Company registration number 09510029 (England and Wales)
DECADEON HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DECADEON HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S Hart
Mr PJ Ponton
Mr MA Trett
Mr WC Palmer
Secretary
Mr S Hart
Company number
09510029
Registered office
54 Portland House
New Bridge Street
Newcastle upon Tyne
NE1 8AP
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
National Westminster Bank Plc
16 Northumberland Street
Newcastle upon Tyne
NE1 7EL
DECADEON HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 27
DECADEON HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

Our trading subsidiary Central Employment Agency (North East) Limited has been operating for over 40 years, providing recruitment and workforce solutions across the North East and beyond. The company has built a reputation for reliability, professionalism, and long-standing partnerships—many of which span decades—with major blue-chip clients.

 

In 2024, the business continued to operate in a competitive and evolving recruitment market. Despite macroeconomic headwinds—including persistent inflationary pressures—the company maintained stable revenues and continued to invest in operational efficiency and long-term growth.

 

The integration of the Recruitment, Permanent, and Training divisions into Portland House has enhanced collaboration, streamlined operations, and created a scalable platform for future expansion.

 

- Sales: £24.76m (2023: £24.90m)

 

- Gross Profit: £3.79m (2023: £4.149m)

 

- Net Profit (pre-dividends): £524,196 (2023: £849,190)

 

- Gross Margin: 15.31% (2023: 16.62%)

 

 

 

Principal risks and uncertainties

The UK economic environment remains uncertain, with inflation and interest rates continuing to impact operational costs and client confidence. From April 2025, the planned increase in employer National Insurance contributions will introduce additional cost pressures across the employment sector.

 

While this change will require thoughtful workforce planning, Central Employment Agency (North East) Limited remains committed to growing its internal team. The company is making a significant investment in expanding its permanent recruitment headcount to support long-term growth, client delivery, and strategic capability.

 

The company continues to work closely with clients to manage cost implications. In the temporary staffing division, the increased NI burden is largely being absorbed by clients, allowing the business to maintain competitiveness and service continuity.

 

To support liquidity and strategic investment, the company has secured an increased finance facility with its long-standing funding provider. This enhanced facility, launching in January 2025, will provide greater working capital flexibility, enabling the business to respond more effectively to market opportunities, invest in technology, and support geographic expansion. It complements existing invoice discounting arrangements and reflects the company’s prudent financial planning and strong credit profile.

 

Cybersecurity remains a key focus, with continued investment in IT infrastructure and regular reviews with technology partners to mitigate risks.

 

 

DECADEON HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Development and performance

- Newcastle Division: Sales of £20.86m. The division faced challenges due to high central overheads and restructuring. A comprehensive review of cost allocation and operational efficiency is underway.

 

- Teesside Division: Sales increased by 26% to £3.29m, supported by a major new contract with an international manufacturing client.

 

- Training Division: Revenue reached £607,705, driven by strong performance across commercial and funded programmes. A new digital training platform is scheduled for launch in January 2025, with further investment planned in AI-driven learning tools.

 

 

Key performance indicators

- Sales and overheads remained broadly in line with expectations.

 

- Capital investment focused on digital infrastructure and office integration.

 

 

Strategic Priorities

The company remains focused on delivering sustainable growth through a combination of geographic expansion, digital innovation, and talent development. Key priorities for the coming year include:

 

- Expanding operations beyond the North East to access new markets.

 

- Enhancing profitability through disciplined cost control and operational efficiency.

 

- Scaling the Training Division with a strategy centred on commercial training offerings, reducing reliance on government-funded programmes.

 

- Investing in internal talent through structured development, hiring more experienced staff, and retention strategies.

 

- Deploying AI-driven solutions to streamline operations, enhance internal workflows, and prepare the business for its next stage of growth.

 

These initiatives are underpinned by a commitment to long-term client partnerships, innovation, and a high-performance culture.

 

Disabled Employees

The company is committed to fostering an inclusive and accessible workplace. We do not discriminate against job applicants or employees on the grounds of disability. All recruitment, training, and promotion decisions are based on merit and ability.

We actively support employees with disabilities by making reasonable adjustments to the workplace and working practices. This includes accessible facilities, flexible working arrangements, and tailored support to ensure individuals can thrive in their roles.

Our policies are designed to promote dignity, respect, and equal opportunity at every stage of employment. We continue to review and improve our practices to ensure that all employees, regardless of ability, are supported in achieving their full potential.

DECADEON HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

On behalf of the board

Mr WC Palmer
Director
25 June 2025
DECADEON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company in the year under review was that of an employment agency.

Results and dividends

Ordinary dividends were paid amounting to £756,250. The directors do not recommend payment of a further dividend.

Directors

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

Mr S Hart
Mr PJ Ponton
Mr MA Trett
Mr WC Palmer
Auditor

The auditors, Robson Laidler Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

DECADEON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
On behalf of the board
Mr WC Palmer
Director
25 June 2025
DECADEON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DECADEON HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Decadeon Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DECADEON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DECADEON HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant. Manual journal entries are scrutinised by data analytics software used as part of the audit.

The laws and regulations which are considered to be significant to the entity relate to health and safety. Discussions are held with management to determine whether any breaches have occurred as well as legal expenditure being scrutinised for any evidence on non-compliance.

 

The audit was considered capable of identifying irregularities only to the extent of the substantive testing performed and from discussions with management.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

DECADEON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DECADEON HOLDINGS LIMITED
- 8 -
Michael T Moran BA FCA
Senior Statutory Auditor
For and on behalf of Robson Laidler Accountants Limited
26 June 2025
Chartered Accountants
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
DECADEON HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
4
24,756,204
24,964,634
Cost of sales
(20,964,575)
(20,816,101)
Gross profit
3,791,629
4,148,533
Administrative expenses
(3,306,608)
(3,313,915)
Other operating income
264,771
204,114
Operating profit
3
749,792
1,038,732
Interest receivable and similar income
3
101
Interest payable and similar expenses
6
(225,599)
(189,643)
Profit before taxation
524,196
849,190
Tax on profit
8
(189,748)
(227,679)
Profit for the financial year
21
334,448
621,511
Profit for the financial year is all attributable to the owners of the parent company.
DECADEON HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
334,448
621,511
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
334,448
621,511
Total comprehensive income for the year is all attributable to the owners of the parent company.
DECADEON HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
68,834
151,439
Tangible assets
12
81,468
58,694
150,302
210,133
Current assets
Debtors
16
5,221,681
5,580,292
Cash at bank and in hand
69,662
99,136
5,291,343
5,679,428
Creditors: amounts falling due within one year
14
(5,561,038)
(5,608,270)
Net current (liabilities)/assets
(269,695)
71,158
Total assets less current liabilities
(119,393)
281,291
Creditors: amounts falling due after more than one year
15
(14,670)
-
Provisions for liabilities
Deferred tax liability
19
19,610
13,162
(19,610)
(13,162)
Net (liabilities)/assets
(153,673)
268,129
Capital and reserves
Called up share capital
20
200
200
Profit and loss reserves
21
(153,873)
267,929
Total equity
(153,673)
268,129

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
25 June 2025
Mr WC Palmer
Director
Company registration number 09510029 (England and Wales)
DECADEON HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
1,278,024
1,278,024
1,278,024
1,278,024
Current assets
Debtors
16
1
299
Cash at bank and in hand
1,602
53,400
1,603
53,699
Creditors: amounts falling due within one year
14
(780,812)
(831,312)
Net current liabilities
(779,209)
(777,613)
Net assets
498,815
500,411
Capital and reserves
Called up share capital
20
200
200
Profit and loss reserves
21
498,615
500,211
Total equity
498,815
500,411

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £754,654 (2023 - £1,446,010 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
25 June 2025
Mr WC Palmer
Director
Company registration number 09510029 (England and Wales)
DECADEON HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
200
1,093,918
1,094,118
Year ended 30 September 2023:
Profit and total comprehensive income
-
621,511
621,511
Dividends
9
-
(1,447,500)
(1,447,500)
Balance at 30 September 2023
200
267,929
268,129
Year ended 30 September 2024:
Profit and total comprehensive income
-
334,448
334,448
Dividends
9
-
(756,250)
(756,250)
Reduction of shares
20
(123)
-
(123)
Other movements
123
-
123
Balance at 30 September 2024
200
(153,873)
(153,673)
DECADEON HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
200
501,701
501,901
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
1,446,010
1,446,010
Dividends
9
-
(1,447,500)
(1,447,500)
Balance at 30 September 2023
200
500,211
500,411
Year ended 30 September 2024:
Profit and total comprehensive income
-
754,654
754,654
Dividends
9
-
(756,250)
(756,250)
Reduction of shares
20
(123)
-
(123)
Other movements
123
-
123
Balance at 30 September 2024
200
498,615
498,815
DECADEON HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,428,036
844,734
Interest paid
(225,599)
(189,643)
Income taxes paid
(235,058)
(344,430)
Net cash inflow from operating activities
967,379
310,661
Investing activities
Purchase of tangible fixed assets
(58,466)
(20,655)
Proceeds from disposal of tangible fixed assets
3,542
(1)
Interest received
3
101
Net cash used in investing activities
(54,921)
(20,555)
Financing activities
Repayment of borrowings
(213,894)
984,682
Payment of finance leases obligations
28,212
-
Dividends paid to equity shareholders
(756,250)
(1,447,500)
Net cash used in financing activities
(941,932)
(462,818)
Net decrease in cash and cash equivalents
(29,474)
(172,712)
Cash and cash equivalents at beginning of year
99,136
271,848
Cash and cash equivalents at end of year
69,662
99,136
DECADEON HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
(51,798)
52,679
Investing activities
Dividends received
756,250
1,447,500
Net cash generated from investing activities
756,250
1,447,500
Financing activities
Dividends paid to equity shareholders
(756,250)
(1,447,500)
Net cash used in financing activities
(756,250)
(1,447,500)
Net (decrease)/increase in cash and cash equivalents
(51,798)
52,679
Cash and cash equivalents at beginning of year
53,400
721
Cash and cash equivalents at end of year
1,602
53,400
DECADEON HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements. If, in the future, such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and judgements will be modified as appropriate in the year in which the circumstances change.

 

The key assumptions concerning the future and other key sources of estimation at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

 

Estimated holiday provisions.

2
Accounting policies
Company information

Decadeon Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Portland House, 54 New Bridge Street West, Newcastle upon Tyne, NE1 8AP.

 

The group consists of Decadeon Holdings Limited and all of its subsidiaries.

2.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2
Business combinations

The results of the group are consolidated on a line by line basis, eliminating all inter group transactions to show the result of the group as if it were a single entity.

2.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4
Turnover

Turnover is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.5
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 18 -
2.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line and 15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

2.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

2.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 19 -
2.10
Retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the profit or loss in the period to which they relate.

2.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2.12

Short term debtors and creditors

Debtors and creditors with no interest rate which are receivable or payable within one year are recorded at transaction price. Any loss arising from impairment are recognised immediately in profit and loss.

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(3,000)
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
31,894
26,778
Loss on disposal of tangible fixed assets
256
24,723
Amortisation of intangible assets
82,605
82,605
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of services
24,756,204
24,964,634
2024
2023
£
£
Other revenue
Interest income
3
101
Royalty income
243,906
177,639
Grants received
-
3,000
DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
49
47
-
0
-
0

Their aggregate remuneration including those employed under contracts of employment as well as contracts for service comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,994,930
11,207,800
-
0
-
0
Social security costs
1,012,637
1,041,431
-
-
Pension costs
146,237
139,807
-
0
-
0
12,153,804
12,389,038
-
0
-
0

We include in employee numbers those employees under a contract of employment.

6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
222,228
189,643
Other finance costs:
Interest on finance leases and hire purchase contracts
3,371
-
Total finance costs
225,599
189,643
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
77,256
71,626
Company pension contributions to defined contribution schemes
600
1,940
77,856
73,566

The number of directors to whom retirement benefits were accruing under defined contribution schemes amounted to 4 (2023: 4).

DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
183,300
235,058
Deferred tax
Origination and reversal of timing differences
6,448
(7,379)
Total tax charge
189,748
227,679

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

2024
2023
£
£
Profit before taxation
524,196
849,190
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
131,049
186,822
Tax effect of expenses that are not deductible in determining taxable profit
38,804
23,307
Unutilised tax losses carried forward
399
328
Group relief
(793)
-
0
Permanent capital allowances in excess of depreciation
(6,810)
24,513
Amortisation on assets not qualifying for tax allowances
20,651
-
0
Deferred tax adjustments in respect of prior years
6,448
(7,379)
Tax at marginal rate
-
0
88
Taxation charge
189,748
227,679
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
756,250
1,447,500
DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
826,046
Amortisation and impairment
At 1 October 2023
674,607
Amortisation charged for the year
82,605
At 30 September 2024
757,212
Carrying amount
At 30 September 2024
68,834
At 30 September 2023
151,439
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.

More information on impairment movements in the year is given in note .

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,278,024
1,278,024
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,278,024
Carrying amount
At 30 September 2024
1,278,024
At 30 September 2023
1,278,024
DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
12
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 October 2023
137,249
Additions
58,466
Disposals
(12,491)
At 30 September 2024
183,224
Depreciation and impairment
At 1 October 2023
78,555
Depreciation charged in the year
31,894
Eliminated in respect of disposals
(8,693)
At 30 September 2024
101,756
Carrying amount
At 30 September 2024
81,468
At 30 September 2023
58,694
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Central Employment Agency (North East) Limited
34/36 St Marys Place, Newcastle upon Tyne
Employment Agency
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Central Employment Agency (North East) Limited
556,702
418,649
DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
13,542
-
0
-
0
-
0
Other borrowings
17
3,524,210
3,738,104
-
0
-
0
Trade creditors
141,742
128,913
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
780,812
778,812
Corporation tax payable
183,300
235,058
-
0
-
0
Other taxation and social security
611,949
864,106
-
-
Other creditors
199,940
-
0
-
0
-
0
Accruals and deferred income
886,355
642,089
-
0
52,500
5,561,038
5,608,270
780,812
831,312
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
14,670
-
0
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,022,850
5,351,839
-
0
-
0
Other debtors
2,304
5,787
1
299
Prepayments and accrued income
175,267
201,406
-
0
-
0
5,200,421
5,559,032
1
299
Amounts falling due after more than one year:
Gross amounts owed by contract customers
21,260
21,260
-
0
-
0
Total debtors
5,221,681
5,580,292
1
299

The amount of factored debts included in the above figure is £4,208,587.

DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
3,524,210
3,738,104
-
0
-
0
Payable within one year
3,524,210
3,738,104
-
0
-
0

The loans are secured over the assets of the subsidiary company.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
13,542
-
0
-
0
-
0
In two to five years
14,670
-
0
-
0
-
0
28,212
-
-
-
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
19,610
13,162
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
13,162
-
Charge to profit or loss
6,448
-
Liability at 30 September 2024
19,610
-
DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
9,000
2,800
90
28
Ordinary B of 1p each
5,500
2,800
55
28
Ordinary C of 1p each
5,500
2,100
55
21
Ordinary D of 1p each
-
5,500
-
55
Ordinary E of 1p each
-
2,700
-
27
Ordinary F of 1p each
-
2,700
-
27
Ordinary G of 1p each
-
1,400
-
14
20,000
20,000
200
200
21
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
267,929
1,093,918
500,211
501,701
Profit for the year
334,448
621,511
754,654
1,446,010
Dividends
(756,250)
(1,447,500)
(756,250)
(1,447,500)
At the end of the year
(153,873)
267,929
498,615
500,211
22
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
413,209
344,441
-
-
Between two and five years
1,007,905
1,231,783
-
-
1,421,114
1,576,224
-
-
DECADEON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
334,448
621,511
Adjustments for:
Taxation charged
189,748
227,679
Finance costs
225,599
189,643
Investment income
(3)
(101)
Loss on disposal of tangible fixed assets
256
24,723
Amortisation and impairment of intangible assets
82,605
82,605
Depreciation and impairment of tangible fixed assets
31,894
26,778
Movements in working capital:
Decrease/(increase) in debtors
358,611
(334,969)
Increase in creditors
204,878
6,865
Cash generated from operations
1,428,036
844,734
24
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
99,136
(29,474)
69,662
Borrowings excluding overdrafts
(3,738,104)
213,894
(3,524,210)
Obligations under finance leases
-
(28,212)
(28,212)
(3,638,968)
156,208
(3,482,760)
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