| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| ABACUS EMPLOYMENT SERVICES LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| ABACUS EMPLOYMENT SERVICES LIMITED |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Income Statement | 7 |
| Other Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 |
| ABACUS EMPLOYMENT SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditor |
| Fleming Court |
| Leigh Road |
| Eastleigh |
| Southampton |
| Hampshire |
| SO50 9PD |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| It has been another challenging year in the market place with many clients consolidating their supplier base and renegotiating supply costs. Considering this, the Board are satisfied with the results posted, but very aware further work is required to ensure that the business is aligned to the requirements of the future market and has the agility to move with the times. |
| The Key Performance Indicators for the company are considered to be sales and gross margins. Reported sales have increased on the prior year from £13,770,111 to £15,847,336 (15.09% increase). Our relationships with key partners continue to strengthen and grow, with our share of their business being maintained, however the impact of the overall market place continues to affect business levels. We are confident in our relationships with these partners and look forward to them strengthening further. Margin remains a challenge and will always be a key focus area, with changes to National Minimum Wage and cost control a focus for the vast majority of businesses, maintaining gross margin has proved to be a significant challenge this year. The effect of this is that gross margin percentage has decreased this year to 16.373% (from 18.26% in 2023). Our aim remains to improve this overall margin, ensuring that we charge appropriately for the value we add to our clients business. |
| The purchase and subsequent integration of Dovetail continues to be a success. The benefit can be seen through a broader client base and, significantly, the increase in permanent placement business. This is an area of focus for the coming years. |
| The realignment of the cost base to reflect the challenging market in previous years has been maintained, however due to the impact of the market showing through margin, is once again an area of focus. All areas of our cost base are under review and we expect to realise further savings through the coming years. |
| As we have stated in previous years, cost control and cash management are key focus areas, this has again proven even more critical throughout the period, it is constantly monitored and reviewed. The focus on cash is essential to ensure that we are set for the future. Alongside cost management we recognise the importance of keeping our infrastructure robust and current. |
| Compliance remains of paramount importance to us, as evidenced by our membership to the recognised regulatory bodies within the recruitment sector. This and our processes enable us to ensure that we are up to date with changes in legislation and are able to adapt quickly to implement necessary changes in operating practices. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key risk and uncertainty at this time surrounds the economic climate and how this impacts demand for our services. With the continuing issue around the cost of living and finance/interest costs remaining high there is still significant risk and uncertainty. We continue to take a cautious, but long term focussed, approach on how we transact through the coming period. |
| ON BEHALF OF THE BOARD: |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 September 2024 was £16,000 (2023: £96,000). |
| FUTURE DEVELOPMENTS |
| The directors will continue their policy of growing organically within the current branch network. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| In order to manage the day to day financial needs of the company the directors have an invoice financing facility with HSBC Bank. The company always works within this facility and the major risk is if the underlying debtors that the facility is secured against do not pay then HSBC Bank have recourse to the company. To manage this risk the company has strict credit rules in place in respect of new clients and constant monitoring of existing clients. |
| For asset purchases the company uses a combination of Hire Purchase and Term Loans. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ABACUS EMPLOYMENT SERVICES LIMITED |
| Opinion |
| We have audited the financial statements of Abacus Employment Services Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2024 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ABACUS EMPLOYMENT SERVICES LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the 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. |
| 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: |
| As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations and the reporting requirements of the Companies Act 2006 and Financial Reporting Standard 102. |
| Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, discussing with the client regarding the Health and Safety regulations and any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists. |
| We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place. |
| Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 |
| ABACUS EMPLOYMENT SERVICES LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| Fleming Court |
| Leigh Road |
| Eastleigh |
| Southampton |
| Hampshire |
| SO50 9PD |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 135,226 | 113,459 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Revaluation reserve | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | ( |
) |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | ( |
) |
| Balance at 30 September 2024 |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 43,553 | 59,151 |
| Amount withdrawn by directors | (68,189 | ) | (110,328 | ) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
95,571 |
| Cash and cash equivalents at end of year | 2 | 29,442 | 27,525 |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 117,731 | 96,018 |
| Finance income | (924 | ) | - |
| 170,080 | 136,671 |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 29,442 | 27,525 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 27,525 | 95,571 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 27,525 | 1,917 | 29,442 |
| 27,525 | 29,442 |
| Debt |
| Debts falling due within 1 year | (21,595 | ) | (1,405 | ) | (23,000 | ) |
| Debts falling due after 1 year | (200,392 | ) | 22,537 | (177,855 | ) |
| (221,987 | ) | 21,132 | (200,855 | ) |
| Total | (194,462 | ) | 23,049 | (171,413 | ) |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Abacus Employment Services Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared under the historical cost convention as modified by the revaluation of certain asset and on a going concern basis. |
| Going concern |
| The company utilises a bank financing arrangement in order to support its day-to-day working capital requirements. |
| This arrangement is on a rolling basis and indications are that this financing will be continuing for the foreseeable future. However, the directors are aware that given the reliance on this ongoing financing, should the situation change they would need to source alternative arrangements. |
| The financing agreement includes a covenant in relation to the net assets of the company which it has fallen below in the current and previous year. However, there have been no indications from the bank that it intends to modify or withdraw the arrangement. |
| As a result of the considerations above, the directors believe it is appropriate to prepare the financial statements on a going concern basis and do not believe there are any matters which give rise to any significant doubts as to the ability of the company to continue as a going concern. |
| Turnover |
| Turnover represents the total services invoiced during the year on a weekly basis, net of Value Added Tax. It is recognised when the company obtains the right to receive consideration for the services provided. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| All fixed assets are initially recorded at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of businesses in 2010 and in 2023, has and is being amortised evenly over their estimated useful lives of five years. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Productive | 607 | 580 |
| Administrative | 32 | 32 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Goodwill amortisation |
| Audit fee |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Invoice Discounting Interest |
| Interest on Overdue Tax |
| Loan |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 19% (2023 - 19%). |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | 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 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Deferred tax movement | (6,476 | ) | 5,634 |
| Total tax charge | 167 | 9,023 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 9. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Cost or valuation at 30 September 2024 is represented by: |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2020 | 85,000 | - | - | 85,000 |
| Valuation in 2018 | 123,323 | - | - | 123,323 |
| Cost | 585,879 | 59,306 | 77,343 | 722,528 |
| 794,202 | 59,306 | 77,343 | 930,851 |
| If Freehold properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 585,879 | 585,879 |
| Aggregate depreciation | (86,700 | ) | (75,042 | ) |
| One of the freehold properties was valued on an open market basis on 10 March 2021 by Haslams Surveyors LLP . |
| The directors have assessed this valuation along with the cost of the property acquired in the previous year and confirmed a reasonable value for the properties as £794,202 as at 30th September 2024. |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Bad debt provision | - | (19,451 | ) |
| Other debtors |
| Directors' current accounts | 56,125 | 48,186 |
| Prepayments and accrued income |
| Included in trade debtors are factored debts of £1,619,445 (2023: £1,612,386). |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Invoice discounting advance |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 544,017 | 440,981 |
| Other creditors |
| Directors' current accounts | 1,305 | 18,002 |
| Accruals and deferred income |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 14) |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years | 75,829 | 99,285 |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Invoice discounting advance | 1,389,343 | 1,432,500 |
| The bank loans are secured by way of a debenture over the assets of the company. |
| The invoice discounting advance is secured against trade debtors. |
| 17. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | ( |
) | ( |
) |
| Deferred tax on property revaluation | 26,130 | 35,677 |
| 19,177 | 25,653 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 30 September 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 19. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | 220,167 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| Revaluation reserve | 4,225 | (4,225 | ) | - |
| At 30 September 2024 | 221,495 |
| 20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Mr J L Fuller's loan was unsecured with interest charged at HMRC approved rates and with no fixed date of repayment. |
| Mrs B A Fuller's loan was unsecured with interest charged at HMRC approved rates and with no fixed date of repayment. |
| Mr D G J Fuller's loan was unsecured with interest charged at HMRC approved rates and with no fixed date of repayment. |
| 21. | RELATED PARTY DISCLOSURES |
| ABACUS EMPLOYMENT SERVICES LIMITED (REGISTERED NUMBER: 02638307) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 21. | RELATED PARTY DISCLOSURES - continued |
| 2024 | 2023 |
| £ | £ |
| Wages | 537,922 | 496,348 |
| Rent | - | 7,500 |
| Amount due from related party |
| Amount due to related party |
| The amounts due to related parties are unsecured with interest charged at HMRC approved rates with no fixed date of repayment. |
| The amounts due from related parties are unsecured with interest charged at HMRC approved rates and with no fixed date of repayment. |
| 2024 | 2023 |
| £ | £ |
| Wages | 161,263 | 171,395 |