Company registration number 04156002 (England and Wales)
Sellick Partnership Limited
Annual report and financial statements
For the year ended 31 December 2024
Sellick Partnership Limited
Company information
Directors
Mr B P M M Gendrot
Mr G J A Cavallari
Mr T R P Geffroy
Mr R Wareing
Mrs H Cottam
Company number
04156002
Registered office
Queens Court
24 Queen Street
Manchester
M2 5HX
Auditor
DJH Audit Limited
St George's House
56 Peter Street
Manchester
M2 3NQ
Sellick Partnership Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 25
Sellick Partnership Limited
Strategic report
For the year ended 31 December 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Development and performance:

The political and economic climate has continued to challenge the Company but Sellick Partnership has continued to see some positive growth and expansion across certain specialisms. Sellick Partnership continued to invest in the training and development of its staff and new technology.

Turnover has increased by 4.1% from £114,621,738 for the year ended 31 December 2023, to £119,366,252 for the year ending 31 December 2024.

The continued “war” for talent has pushed candidate wages higher in certain sectors, leading to an effective fall in gross profit on contracts with fixed pence margins. The gross profit of the Company has decreased by 1.2%, from £14,776,866 for the year ended 31 December 2023 to £14,601,498 for the year ended 31 December 2024.

Financial position:

The Company's financial position is shown in the financial statements.

Principal risks and uncertainties

 

The Board consider the principal risks and uncertainties to the business to be:

- Legislation - the recruitment industry is becoming increasingly legislated and Sellick Partnership manages these changes and proposed changes by employing various internal controls and liaising with several professional advisors.

- Economic - the challenging economic climate in the UK will continue to be a risk for any recruitment business. Sellick Partnership will continue to invest in its people and client base to mitigate the risk.

- Skill Shortages - Sellick Partnership continues to face the challenge of finding high quality candidates across all its markets. Continued investment in technology and networking events will help support the expansion in our candidate base.

- Price – customers are continuously looking for the best price for their recruitment services, creating a constant downward pressure on price. Sellick Partnership manage this risk by regularly reviewing pricing strategies against competitors and by looking for new innovative recruitment solutions.

- Credit – this is a risk across all customers large and small, Sellick Partnership have tight controls in place around credit checks for both new and existing customers and have the decision making process separated from the sales side of the business.

- Liquidity – an important area of the business, this is managed by quickly turning trade debtors into cash balances.

- Cash flow – this is an area of high focus for all businesses, Sellick Partnership look to reduce the cash flow gap between customer and supplier payments to improve cash flow.

Future:

The Board considers that the business will continue to grow organically within its current markets and expects to generate profits year on year.

 

 

Sellick Partnership Limited
Strategic report (continued)
For the year ended 31 December 2024
- 2 -
Key performance indicators

The key performance indicators used to monitor the development, performance and position of the Company include:

- Turnover: FY24 £119,366,252

- Turnover: FY23 £114,621,739

This is a basic financial statement measure that is used to review cumulative sales performance consolidating sales price and activity against the prior period and budget.

- Permanent placement revenue: FY24 £3,012,421

- Permanent placement revenue: FY23 £3,173,401

This is a basic financial statement measure that is used to review permanent placement sales performance consolidating sales price and activity against the prior period and budget.

- Gross profit: FY24 £14,601,498

- Gross profit: FY23 £14,776,866

This is a basic financial statement measure to review profitability after all directly attributable costs of sale against the prior period and budget.

- Revenue mix: FY24 97.6% temporary vs 2.4% permanent recruitment

- Revenue mix: FY23 97.2% temporary vs 2.8% permanent recruitment

This is a measure used to review the type of recruitment by sales value provided to our clients against prior period and budget.

- Temporary placement margin analysis: FY24 9.8% gross profit margin

- Temporary placement margin analysis: FY23 10.4% gross profit margin

This is a measure of profitability after all directly attributable temporary placement costs of sale used to review the quality of the business from the period against prior period and budget.

In addition, management review productivity by employee, employment costs, activity ratios, and employee headcount/retention as part of the performance analysis of the business.

Sellick Partnership Limited
Strategic report (continued)
For the year ended 31 December 2024
- 3 -
Promoting the success of the company

Section 172 of the Companies Act 2006 require that directors of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

 

In doing this, section 172 requires a director to have regard, amongst other matters, to the:

 

The directors, together with the Board, have identified the key stakeholder groups as our employees, our clients, our candidates and the wider communities in which we operate in.

 

The directors confirm that in discharging their duties under section 172, they have had regard to the factors set out above and ensure that the views of the key stakeholder groups are both consulted on and considered in Board discussions when making strategic decisions.

 

The Company delegates authority for day-to-day management to key management who are responsible for setting, approving and overseeing the execution of the business strategy and related policies.

 

The Company delegates to key management to review the Company’s financial and operational performance, risk and compliance and health and safety matters.

 

Client and candidate relationships are a key area of focus for the Company and the Company is committed to maintaining and continuing to improve these relationships. This is achieved through training and development of the Company’s employees and fostering an inclusive and consultative environment for them to work in. Additionally, we continue to invest in IT infrastructure to ensure we have the appropriate tools to deliver a quality service.

 

Managing good relationships with candidates is key to facilitating a quality service for clients, ensuring that both candidates and clients return to the company time and time again.

 

The Company also has regard to the local community in all of its activities and acknowledges its role as an employer in the local area, where possible utilising suppliers local to our regional offices to support smaller businesses whilst helping to reduce the environmental impact of our supply chain.

 

The Board continues to review how the Company engages with its key stakeholders and looks to improve these processes wherever possible and practical.

On behalf of the board

Mrs H Cottam
Director
11 April 2025
Sellick Partnership Limited
Directors' report
For the year ended 31 December 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company in the period under review was that of temporary and permanent recruitment solutions to the professional services sector.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

 

The total distribution of dividends for the period ended 31 December 2024 will be £Nil (31 December 2023: £Nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B P M M Gendrot
Mr G J A Cavallari
Mr T R P Geffroy
Mr R Wareing
Mrs H Cottam
Auditor

DJH Audit Limited, has indicated its willingness to continue in office and will be proposed for re-appointment in accordance with section 485 Companies Act 2006.

Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
100,651
115,551
Sellick Partnership Limited
Directors' report (continued)
For the year ended 31 December 2024
- 5 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
2.31
2.62
2.31
2.62
Scope 2 - indirect emissions
- Electricity purchased
20.84
23.93
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
11.30
26.96
Total gross emissions
34.45
53.51
Intensity ratio
Tonnes CO2e per employee
0.34
0.50
Quantification and reporting methodology

The following methodologies were used to ensure verifiable data was obtained where reasonably practicable:

- Electricity: meter reading data for fixed office locations was obtained from the invoices sent directly from the supplier. For offices where this information was not readily available, average consumption by square foot from the Company’s other offices was used in order to obtain an estimate.

- Transport Fuel: Consumption is calculated from vehicle mileage records for vehicles owned by the individuals who are using personal vehicles for business purposes and for the cars leased directly by the Company. Mileage covered is converted into kwh data using recognised conversion factors, which then allows a carbon conversion factor per kwh to be applied.

 

Intensity measurement

The chosen intensity measurement is total gross emissions in metric tonnes CO2e per employee. This method is chosen given that, as a consultancy business, staff numbers are a key driver in the health and performance of the Company.

 

Measures taken to improve energy efficiency

The company is committed to incorporating and developing sustainable practices that minimise our impact on the environment. We proactively work with all relevant stakeholders to ensure that their environmental expectations are aligned with those of the Company.

We, where possible, source products locally to our regional offices and have actively encouraged our workforce, via the implementation of appropriate policies and procedures, to work in an environmentally friendly manner. These policies include; flexible and remote working to reduce the emissions from commuting to the regional offices; the adoption of virtual meetings where possible to reduce travel; the installation of energy efficient lighting and other electrical appliances across all offices, where possible and practical.

 

Sellick Partnership Limited
Directors' report (continued)
For the year ended 31 December 2024
- 6 -

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees

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:

 

 

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.

Disclosure in the strategic report

The company has chosen in accordance with section 414C(11) of Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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.

 

On behalf of the board
Mrs H Cottam
Director
11 April 2025
Sellick Partnership Limited
Independent auditor's report
To the member of Sellick Partnership Limited
- 7 -
Opinion

We have audited the financial statements of Sellick Partnership Limited (the 'company') for the year ended 31 December 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:

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 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.

Other information

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.

Sellick Partnership Limited
Independent auditor's report (continued)
To the member of Sellick Partnership Limited
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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:

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.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.

Sellick Partnership Limited
Independent auditor's report (continued)
To the member of Sellick Partnership Limited
- 9 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries posted during the period and at the period end to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions; and

- performed walkthrough tests on major transaction cycles.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

- Reviewing legal and professional fees incurred during the year to identify any potential indications of non-compliance with laws and regulations.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Sellick Partnership Limited
Independent auditor's report (continued)
To the member of Sellick Partnership Limited
- 10 -
Joanne Beamish ACA FCCA
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
11 April 2025
Accountants
Statutory Auditor
St George's House
56 Peter Street
Manchester
M2 3NQ
Sellick Partnership Limited
Statement of comprehensive income
For the year ended 31 December 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
119,366,252
114,621,739
Cost of sales
(104,764,754)
(99,844,873)
Gross profit
14,601,498
14,776,866
Administrative expenses
(10,738,170)
(10,701,591)
Operating profit
4
3,863,328
4,075,275
Interest receivable and similar income
8
273,230
187,485
Interest payable and similar expenses
9
(92)
(3,139)
Profit before taxation
4,136,466
4,259,621
Tax on profit
10
(1,015,226)
(979,687)
Profit for the financial year
3,121,240
3,279,934
Sellick Partnership Limited
Balance sheet
As at 31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
10,250
21,031
Tangible assets
12
134,053
201,407
144,303
222,438
Current assets
Debtors
13
20,569,302
20,125,960
Cash at bank and in hand
4,429,734
605,828
24,999,036
20,731,788
Creditors: amounts falling due within one year
14
(8,597,824)
(7,524,751)
Net current assets
16,401,212
13,207,037
Total assets less current liabilities
16,545,515
13,429,475
Provisions for liabilities
Provisions
15
30,500
35,700
Deferred tax liability
17
11,600
11,600
(42,100)
(47,300)
Net assets
16,503,415
13,382,175
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
19
16,503,315
13,382,075
Total equity
16,503,415
13,382,175
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
Mrs H Cottam
Director
Company registration number 04156002 (England and Wales)
Sellick Partnership Limited
Statement of changes in equity
For the year ended 31 December 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
10,102,141
10,102,241
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,279,934
3,279,934
Balance at 31 December 2023
100
13,382,075
13,382,175
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,121,240
3,121,240
Balance at 31 December 2024
100
16,503,315
16,503,415
Sellick Partnership Limited
Notes to the financial statements
For the year ended 31 December 2024
- 14 -
1
Accounting policies
Company information

Sellick Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Queens Court, 24 Queen Street, Manchester, M2 5HX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 cover the company as an individual entity and 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:

 

 

This information is included in the consolidated financial statements of Sellick Partnership Group Limited as at 31 December 2024 and these financial statements may be obtained from Queens Court, 24 Queen Street, Manchester, Greater Manchester, M2 5HX.

1.2
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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company recognises turnover on the placement of contractors when validated by receipt of a client approved timesheet. For the placement of permanent candidates, turnover is recognised and the client is invoiced when the candidate starts their role. Provisions are made where permanent candidates do not remain in their role with the client for the specified period of time.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 15 -

Amortisation 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:

Computer software
25% on cost
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:

Equipment
20% on cost
Fixtures and fittings
33.33% on cost
Computer equipment
33.33% on cost

The residual values and useful lives of tangible fixed assets are reviewed, and adjusted if appropriate, at the end of each reporting period if there are indicators of change. The carrying amount of an asset is written down immediately to its recoverable amount if the asset's carrying amount is assessed as greater than its estimated recoverable amount.

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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank.

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, amounts due from group companies, 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.

Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 16 -
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.

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 and loans from fellow group companies, 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.

Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 17 -
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.

 

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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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.

Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

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.

 

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 directors consider that there are no key sources of estimation uncertainty.

3
Turnover and other revenue

The turnover and profit before taxation are attributable to the one principal activity of the company.

 

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Temporary placements
116,353,831
111,448,338
Permanent placements
3,012,421
3,173,401
119,366,252
114,621,739
2024
2023
£
£
Other revenue
Interest income
273,230
187,485
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(6,080)
116
Depreciation of owned tangible fixed assets
74,861
65,561
Amortisation of intangible assets
10,781
11,094
Operating lease charges
703,584
302,578
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,325
21,500
6
Employees

The average monthly number of employees during the year was as follows:

2024
2023
Number
Number
Directors
2
3
Consultants
75
83
Office staff
25
22
Total
102
108

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,489,800
6,521,827
Social security costs
805,605
837,299
Pension costs
160,098
169,002
7,455,503
7,528,128
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
312,271
488,877
Company pension contributions to defined contribution schemes
11,860
24,435
324,131
513,312
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
184,995
227,823
Company pension contributions to defined contribution schemes
7,160
16,277
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
44,741
18,017
Interest receivable from group companies
228,489
169,468
Total income
273,230
187,485
9
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
92
3,139
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,015,226
979,687
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,136,466
4,259,621
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,034,117
1,001,884
Tax effect of expenses that are not deductible in determining taxable profit
2,073
14,013
Group relief
(3,993)
(1,157)
Permanent capital allowances in excess of depreciation
-
0
(18,171)
Depreciation on assets not qualifying for tax allowances
666
351
Deferred tax adjustments in respect of prior years
28,900
-
0
Deferred tax (under)/over provision
(14,200)
-
0
(Underprovision)/overprovision of corporation tax
(32,337)
(17,123)
Enhanced capital allowances
-
0
(110)
Taxation charge for the year
1,015,226
979,687
11
Intangible fixed assets
Goodwill
Computer software
Total
£
£
£
Cost
At 1 January 2024
716,341
194,423
910,764
Disposals
-
0
(23,062)
(23,062)
At 31 December 2024
716,341
171,361
887,702
Amortisation and impairment
At 1 January 2024
716,341
173,392
889,733
Amortisation charged for the year
-
0
10,781
10,781
Disposals
-
0
(23,062)
(23,062)
At 31 December 2024
716,341
161,111
877,452
Carrying amount
At 31 December 2024
-
0
10,250
10,250
At 31 December 2023
-
0
21,031
21,031
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 22 -
12
Tangible fixed assets
Equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
239,140
196,866
459,377
895,383
Additions
2,747
3,178
1,582
7,507
Disposals
(160,022)
(101,200)
(141,406)
(402,628)
At 31 December 2024
81,865
98,844
319,553
500,262
Depreciation and impairment
At 1 January 2024
219,877
188,451
285,648
693,976
Depreciation charged in the year
11,333
3,812
59,716
74,861
Eliminated in respect of disposals
(160,022)
(101,200)
(141,406)
(402,628)
At 31 December 2024
71,188
91,063
203,958
366,209
Carrying amount
At 31 December 2024
10,677
7,781
115,595
134,053
At 31 December 2023
19,263
8,415
173,729
201,407
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,212,044
13,903,152
Corporation tax recoverable
19,983
80,451
Amounts owed by group undertakings
5,107,508
4,609,908
Other debtors
29,175
53,770
Prepayments and accrued income
1,200,592
1,478,679
20,569,302
20,125,960
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
490,762
220,384
Amounts owed to group undertakings
944,062
1,222,553
Taxation and social security
1,813,242
1,538,935
Other creditors
2,647,909
2,264,371
Accruals and deferred income
2,701,849
2,278,508
8,597,824
7,524,751
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 23 -
15
Provisions for liabilities
2024
2023
£
£
Dilapidations provision
30,500
35,700
Movements on provisions:
Dilapidations provision
£
At 1 January 2024
35,700
Additional provisions in the year
(5,200)
At 31 December 2024
30,500

The dilapidations provision relates to the potential dilapidations due at the end of the current leases of property. The amounts included in the provision are the amounts expected to become due when the leases for property expire over the next 1 to 5 years.

16
Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £213,095 (2023 - £169,002). Contributions totalling £69,011 (2023 - £77,667) were payable to the fund at the balance sheet date and are included in creditors.

 

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
11,600
11,600
There were no deferred tax movements in the year.

The deferred tax provision relates to accelerated capital allowances.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
18
Share capital
(Continued)
- 24 -

Each share has full voting rights, the right to receive dividends and no right to participate in a distribution of capital, except on winding up.

19
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
13,382,075
10,102,141
Profit for the year
3,121,240
3,279,934
At the end of the year
16,503,315
13,382,075

Retained earnings represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

20
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
2023
£
£
Within one year
379,901
351,174
Between two and five years
323,683
231,951
703,584
583,125
21
Directors' advances, credits and guarantees

During the year, additional advances were made to the directors of £1,105 (2023 - £55,748), and repayments were made totalling £30,361 (2023 - £43,120).

 

At the period end, advances to directors of £nil (2023 - £29,256) remained outstanding.

 

The advances were all interest free, unsecured and repayable on demand.

22
Related party transactions

The company has taken advantage of the exemption to disclose related party transactions that relate to other members of the group in accordance with FRS102, section 33.

 

Transactions with group companies

Management charges have been charged from a group company to the company in the year totalling £1,069,518 (2023 - £1,019,602). Amounts owing to this group company at the year end totalled £944,062 (2023 - £1,222,563).

23
Ultimate controlling party
Sellick Partnership Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
Ultimate controlling party
(Continued)
- 25 -

The ultimate controlling party of Samsic RH SAS is Christian Roulleau.

24
Ultimate parent company

The parent company is Sellick Partnership Group Limited which owns 100% of the ordinary share capital. Sellick Partnership Group Limited is incorporated in England.

 

Copies of the group accounts of Sellick Partnership Group Limited are available from Queens Court, 24 Queen Street, Manchester, M2 5HX.

 

The ultimate parent company is Samsic SAS, a company incorporated in France with the registered office of La Rigourdiere, 6 rue de Chatillon 35510 Cesson Sevigne.

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