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REGISTERED NUMBER: 04210985 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

RICHMOND NURSING AGENCY LIMITED

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

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 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


RICHMOND NURSING AGENCY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: A Hearne
P Lawrence
J A Plinston
A A Vaughan



SECRETARY: Z Gibbs



REGISTERED OFFICE: 15 Wheatstone Court
Waterwells Business Park
Quedgeley
Gloucester
Gloucestershire
GL2 2AQ



BUSINESS ADDRESS: Delta Lake Enterprise Centre
The Avenue
Delta Lakes
Llanelli
SA15 2DR



REGISTERED NUMBER: 04210985 (England and Wales)



AUDITORS: GKP (Ampthill) Limited
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their strategic report for the year ended 30 September 2024.

The purpose of the Strategic Report is to inform shareholders and help them to assess how the directors have performed their duties to promote the success of the company. The report, together with the further information in the Directors' Report, provides a fair and balanced review of the company's business including; the development and performance of the business during the year, the position of the company at the end of the year and a description of the principal risks and uncertainties facing the company.

REVIEW OF BUSINESS
The company had a better year with profit before tax amounting to £1,122,607 (2023 £414,084). The position of the company at the year end was stable.

Turnover decreased by 18.05 per cent (2023 15.65 per cent increase). The gross profit margin percentage decreased to 18.93 per cent from 19.34 per cent in 2023 and staff productivity decreased.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk facing the company continues to be that it is dependent on a strong economy. We primarily supply nurses to the NHS and private hospitals. We, therefore, rely on there being adequate demand and growth in the economy so that these essential services are properly funded. We would draw your attention to note 2 concerning current Government policy. The company makes little use of financial instruments other than operational bank accounts and an invoice discounting facility, so its exposure to price risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit and loss of the company. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivables balances are monitored on an ongoing basis and provisions made for doubtful debts where necessary. The company maintains debt insurance through a group policy organised by the holding company.

KEY PERFORMANCE INDICATORS
These revolve around gross profit, staff productivity ratios and adjusted EBITA. The comparison of these ratios with the previous period is set out below.

2024 2023

Gross profit percentage 19.27 19.34
Adjusted EBITA £1,154,449 £433,994
Staff productivity £2.63 £3.11

ON BEHALF OF THE BOARD:





J A Plinston - Director


25 June 2025

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

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 a recruitment agency for the nursing profession.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £2,583.25 per share.

The total distribution of dividends for the year ended 30 September 2024 will be £ 516,650 .

FUTURE DEVELOPMENTS
The directors are working to diversity the company income streams away from NHS work into domiciliary care and complex care packages. The directors are implementing cost savings including reduced office hours, redundancies and the reduction of senior management team salaries.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

A Hearne
P Lawrence
J A Plinston
A A Vaughan

Other changes in directors holding office are as follows:

A Davies - resigned 16 May 2024

FUTURE DEVELOPMENTS
The directors expect continued profitability for the foreseeable future.

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.

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 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.

ON BEHALF OF THE BOARD:





J A Plinston - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RICHMOND NURSING AGENCY LIMITED


Opinion
We have audited the financial statements of Richmond Nursing Agency Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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.

Material uncertainty relating to going concern
We draw attention to note 2 in the financial statements, which indicates that conditions are impacting the industry in which the company operates as a result of changes in Government policy. These conditions indicate that a material uncertainty exists that may cast some doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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. 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
RICHMOND NURSING AGENCY 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 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:

- A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out.
- During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature.
- The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls.
- An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company.
- The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities.
- All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified.
- Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities.
- Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks.
- The judgements made in making accounting estimates have been assessed as to whether they indicate potential bias.
- Enquiries have been made of management regarding known instances of fraud, litigation or claims in progress.

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
RICHMOND NURSING AGENCY 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.




Karen Dyer FCCA (Senior Statutory Auditor)
for and on behalf of GKP (Ampthill) Limited
Statutory Auditor
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

25 June 2025

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 9,139,721 11,152,897

Cost of sales 7,409,703 8,995,828
GROSS PROFIT 1,730,018 2,157,069

Administrative expenses 575,569 1,723,075
OPERATING PROFIT 5 1,154,449 433,994


Interest payable and similar expenses 6 31,842 19,910
PROFIT BEFORE TAXATION 1,122,607 414,084

Tax on profit 7 145,939 91,306
PROFIT FOR THE FINANCIAL YEAR 976,668 322,778

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 976,668 322,778


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

976,668

322,778

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 5,040 6,474

CURRENT ASSETS
Debtors 11 4,729,723 4,873,311
Cash at bank 5,264 11,741
4,734,987 4,885,052
CREDITORS
Amounts falling due within one year 12 754,849 1,356,201
NET CURRENT ASSETS 3,980,138 3,528,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,985,178

3,535,325

CREDITORS
Amounts falling due after more than one year 13 (7,500 ) (17,500 )

PROVISIONS FOR LIABILITIES 16 (1,260 ) (1,425 )
NET ASSETS 3,976,418 3,516,400

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 3,976,218 3,516,200
SHAREHOLDERS' FUNDS 3,976,418 3,516,400

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





J A Plinston - Director


RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

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 200 3,193,422 3,193,622

Changes in equity
Total comprehensive income - 322,778 322,778
Balance at 30 September 2023 200 3,516,200 3,516,400

Changes in equity
Dividends - (516,650 ) (516,650 )
Total comprehensive income - 976,668 976,668
Balance at 30 September 2024 200 3,976,218 3,976,418

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 607,620 1,248,660
Interest paid (31,842 ) (19,910 )
Tax paid (53,885 ) (172,018 )
Net cash from operating activities 521,893 1,056,732

Cash flows from investing activities
Purchase of tangible fixed assets (1,720 ) (4,651 )
Decrease in loans to holding company - (1,042,801 )
Net cash from investing activities (1,720 ) (1,047,452 )

Cash flows from financing activities
Loan repayments in year (10,000 ) (10,000 )
Equity dividends paid (516,650 ) -
Net cash from financing activities (526,650 ) (10,000 )

Decrease in cash and cash equivalents (6,477 ) (720 )
Cash and cash equivalents at beginning of
year

2

11,741

12,461

Cash and cash equivalents at end of year 2 5,264 11,741

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,122,607 414,084
Depreciation charges 3,153 3,459
Finance costs 31,842 19,910
1,157,602 437,453
Decrease in trade and other debtors 143,589 338,957
(Decrease)/increase in trade and other creditors (693,571 ) 472,250
Cash generated from operations 607,620 1,248,660

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 5,264 11,741
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 11,741 12,461


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 11,741 (6,477 ) 5,264
11,741 (6,477 ) 5,264
Debt
Debts falling due within 1 year (10,000 ) - (10,000 )
Debts falling due after 1 year (17,500 ) 10,000 (7,500 )
(27,500 ) 10,000 (17,500 )
Total (15,759 ) 3,523 (12,236 )

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Richmond Nursing Agency Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

The basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company operates as a recruitment agency for the nursing profession. Since July 2024 this industry has faced challenges as a result of changes in Government policy to reduce the amount of agency nurses used within the NHS. This event casts doubt upon the company's long term ability to adopt the going concern basis.

The directors have considered the short term impact of these changes and, post year end, the parent company has increased its share capital to ensure that the group will have sufficient funds available to meet liabilities as they fall due.

Longer term, the directors are working to diversify the income streams away from NHS work into domiciliary work and complex care packages. The directors are implementing cost savings including reducing office hours, redundancies and the reduction of senior management team salaries.

On this basis, the financial statements have been prepared on the going concern basis.

Turnover
Turnover represents the net invoiced sales of services, stated after trade discounts, other sales taxes and net of VAT, where applicable. Revenue from the supply of temporary workers is recognised based on the hours worked each week.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33.33% on cost and 20% on 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 statement of financial position date.


RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing the financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies. Actual results may differ from these estimates.

Going concern assumption

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. In making this assessment, management has considered all available information about the future, including the group's current financial position, the future projections of profitability and cashflow, and the potential impact of external factors.


Key judgements

- Revenue projections:
Management has made assumptions regarding future revenue based on historical performance and market conditions. These projections are subject to significant uncertainty, particularly in respect of the Government policy to reduce the amount of agency nurses used within the NHS.

- Cost management:
Assumptions have been made about the company's ability to manage costs effectively, including the implementation of cost-saving initiatives and the control of discretionary spending. These assumptions are critical in determining the company's ability to maintain positive cashflow.

Key sources of estimation uncertainty:

- Revenue sensitivity:
The sensitivity of revenue projections to changes in key variables, such as the speed at which NHS work will decline and the diversification of income steams will take effect, involve significant estimation uncertainty. Variations in these assumptions can materially impact the forecast result that the going concern assumption is based upon.


Management believes that the judgements and estimates used in preparing the forecasts are reasonable and support the going concern assumption. However, due to the inherent uncertainty in these estimates, actual results may differ, and these differences could be material.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 591,278 626,024
Social security costs 55,160 56,179
Other pension costs 10,096 9,285
656,534 691,488

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration 9 9
Sales 11 12
20 21

2024 2023
£    £   
Directors' remuneration 166,624 178,771
Directors' pension contributions to money purchase schemes 2,414 1,213

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 3,154 3,459
Auditors' remuneration 9,000 7,500
Operating lease rentals - land and buildings 19,009 16,123

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 579 823
Invoice discounting interest 29,918 19,087
Other interest 1,345 -
31,842 19,910

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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 146,104 90,885

Deferred tax (165 ) 421
Tax on profit 145,939 91,306

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 1,122,607 414,084
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

280,652

103,521

Effects of:
Expenses not deductible for tax purposes - 17
Capital allowances in excess of depreciation - (298 )
Depreciation in excess of capital allowances 452 -
Increase/(Decrease) in deferred tax provision (165 ) 421
Charged at different rate - (12,355 )
Loss surrendered by parent company (135,000 ) -
Total tax charge 145,939 91,306

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 516,650 -

9. PRIOR YEAR ADJUSTMENT

The company has revised its interpretation of the contracts with agency workers, which had the impact of removing the associated costs and average employee numbers from the disclosure in note 4. Wages and salaries costs and social security costs previously disclosed were reduced by £8,206,049 and £761,933 respectively. Average employee numbers reduced by 228.

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2023 42,148
Additions 1,720
At 30 September 2024 43,868
DEPRECIATION
At 1 October 2023 35,674
Charge for year 3,154
At 30 September 2024 38,828
NET BOOK VALUE
At 30 September 2024 5,040
At 30 September 2023 6,474

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 571,064 693,043
Other debtors 1,800 1,800
Amounts due from group
undertakings 4,144,967 4,163,976
Prepayments 11,892 14,492
4,729,723 4,873,311

The company is part of a receivables finance agreement with Lloyds Commercial Finance Limited together with the following group companies: Opera Holdings Limited, Richmond Support Services Limited (formerly Workworld Limited), The Workbank Recruitment Consultancy Limited, Total Staff Services UK Limited, Freight Personnel Limited, Staff Call Recruitment Specialists Limited and ProHealthCare Limited. The amount due is reflected in the accounts of Opera Holdings Limited, the ultimate parent company which administers the agreement. The monies advanced to the group are secured by a debenture giving a fixed and floating charge on each company's assets. Each company has a cross guarantee with the other companies covered by the agreement.

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 10,000 10,000
Trade creditors 9,272 9,822
Corporation tax 183,104 90,885
Social security and other
taxes 187,229 229,656
Other creditors 112,953 135,655
Amounts due to group
undertakings - 4,306
Accrued expenses 252,291 875,877
754,849 1,356,201

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 7,500 17,500

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 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,500 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 7,500

The bank loan has been taken out under the Bounce Back Loan Scheme. The loan is repayable monthly over five years from June 2021 and the interest charged is 2.5 per cent per annum.

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,012 4,012

RICHMOND NURSING AGENCY LIMITED (REGISTERED NUMBER: 04210985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,260 1,425

Deferred
tax
£   
Balance at 1 October 2023 1,425
Credit to Income Statement during year (165 )
Balance at 30 September 2024 1,260

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

The ordinary shares have attached to them full voting, dividend and capital distribution rights.

18. ULTIMATE PARENT COMPANY

Opera Holdings Limited, a company incorporated in England and Wales, which owns 87.5% (2023 87.5%) of the issued ordinary share capital, is the ultimate parent company and whose registered office is at 15 Wheatstone Court, Waterwells Business Park, Quedgeley, Gloucester GL2 2AQ.

Group accounts are prepared and are available from the registered office.

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

The company paid management charges of £304,299 (2023 £345,304) to its parent company, Opera Holdings Limited during the year. Any amounts owing are interest free and are repayable on demand. In addition, the company made interest free loans to Opera Holdings Limited during the year and the total amount owing at 30 September 2024 was £3,916,554 (2023 £3,345,384).

.

Other related parties

The company recharged costs of £8,660 (2023 £10,345) to companies within the group. Group companies recharged £2,275 (2023 £22,851) of costs to Richmond Nursing Agency Limited. Any amounts owing are interest free and are repayable on demand. In addition, interest free loans were received from the group during the year and the total amount owing at 30 September 2024 was £Nil (2023: £4,306).