | 117,600 |
| DEPRECIATION |
| At 1 September 2023 | 33,850 | 50,021 | 61,824 |
| Charge for year | 48,891 | - | 14,425 |
| At 31 August 2024 | 82,741 | 50,021 | 76,249 |
| NET BOOK VALUE |
| At 31 August 2024 | 195,328 | - | 41,351 |
| At 31 August 2023 | 244,219 | - | 42,680 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 91,197 | 24,718 | 548,509 |
| Additions | - | - | 13,096 |
| At 31 August 2024 | 91,197 | 24,718 | 561,605 |
| DEPRECIATION |
| At 1 September 2023 | 33,299 | 19,964 | 198,958 |
| Charge for year | 14,104 | 2,567 | 79,987 |
| At 31 August 2024 | 47,403 | 22,531 | 278,945 |
| NET BOOK VALUE |
| At 31 August 2024 | 43,794 | 2,187 | 282,660 |
| At 31 August 2023 | 57,898 | 4,754 | 349,551 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Computer |
| equipment |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 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: |
| Subsidiaries |
| Registered office: Office C40-P3-0303, Yas Creative Hub, Yas Island, Abu Dhabi, United Arab Emirates |
| Nature of business: |
| % |
| Class of shares: | holding |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Hangar 88 Marston Business Park, Tockwith, York, North Yorkshire, United Kingdom, YO26 7QF |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Oak Tree House Harwood Road, Northminster Business Park, Upper Poppleton, York, United Kingdom, Y026 6QU |
| Nature of business: |
| % |
| Class of shares: | holding |
| Spaces + Places Limited (company number 12694010) has taken advantage of the exemption from audit under section 479A of the Companies Act 2006. |
| Registered office: Hangar 88 Marston Business Park, Tockwith, York, North Yorkshire, United Kingdom, YO26 7QF |
| Nature of business: |
| % |
| Class of shares: | holding |
| People Trustee Limited (company number 12477163) has taken advantage of the exemption from audit under section 479A of the Companies Act 2006. |
| Registered office: Hangar 88 Marston Business Park, Tockwith, York, North Yorkshire, United Kingdom, YO26 7QF |
| Nature of business: |
| % |
| Class of shares: | holding |
| Spectaculars International Limited (company number 15222701) has taken advantage of the exemption from audit under section 479A of the Companies Act 2006. |
| 13. | CONTRACT WORK IN PROGRESS |
| Group |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Work-in-progress | 586,802 | 95,381 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade debtors | 14,289,479 | 12,591,274 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 2,697,065 | 2,565,309 |
| Participators' current account | - | 1,100,074 | - | 1,100,074 |
| VAT | - | - |
| Prepayments and accrued income | 2,333,955 | 1,430,051 |
| 19,320,499 | 17,686,708 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade creditors | 914,960 | 2,077,100 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 1,316,060 | - |
| Taxation and social security | 37,316 | 22,276 |
| VAT | 126,767 | 46,522 | - | - |
| Other creditors | 175,738 | 1,129,646 |
| Accruals and deferred income | 798,765 | 4,035,785 |
| 3,369,606 | 7,311,329 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Within one year | 82,717 | 70,057 |
| Between one and five years | 81,435 | - |
| 164,152 | 70,057 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | as restated |
| £ | £ |
| 195 | A Ordinary | £1 | 195 | 195 |
| 70 | B Ordinary | £1 | 53 | 60 |
| 30 | C Ordinary | £1 | 25 | 25 |
| 15 | D Ordinary | £1 | 15 | 15 |
| 288 | 295 |
| Called up share capital - represents the nominal value of shares that have been issued. Included within the capital redemption reserve there are 17 Ordinary B shares and 5 Ordinary C shares held in treasury. |
| 18. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 September 2023 | 26,374,579 | 19,985 | 15 | 26,394,579 |
| Prior year adjustment | 122,029 | 122,029 |
| 26,496,608 | 26,516,608 |
| Profit for the year | 11,708,627 | 11,708,627 |
| Dividends | (2,220,628 | ) | (2,220,628 | ) |
| Purchase of own shares | (655,031 | ) | - | 7 | (655,024 | ) |
| At 31 August 2024 | 35,329,576 | 19,985 | 22 | 35,349,583 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 September 2023 |
| Prior year adjustment |
| 142,029 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Purchase of own shares | (655,031 | ) | - | 7 | (655,024 | ) |
| At 31 August 2024 | 78,622 |
| People Group of Companies Ltd (Registered number: 10173656) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 18. | RESERVES - continued |
| Refer to note 9 relating to the prior year adjustment occuring in the current year. |
| Retained earnings - includes all current and prior period retained profits and losses. |
| Share premium - represents the difference between the par value of the shares issued and the issue price. |
| The closing capital redemption reserve includes 17 Ordinary B shares and 5 Ordinary C shares held in treasury. |
| 19. | PARTICIPATORS ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to participators existed during the years ended 31 August 2024 and 31 August 2023: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Balance outstanding at start of year | 1,100,074 | - |
| Amounts advanced | - | 1,100,074 |
| Amounts repaid | -1,100,074 |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 1,100,074 |
| 20. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is T J Elliott, who owns the majority of the issued share capital |