| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Coyle Personnel Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Coyle Personnel Limited |
| Coyle Personnel Limited (Registered number: 02281209) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 8 |
| Income Statement | 11 |
| Other Comprehensive Income | 12 |
| Balance Sheet | 13 |
| Statement of Changes in Equity | 14 |
| Cash Flow Statement | 15 |
| Notes to the Cash Flow Statement | 16 |
| Notes to the Financial Statements | 17 |
| Coyle Personnel Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Kings Parade |
| Lower Coombe Street |
| Croydon |
| Surrey |
| CR0 1AA |
| Coyle Personnel Limited (Registered number: 02281209) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| The board aims to provide a balanced and comprehensive overview of the company's business development and performance during the period, and its financial position at the period's end. This review aligns with the Company's size and nature and is framed within the context of the risks and uncertainties faced by the business. |
| PRINCIPAL ACTIVITIES |
| The principal activity of Coyle Personnel Limited ('the Company') during the year continued to be staff recruitment and related activities. Coyle Personnel is a leader of professional interim recruitment, within both the private and public sector. The Company has built a reputation on its ability to fill critical skill gaps with experienced contractors and temporary staffing solutions within strict time frames. |
| REVIEW OF BUSINESS |
| The board considers that Coyle Personnel had a successful trading year, despite a decline in turnover driven by macroeconomic factors. Operationally, the business performed well, supported by strong cost control measures and management of cash flow and working capital. |
| Coyle Personnel continues to diversify its activities and enhance the quality of its services, contributing to the maintenance of strong margins which improved operating profit this year. |
| The board is also pleased to report that the company achieved the Social Value Quality Mark Bronze accreditation, recognising its commitment to delivering positive change within the community. The company actively promotes internal engagement with social and community initiatives to drive meaningful impact.The board recognise the importance of working towards social value pledges and has been preparing for the Silver Social Value Quality Mark. |
| We exceeded our target set and successfully upskilled in excess of 2,000 workers throughout the year. Our commitment to investing in development of the rail sector workforce to achieve vital qualifications such as COSS (Controller of Site Safety), PTS (Personal Track Safety), EFA (Emergency First Aid), and other essential competencies required in the rail industry ensures our continued service to deliver quality staffing with safety at the forefront. |
| The board monitors the Company's performance through the use of a variety of measurements, both financial and non-financial in order to maintain effective control over the business. The most important of these are known as key performance indicators (KPIs). |
| The main financial KPIs that the Company monitors are turnover, gross profit and gross margin % and these are set out below. |
| 2024 | 2023 | 2022 |
| Turnover | £139 million | £153 million | £128 million |
| Turnover movement | (£14 million) | £25 million | £29 million |
| Gross profit margin | 18.2% | 17.54% | 17.53% |
| Profit before tax % | 5.31% | 4.18% | 4.98% |
| The turnover of the Company decreased by 9% year on year, amounting to £139,167,919 (2023: increase 19% £153,182,637). |
| Coyle Personnel Limited (Registered number: 02281209) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The board takes a conservative approach to risk and financial stability leaving investment in the business to allow the business to expand and grow. |
| The Company operates on government frameworks and private agreements with clients. Failure to meet the standards set could jeopardise the revenues of the business. Compliance is high on the Company's agenda. |
| The Company's maximum exposure to credit risk in relation to financial assets is represented by trade and other receivables. |
| The Company's policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations. The Company principally funds its operations through a combination of retained earnings and invoice finance facilities to ensure it has adequate funds to meet future working capital requirements. The invoice finance facilities provide the flexibility to support the Company through any significant changes in business size if needed. The board is confident these facilities provide adequate finance for future growth. |
| The Company has policies in place to mitigate the potential impact of these financial risks including, but not limited to the following: |
| Where appropriate, credit checks are made prior to the appointment of a new customer, and these are reviewed on a periodic basis together with ongoing checks in respect of existing customers. Weekly reviews of the debtor ledger are carried out with the finance and sales teams and action initiated, as appropriate, to collect any overdue amounts, thus ensuring that the Company's strong liquidity position is sustained. |
| Clients remain resolute to reduce their agency spend, and these change factors represent an ongoing risk to spend on agency. However, the continuing shortage of healthcare professionals worldwide represents an increasing demand on the Company. The directors are confident that the continued development and growth of our workforce solutions offered by the Company will continue to meet the demands of their clients, including investing in technology improvements and internal process enhancements, which related to research and development activity during the year. |
| SECTION 172(1) STATEMENT |
| As a Board we take seriously our roles and responsibilities and as such we have regular monthly board meetings where we discuss all areas of the business. The Board focuses on the strategic direction of the Company in order to maximise our return on capital to ensure the long-term ability of the Company to provide the best services to our clients, maintain a well reimbursed workforce with the potential to hire extra staff if growth materialises, and support our local community by hiring locally where possible. |
| We review all our support functions to ensure all suppliers are paid promptly and that we get the best value for money possible. We provide temporary workers to key sectors in the economy and over the last year our supply of teachers and nurses was very key to supporting the wider community. At all times we ensure every decision made is for the greater good of all our stakeholders at various levels and try to create the very best business enterprise which delivers rewards to all involved. |
| FUTURE OUTLOOK |
| The Company's focus in the coming year is to maintain the financial strength of the business, to continue to allow us to grow and support our loyal client base. In addition we will look to add to our current client base. We look to continue to secure sales, maintain our high levels of performance with regards to margin, manage our fixed cost base and ensure our continued high standard of project delivery. |
| Coyle Personnel Limited (Registered number: 02281209) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| GREENHOUSE EMISSIONS |
| In accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, a summary of that compliance report is set out below. |
| Coyle Personnel Limited believes that it has materially complied with Companies Act during the relevant period. There have been no instances during the reporting period in which suppliers have either alleged a breach or made a reference to potential non-compliance with the Companies Act. |
| Below is a detailed summary of the compliance report. |
| Total Coyle Personnel Greenhouse gas emissions 23/24 |
| This year | Last year | % |
| 2023/24 | 2022/23 | Change |
| ('000 tonnes) | ('000 tonnes) |
| Scope 1 emissions | 1,096 | 593 | 85% |
| Scope 2 emissions | 44 | 57 | -23% |
| Scope 3 emissions | 65 | 66 | -2% |
| Total location based scope 1, 2 & 3 emissions | 1,205 | 716 | 68% |
| ENERGY EFFICIENCY INITIATIVES IMPLEMENTED |
| ISO 14001 certification achieved. |
| Reduce absolute scope 1 and scope 2 GHG emissions by 50% by 2030 from a 2021 base year, and measure and reduce its scope 3 emissions. |
| LED lighting in all offices including automatic timers for when the lights are not in use. |
| Recycling facilities in all offices. |
| Use of electric vehicles thereby reducing the fuel consumption. |
| Use of digital timesheets has reduced paper usage. |
| Behaviour change - Energy efficiency has been a focus in our communications to colleagues this year, reminding colleagues to switch off lights when not in use, limit their use of paper, and encouraging recycling. |
| Continue to roll out green energy across all offices, implementing a fleet monitoring system to reduce idling. |
| ON BEHALF OF THE BOARD: |
| Coyle Personnel Limited (Registered number: 02281209) |
| 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. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of recruitment specialists. |
| DIVIDENDS |
| The directors do not recommend payment of a final dividend. Ordinary dividends were paid amounting to £4,461,584. The interim dividend per share was 35.32p. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| FINANCIAL INSTRUMENTS |
| The company uses various financial instruments in the course of carrying out their business. These include bank overdrafts and invoice discounting to facilitate cash flow. Operating lease contracts are also used to ensure that equipment is well maintained and kept up to date. |
| COMPANY NUMBER |
| The Company's registered number at Companies House is 02281209 (England and Wales). |
| Coyle Personnel Limited (Registered number: 02281209) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| ENGAGEMENT WITH EMPLOYEES |
| The Company recognises the significance of employee engagement in fostering a positive work environment and driving organisational success. |
| The Company has established systematic channels to provide employees with information on matters of concern. This includes regular team meetings, Company-wide communication via email newsletters and intranet portals, and an open-door policy allowing employees to raise any work-related matters with their supervisors or management. These communication channels ensure that employees are informed about Company policies, changes, and other matters that impact their employment. |
| To encourage employee involvement in the Company's performance, the Company utilises a commission-based compensation model across many employees. By providing an opportunity for employees to share in the Company's financial performance, the Company fosters a sense of ownership and motivation amongst its workforce. |
| The Company recognises the importance of ensuring a common awareness among all employees regarding the Company's performance. The Company distributes key performance information including economic trends with employees. These updates help employees understand the financial context in which the Company operates, fostering a sense of shared responsibility and engagement. |
| Throughout the year, the directors of the Company have actively engaged with employees to understand their perspectives and consider their interests. By considering employee viewpoints and concerns, the directors ensure that decisions taken align with employee interests and contribute to a positive work environment. |
| The Company is committed to promoting equality, diversity, and inclusion within the workplace. The Company will not discriminate against employees on the grounds of race, colour, ethnic or national origin, nationality, disability, marital or civil partnership status, sexual orientation, pregnancy or maternity, age, religion or belief, sex and gender reassignment. |
| Disability |
| The Company has implemented a comprehensive policy regarding the employment of disabled persons, which emphasises equal opportunities and non-discrimination.Furthermore, the Company is dedicated to supporting the continued employment and training of persons who become disabled during their employment. |
| The Company is committed to ensuring equal opportunities for the training, career development, and promotion of disabled persons employed by the Company. The Company provides accessible training programs, mentorship opportunities, and career advancement pathways to disabled employees, fostering their professional growth and advancement within the organisation. |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| The board endeavours to foster a good professional relationship with its suppliers. As part of this objective, it is company policy to agree and clearly communicate the terms of payment as part of the commercial arrangements negotiated with suppliers and then to pay them in accordance with those terms on a timely basis on receipt of an accurate invoice. |
| Coyle Personnel Limited (Registered number: 02281209) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| 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; |
| - | 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Bryden Johnson 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 |
| Coyle Personnel Limited |
| Opinion |
| We have audited the financial statements of Coyle Personnel 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. |
| Report of the Independent Auditors to the Members of |
| Coyle Personnel Limited |
| 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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: |
| Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included: |
| - Reviewing minutes of meetings of those charged with governance; |
| - Enquiry of management and those charged with governance around actual and potential litigation and claims; |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and |
| - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias). |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
| 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 |
| Coyle Personnel 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 |
| Kings Parade |
| Lower Coombe Street |
| Croydon |
| Surrey |
| CR0 1AA |
| Coyle Personnel Limited (Registered number: 02281209) |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 5,529,752 | 5,770,987 |
| Other operating income | 4 |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| Coyle Personnel Limited (Registered number: 02281209) |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Coyle Personnel Limited (Registered number: 02281209) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Debtors | 12 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Coyle Personnel Limited (Registered number: 02281209) |
| Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | 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 |
| Coyle Personnel Limited (Registered number: 02281209) |
| Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Other loan repayments in year | ( |
) | ( |
) |
| Increase in group company debtors | ( |
) | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
1,978,867 |
| Cash and cash equivalents at end of year | 2 | 2,914,850 | 853,853 |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance income | (52,595 | ) | (7,682 | ) |
| 7,806,303 | 6,901,983 |
| Decrease in trade and other debtors |
| (Decrease)/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 | 2,914,850 | 853,853 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 853,853 | 1,978,867 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 853,853 | 2,060,997 | 2,914,850 |
| 853,853 | 2,914,850 |
| Debt |
| Debts falling due within 1 year | (12,689 | ) | 12,689 | - |
| (12,689 | ) | 12,689 | - |
| Total | 841,164 | 2,073,686 | 2,914,850 |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Coyle Personnel Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company has the ongoing support of its holding company and other group companies and has continued to be profitable since the year end. The directors believe that the company is able to meet its working capital requirements for a period of at least one year from the approval of these accounts. They therefore consider the company to be a going concern and have prepared accounts on this basis. |
| Turnover |
| Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts. All revenue is recognised in the Financial Statements as soon as the service has been supplied. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computers and Equipment 3 years straight line from date of purchase |
| Motor vehicles 3 years straight line from date of purchase |
| Fixtures and Fittings 4 years straight line |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
| 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 initially recognised at transaction price. |
| 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. |
| Invoice discounting |
| The company uses an invoice discounting service. As and when loans are drawn down, these amounts are secured on the trade debtors. Discounting charges and interest are charged to the profit and loss account to reflect the cost of borrowing. |
| Taxation |
| Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and laws enacted by the Balance Sheet date. |
| Deferred tax is only provided for when material. The Directors have decided that deferred tax is not material this year, as was the case last year. |
| Leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| 3. | TURNOVER |
| The whole of the turnover and profit before taxation from continuing activities is attributable to one principal activity within the UK, which is that of the provision of recruitment services. |
| An analysis of the company's turnover is as follows: |
| 2024 | 2023 |
| £ | £ |
| Recruitment services | 139,167,919 | 153,182,637 |
| 4. | OTHER OPERATING INCOME |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Sundry income | 63,852 | - |
| R & D Tax Relief |
| Recharged expenses |
| 1,808,158 | 619,297 |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Office and administration | 9 | 110 |
| Sales and marketing | 163 | 195 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Operating lease rentals- hire of plant and machinery |
| Other operating leases |
| 7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deposit account interest |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Prior years tax | 164,373 | - |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| 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 |
| Depreciation in excess of capital allowances |
| Adjustments to tax charge in respect of previous periods |
| Specific bad debt provision claimed | (140,419 | ) | - |
| Total tax charge | 2,015,802 | 1,604,414 |
| The rate of corporation tax was changed from 19% to 25% from 1st April 2023. For the year ended 30 September 2023, the weighted average rate of corporation tax was 22%. |
| 9. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 10. | RETIREMENT BENEFIT SCHEMES |
| Defined contribution schemes |
| 2024 | 2023 |
| £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 140,314 | 170,414 |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| See note 21 for details of related party and group company debtors within other debtors. |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other loans (see note 14) |
| Trade creditors |
| Corporation Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Coyle Personnel Limited (Registered number: 02281209) |
| 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: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Invoice discounting account | - | 12,689 |
| There is a fixed and floating charge over the assets of the company in favour of the Royal Bank Of Scotland Commercial Services Limited dated 23 January 2003. |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 12,632,831 | 12,632,831 |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| 19. | ULTIMATE PARENT COMPANY |
| The parent company of Coyle Personnel Limited is Greencastle Holdings Limited, a company incorporated in England and Wales. The results of Coyle Personnel Limited are included in the consolidated financial statements of Greencastle Holdings Limited, which are available from the registered office address of Greencastle Holdings Limited at 124 City Road, London EC1V 2NX. |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 20. | RELATED PARTY DISCLOSURES |
| Director K. Coyle is also a Director of Mayday Healthcare Limited, Nutrix Personnel Limited, Signal Software Limited and Greencastle Holdings Limited. |
| C. Coyle and P. Groves are also Directors of these companies and additionally of Direct Healthcare 24 Limited, Platinum Solutions Group Limited, Pro Health 24 Limited, Plan B Healthcare Limited, VIP Nursing Limited, Red Group Personnel Limited, Medical 24 Limited, AMC Professional Limited, Change Education Limited, Panther Software Limited, Signal Software Limited, Tapa Holdings Limited, Greencastle Solutions (UK) Limited and Alert Health 24 Limited. |
| Ms A.M. Coyle is also a director of Greencastle Holdings Limited, Tapa Holdings Limited, Coyle Family Investments Limited, Signal Software Limited, Panther Software Limited and Greencastle Solutions (UK) Limited. |
| Ms. A. M. Coyle resigned as a director of Coyle Personnel Limited, Mayday Healthcare Limited, Nutrix Personnel Limited, VIP Nursing Limited, Medical 24 Limited, Pro Health 24 Limited, Platinum Solutions Group Limited, Plan B Healthcare Limited, Direct Healthcare 24 Limited, Red Group Personnel Limited, Change Education Limited, AMC Professional Limited, Nationwide Staffing Limited and Henley Healthcare 247 Limited during the period. |
| C. Coyle and P. Groves are also directors of Nationwide Staffing Limited. |
| C. Coyle is also a director of Henley Healthcare 247 Limited. |
| N. Coyle is also a director of Greencastle Holdings Limited. |
| R. Stewart is also a director of Signal Software Limited. |
| R. J. Button is also a director of Nutrix Personnel Limited and Genesis Health Partners Limited. |
| Related party debtor figures within other debtors represent amounts owing and due as follows: |
| Group undertakings | 2024 | 2023 |
| £ | £ |
| Mayday Healthcare Limited | 16,390 | 38,223 |
| Nutrix Personnel Limited | 480,939 | 145,316 |
| Alert Health 24 Limited | 407,752 | 253,797 |
| Change Education Limited | 389,496 | 382,0779 |
| Panther Software Limited | 75,238 | 17,304 |
| Genesis Health Partners Limited | - | (4,270 | ) |
| Greencastle Holdings Limited | 800,000 | 50,000 |
| Coyle Family Investments Limited | (1,504 | ) | (32,737 | ) |
| Greencastle Solutions (UK) Limited | 1,213,125 | - |
| AMC Professional Limited | 308,045 | - |
| Medical 24 Limited | 62,372 | - |
| Pro Health 24 Limited | (41,401 | ) | - |
| 3,710,452 | 849,710 |
| Coyle Personnel Limited (Registered number: 02281209) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| Related undertakings | 2024 | 2023 |
| £ | £ |
| Medical 24 Limited | - | 209,894 |
| Plan B Healthcare Limited | 16,146 | 57,601 |
| AMC Professional Limited | - | 185,190 |
| Direct Healthcare 24 Limited | 33,881 | - |
| Consortia Personnel Limited | - | 600,951 |
| Platinum Solutions Group Limited | 115,627 | 106,162 |
| Red Group Personnel Limited | 8,577 | 320,885 |
| Signal Software Limited | 57,518 | 13,222 |
| Henley Healthcare 247 Limited | - | 33,414 |
| Consortia Staffing Limited | 94 | 94 |
| Amix Associates Limited | - | 9,298 |
| Nationwide Staffing Limited | 30,128 | 160,748 |
| Shamrock Nursing Limited | 258,214 | 119,035 |
| Greencastle Solutions SA Limited | 60,063 | - |
| 580,248 | 1,861,614 |
| Included within other creditors are the following balances with related companies: |
| Related undertakings | 2024 | 2023 |
| £ | £ |
| Pro Health 24 Limited | - | 56,716 |
| Direct Healthcare 24 Limited | - | 182,413 |
| Tapa Holdings Limited | - | 1,300,000 |
| Coyle Staffing Limited | 1,863 | - |
| 1,863 | 1,539,152 |
| There has been no trading activity between Coyle Personnel Limited and any related party, except for Greencastle Solutions (UK) Limited which charged the company £7,552,820 for the provision of payroll services. Coyle Personnel Limited recharged expenses relating to rent and IT services to other related companies totalling £997,436 during the year. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party of the company is K.Coyle by virtue of his shareholding in the holding company. |