| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30th September 2024 |
| for |
| Prestige Recruitment Specialists Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30th September 2024 |
| for |
| Prestige Recruitment Specialists Limited |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Contents of the Financial Statements |
| for the year ended 30th September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 7 |
| Report of the Independent Auditors | 9 |
| Statement of Comprehensive Income | 13 |
| Balance Sheet | 14 |
| Statement of Changes in Equity | 15 |
| Cash Flow Statement | 16 |
| Notes to the Cash Flow Statement | 17 |
| Notes to the Financial Statements | 18 |
| Prestige Recruitment Specialists Limited |
| Company Information |
| for the year ended 30th September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| BANKERS: |
| 34 King Edward Street |
| Hull |
| East Yorkshire |
| HU1 3SS |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Strategic Report |
| for the year ended 30th September 2024 |
| The directors present their strategic report for the year ended 30th September 2024. |
| Business Model |
| Prestige Recruitment Specialists Limited an award-winning agency that is now in its 33rd year of trading within Yorkshire, Lincolnshire and East Anglia, with on-site operations at multiple client sites across the UK which enables them to deliver bespoke solutions for their businesses. The company supplies both temporary and permanent personnel to a wide range of sectors and areas of industry which enables them to adapt, reduces business risk by portfolio theory, and offers value in diversity. |
| The company prides itself on its customer retention which is only made possible by working closely with its clients, allowing it to provide a bespoke, tailor-fit service. It employs a multitude of nationalities to reach out to all interested candidates, working tirelessly to find the right fit for their abilities and aspirations. By working with a few clients throughout a range of sectors, it feels confident in its approach to business. |
| These sectors include but are not limited to; Food Manufacturing and Processing, Business Support, Transport and Warehousing, Construction and Engineering, Industrial and Manufacturing, Public Sector, Healthcare, and Hospitality and Catering. |
| Business Strategy and Objectives |
| Prestige aspires to adapt to any market developments, with an ongoing desire to continue its growth and find positive opportunities as and where possible in line with its risk appetite. It believes its long-term aspirations will be possible by undertaking the following objectives; |
| - Expand its physical presence within the local region by opening new branches within selected locations. |
| - Foster relations with new and former clients and ensure their retention through effective supply. |
| - Expand on its brand awareness and online presence by developing marketing and digital platforms. |
| - Improving efficiencies and processes, such as continued investment in CRM systems, to reduce waste where possible. |
| - Growing its recruitment process and reach by adopting new methods such as video conferencing and online registration to overcome physical limitations. |
| - Strengthening margins to adapt to the changing demand in current climate. |
| - Rolling out new packages aimed at keeping employees benefits competitive ensuring retention within our workforce. |
| Business Environment |
| The industry environment has been ever challenging over the past twelve months due to a number of continuing factors such as the ongoing skill shortage as a result of Brexit, National Living Wage increases, the energy crisis, the cost of living crisis and the increase in interest rates as a result of unprecedented inflation within the UK. These factors have contributed to an imbalance not previously seen between the demand for workers and the availability of candidates. |
| Despite this, Prestige finds itself in a favourable position due to the portfolio theory of its clients, supplying into an array of different industries helping to mitigate its risk. |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Strategic Report |
| for the year ended 30th September 2024 |
| REVIEW OF BUSINESS |
| 2024 | 2023 | 2022 | 2021 |
| Turnover | £36,159,356 | £31,701,605 | £31,205,435 | £37,905,425 |
| Turnover growth % | 14.06% | 1.60% | (17.67%) | (1.51%) |
| Gross profit | £2,484,056 | £2,566,401 | £2,480,935 | £2,477,689 |
| Goss profit margin % | 6.87% | 8.10% | 7.95% | 6.53% |
| 1. The information presented relates to 52 weeks to 30th September each year. |
| 2. Included 2021 due to impact of COVID-19 and Brexit in the 2022 results |
| The Directors are pleased with the performance of the company during the year. The performance demonstrates the strengths within diversity not in only the sectors but the workforce. |
| The company is still feeling the influence of the cost of living and inflation crises which are still having a big effect on consumer confidence, with their impact being felt in all business sectors and not isolated to recruitment. This has had a continued impact on the business with both the number of temporary workers searching for career opportunities has declined as well as the number of opportunities being reduced for those that are searching. |
| The business has experienced an increase in turnover of 14.06% during this period. This has been influenced by increases in National Minimum Wage (NMW), in addition to an increase in hours invoiced throughout the trading year. |
| Margin growth across the business has been minimal due to heightened competitive risk. The increase in NMW has reduced the margin percentage relative to the standard hourly charge rate. Consequently, the gross profit margin has slightly declined despite the increase in turnover. |
| With this, the company finds itself in a strong financial position at the close of 2024. |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Strategic Report |
| for the year ended 30th September 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company Directors are ultimately responsible for risk management and the identification of uncertainties and continue to develop policies and procedures suitable for the business and its intended strategies and operations. It continues to monitor the industry that it operates within to assess and highlight areas of risk as follows; |
| Competitive Risk |
| The business operates in a highly competitive market and faces pricing pressures from other businesses within its industry alongside the ever-changing competitive landscape. The business prides itself on the service-orientated model it has adopted and the relational capitals it has gained, whilst maintaining a pricing structure that is both appropriate and competitive in order to reduce its risk as much as possible. |
| Price Risk |
| Due to the nature of the industry the business operates in, the main fluctuation is driven through political/legal changes in the form of National Minimum Wage and Employer contributions. These changes are monitored and communicated ahead of time to its clients to ensure all risks are transferred across to them. |
| Compliance Risk |
| The company works closely with industry bodies to ensure that all regulatory requirements are met and adhered to. Regular conferences are attended to and training programs undertaken to ensure compliance with internal audits routinely conducted. |
| Credit Risk |
| The company takes every care to ensure that credit risk is kept as low as practically possible without causing any hindrance to its ability to win further business from existing and new clients. All clients, both new and those previously traded with, are subject to credit checks through an industry accepted service prior to any engagement with robust Terms and Conditions submitted once credit worthiness has been assessed and a suitable level of credit is agreed upon. Routine checks are conducted to ensure that all clients who are supplied on credit terms continue to be credit worthy with any concerns acted upon in a timely and appropriate manner. All credit exposure is managed and covered by the use of an insurance facility to ensure that the overall level of risk by the business is mitigated as much as possible, in addition to; |
| - Regular communication with all customers and reconciliation of statements |
| - Collection of receivables within agreed payment terms |
| - Regular review of credit status and payment performances of existing customers |
| Liquidity Risk |
| The company has arranged an invoice discounting facility through its bank to allow it to accurately and sufficient manage its liquidity. The company has sufficient reserves accumulated through years of trading which provide further protection against any negative cash flow risks. |
| Foreign Exchange Risk |
| The company does not directly deal with any foreign clients and therefore does not have any direct exposure to foreign currency transactions. If any transactions are to occur the nominated currency is that of its home currency as to transfer any forex risk onto the other party. It therefore does not consider currency movements to be a direct risk factor in relation to the business, but monitors the overall part played in the economy and the industry it operates in. |
| Interest Rate & Cash Flow Risk |
| The company has limited exposure to any fluctuations in interest rates due to a very low level of borrowing outside of the agreed invoice discounting facility arranged through its bank, of which is drawn at a fixed rate of interest. Therefore the company does not directly experience significant risk due to interest rate fluctuations but appreciates and monitors its impact within its industry. |
| Cash collection is kept robust to ensure cash flow risk is kept to an absolute minimum, with all cash outflows forecast in advance through means of projections to ensure effective management. |
| Cyber Security Risk |
| The company is aware of the amount of PII data that it holds as a result of the nature of its business. Prestige has undertaken and been awarded accreditations such as Cyber Essentials to ensure the protection of this data in addition to the robustness of its systems to mitigate the risk from cyber-crime as much as it possibly can. Ethical hackers have been previously utilised to help identify weak spots, to which improvements were made. The company undertakes on-going compliance and membership of these accreditations in its mission to minimise this risk as much as humanly possible. |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Strategic Report |
| for the year ended 30th September 2024 |
| All data is routinely reviewed to ensure nothing is kept any longer than it need necessary be and disposed of in a secure and appropriate manner when suitable to do so. |
| Significant investment has previously been made, and is continued to do so, in its IT systems by ensuring that all firewalls and anti-viruses are current and kept up-to-date, systems are patched to the latest update and staff are trained and confident in the usage of the technology to name a few. Regular refresher courses on awareness and the possible dangers are undertaken by relevant staff. |
| Backups of its systems are taken automatically at a number of points during each day to ensure business continuity. |
| Brexit |
| Business confidence in the UK, in particular within the private sector, continues to feel the impact as a result of the circumstances of the withdrawal of the United Kingdom from the European Union. This has resulted in a skill shortage and a lack of candidate availability against demand. Prestige Recruitment Specialists has strengthened its recruitment strategy not only expanding its overseas markets working closely with its clients with sponsorships, but driving the UK labour pools further in other areas with numerous methods such as an expansion of its online registration facility in addition to targeting. |
| Energy Crisis |
| The company is fortunate to have experienced a relatively small direct impact as a result of the energy crisis due to the nature of the business. The business has taken also steps to reduce its energy usage which should help mitigate the increase in costs as an ongoing commitment to reducing its carbon footprint. |
| However, the impact of the energy crisis will vary from client to client of Prestige Recruitment and as a result the company may experience an indirect impact by way of an increase in its Competitive Risk and/or Price Risk as clients look to reduce their own costs. |
| Inflation / Cost of Living Crisis |
| Due to the difficulties experienced by all, the company has seen increases in supplier costs and administrative overheads as a result of the Inflation / Cost of Living crisis and has remained vigilant as and where possible with its procurement policy to reduce the impact of these increases. The influence of this can be seen within the Gross Profit Margin fluctuation from previous years as highlighted earlier within this report. |
| The company foresees a mixture of fortunes as a result of the crisis with an expectation of an increase in Competitive Risk/Price Risk by virtue of its clients feeling the strain themselves. It also predicts that as a result of consumer confidence and a wariness of how the crisis may unfold it may find an increase in temporary labour demands as a result of a desire to limit fixed costs. This could be compounded with the costs involved in internal recruitment as companies look to outsource non-essential competencies. |
| ENGAGEMENT WITH EMPLOYEES |
| Prestige Recruitment recognise that their biggest asset is their dedicated workforce and are key to its continued growth. The success of the business is driven primarily by the passion, attitude and focus of their employees and the company recognises this through its rewards and remuneration packages, in addition to supporting apprenticeships, providing development programs and career progression opportunities. |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Strategic Report |
| for the year ended 30th September 2024 |
| STREAMLINED ENERGY AND CARBON REPORTING |
| Prestige Recruitment takes its obligations to reducing its carbon footprint seriously as part of an overall aim to reduce waste and improve efficiencies and has begun working towards the ISO14001 Environmental Management Systems framework, recognising the following as key considerations in reducing its environmental impact. |
| The business recognises its part in reducing its carbon footprint, with an active culture of reducing energy waste instilled within the business by way of turning off lights when not in use and turning off of computers overnight in addition to the replacement of all bulbs within its offices with energy efficient LEDs. It continues to work towards becoming as energy efficient as possible by preparing to engage with the ISO14001 Management Systems framework. |
| Transportation |
| The company appreciates that the nature of its industry means that a complete reduction in fuel consumption and company mileage cannot be entirely achieved, but in attempt to improve upon existing practices it has; |
| - Vowed to transfer all fleet vehicles across to hybrid vehicles at worst at the end of each lease |
| - Encouraged client meetings to be conducted over video-conferencing where possible as opposed to a face-to-face visit |
| - Engaged its workforce by the implementation of a cycle-to-work scheme. |
| Working towards Paperless |
| In furthering its reduction in wastage, the business has invested heavily in a paperless registration system to allow it to begin to move away from the traditional paper form of introducing candidates to the company. By merging its CRM system with the registration process, the business expects a significant reduction in paper waste to be achieved at the end of its project, with additional efforts such discouraging unnecessary printing where possible assigning in this aim. |
| FUTURE DEVELOPMENTS |
| The projections for the next twelve months show that the company will continue to trade as a going concern and should have sufficient cash balances and adequate resources and reserves available to continue operations for the foreseeable future. The business does not anticipate much deviation from its core business model for the majority of the coming financial period. |
| Business confidence in the UK continues to be impacted by uncertainties and conditions within the private sector as a result of the withdrawal of the United Kingdom from the European Union, in addition to the unprecedented energy, cost of living crises and skill shortages. There is still an increased risk of these factors negatively impacting the trading performance as clients remain cautious in headcount investment. Furthermore, the country as a whole is experiencing a shortage of labour following the end of the EU transition period. |
| However, the business is forecast to remain cash generative during this period when considering the effectiveness of available measures to assist in mitigating the impact of these events. Scenario planning and further analysis allow the business to anticipate and adapt to both favourable and unfavourable conditions that may arise with confidence as it seeks out opportunities to expand upon its established business strategy and objectives. |
| ON BEHALF OF THE BOARD: |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Report of the Directors |
| for the year ended 30th September 2024 |
| The directors present their report with the financial statements of the company for the year ended 30th September 2024. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the year ended 30th September 2024 will be £ |
| FUTURE DEVELOPMENTS |
| These have been provided in the company's strategic report. |
| DIRECTORS |
| The directors set out in the table below have held office during the whole of the period from 1st October 2023 to the date of this report. |
| The directors shown below were in office at 30th September 2024 but did not hold any interest in the Ordinary shares of £1 each at 1st October 2023 or 30th September 2024. |
| FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
| The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations. |
| Revenue maintenance |
| The company actively markets its business to focus on building and maintaining effective and profitable relationships with potential businesses in need of their services. |
| Risks and uncertainties |
| These details have been provided in the company's strategic report. |
| 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. |
| The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Report of the Directors |
| for the year ended 30th September 2024 |
| 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, Sadofskys, 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 |
| Prestige Recruitment Specialists Limited |
| Opinion |
| We have audited the financial statements of Prestige Recruitment Specialists Limited (the 'company') for the year ended 30th September 2024 which comprise the Statement of 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 30th 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 |
| Prestige Recruitment Specialists 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, 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. |
| Report of the Independent Auditors to the Members of |
| Prestige Recruitment Specialists Limited |
| 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: |
| 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 the directors and other management, and from our commercial knowledge and experience of the recruitment industry. |
| -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 the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements. |
| -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| -identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| -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 to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
| 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 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 |
| Prestige Recruitment Specialists 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 Auditors |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Statement of Comprehensive |
| Income |
| for the year ended 30th September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 891,474 | 752,370 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Balance Sheet |
| 30th September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 12 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Statement of Changes in Equity |
| for the year ended 30th September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1st October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th September 2024 |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Cash Flow Statement |
| for the year ended 30th September 2024 |
| 2024 | 2023 |
| 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 | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
158,515 |
| Cash and cash equivalents at end of year | 2 | 409,728 | 769,879 |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Notes to the Cash Flow Statement |
| for the year ended 30th September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance income | (10,542 | ) | - |
| 951,629 | 798,610 |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) 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 30th September 2024 |
| 30/9/24 | 1/10/23 |
| £ | £ |
| Cash and cash equivalents | 409,728 | 769,879 |
| Year ended 30th September 2023 |
| 30/9/23 | 1/10/22 |
| £ | £ |
| Cash and cash equivalents | 769,879 | 158,515 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/10/23 | Cash flow | At 30/9/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 769,879 | (360,151 | ) | 409,728 |
| 769,879 | ( |
) | 409,728 |
| Total | 769,879 | (360,151 | ) | 409,728 |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Notes to the Financial Statements |
| for the year ended 30th September 2024 |
| 1. | STATUTORY INFORMATION |
| Prestige Recruitment Specialists Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| 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. |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| Government grants |
| Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
| Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate. |
| A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable. |
| 3. | EMPLOYEES AND DIRECTORS |
| 30/09/24 | 30/09/23 |
| £ | £ |
| Wages and salaries | 31,739,601 | 27,765 |
| Social security costs | 2,350,578 | 1,997,307 |
| Other pension costs | 248,602 | 333,662 |
| 34,338,781 | 30,096,077 |
| The average monthly number of full time equivalent employees during the period was as follows: |
| 30/09/24 | 30/09/23 |
| Administration | 29 | 31 |
| Operation | 1443 | 1,315 |
| 1,472 | 1,345 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts or finance leases |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| 5. | 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 taxation | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% (2023 - 22.01%). |
| 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: |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Effective change in tax rate | 8,766 | (22,813 | ) |
| Total tax charge | 225,503 | 166,711 |
| 6. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors | 1,369,865 | 1,187,374 |
| Prepayments |
| Trade debtors include £3,429,980 (2023: £2,744,641) which are subject to a standard invoice discounting scheme. The corresponding creditor is detailed on note 10. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation |
| Social security and other taxes |
| Other creditors |
| RBS client account | 693,961 | 450,408 |
| Accruals and deferred income |
| Prestige Recruitment Specialists Limited (Registered number: 04098721) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| RBS client account | 693,961 | 450,408 |
| The RBS client account is secured over the company's debtor book. |
| The company has access to an overdraft facility which is secured by a fixed and floating charge over the assets of the company. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred taxation | 59,626 | 50,668 |
| Deferred |
| tax |
| £ |
| Balance at 1st October 2023 |
| Provided during year |
| Balance at 30th September 2024 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 14. | ULTIMATE PARENT COMPANY |
| The ultimate parent company is Prestige Holdings (Yorkshire) Limited a company registered in England and Wales (Reg. No. 08412146). |
| 15. | RELATED PARTY DISCLOSURES |
| Prestige SSAS Pension Scheme is a pension scheme set up for the benefit of N. D. Stabler. During the year rents were charged from the pension scheme of £37,000 (2023: £37,000). |