Company Registration No. 06659409 (England and Wales)
EXIMIUS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
EXIMIUS GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
EXIMIUS GROUP LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
9,038
9,038
Current assets
Debtors
6
3,456,292
3,992,129
Cash at bank and in hand
134,343
158,839
3,590,635
4,150,968
Creditors: amounts falling due within one year
7
(1,333,272)
(1,711,783)
Net current assets
2,257,363
2,439,185
Total assets less current liabilities
2,266,401
2,448,223
Creditors: amounts falling due after more than one year
8
(50,953)
(106,501)
Net assets
2,215,448
2,341,722
Capital and reserves
Called up share capital
9
4,503
4,503
Profit and loss reserves
2,210,945
2,337,219
Total equity
2,215,448
2,341,722
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
N Harrington
Director
Company Registration No. 06659409
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Eximius Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
The company has three permanent establishments, Eximius Luxembourg (located in Luxembourg), Acumai Consulting (located in France) and Accenian (located in The Netherlands). The results of these permanent establishments are included with the financial statements of Eximius Group Limited for the year ended 30 June 2024.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have considered the going concern status of the company. The directors have reviewed the cash flow forecasts for the next 12 months and have concluded that the company will have sufficient cash flow for the foreseeable future. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company will have sufficient resources to meet their liabilities for at least the next 12 months. Thus the directors have continued to adopt the going concern basis in preparing these financial statements.true
1.3
Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for the placement of a candidate in the perm business and in the contract services business on a time and material basis. Revenue is measured at the fair value of the consideration received or receivable for the supply of services, excluding VAT and other sales taxes or duty.
Revenue arising from the placement of permanent candidates is recognised at the time the candidate commences full employment.
Revenue arising from temporary candidates is recognised over the period that temporary staff are provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over five years
Office equipment
Over three to four years
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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 credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction 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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 company’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 when the company has 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
28
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
36,360
228,353
264,713
Disposals
(36,360)
(185,882)
(222,242)
At 30 June 2024
42,471
42,471
Depreciation and impairment
At 1 July 2023
36,360
228,353
264,713
Eliminated in respect of disposals
(36,360)
(185,882)
(222,242)
At 30 June 2024
42,471
42,471
Carrying amount
At 30 June 2024
At 30 June 2023
4
Fixed asset investments
2024
2023
£
£
Investments
9,038
9,038
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 July 2023 & 30 June 2024
9,038
Carrying amount
At 30 June 2024
9,038
At 30 June 2023
9,038
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Eximius Consulting JLT
1
Recruitment
Ordinary
100.00
Eximius Group FZ-LLC
2
Recruitment
Ordinary
100.00
Eximius Hong Kong Limited
3
Recruitment
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Office 25, Floor 30, Reef Tower, PO Box 115, Dubai, UAE
2
Office F20, Building 2A, Knowledge Village, PO Box 7300, Dubai, UAE
3
Level 6, Champion Tower, 3 Garden Road, Central, Hong Kong
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,136,111
1,610,965
Amounts owed by group undertakings
2,152,917
1,996,280
Other debtors
42,412
44,433
Prepayments and accrued income
121,974
340,451
3,453,414
3,992,129
Deferred tax asset
2,878
3,456,292
3,992,129
During the year amounts due from group undertakings were written down by £94,413, which is included within administrative expenses. This balance related to historic amounts owed by a subsidiary which the directors do not believe is recoverable.
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
283,672
322,610
Trade creditors
415,631
404,639
Corporation tax
8,065
153,130
Other taxation and social security
328,564
329,049
Other creditors
12,689
5,428
Accruals and deferred income
284,651
496,927
1,333,272
1,711,783
Included in bank loans are amounts due to invoice discounting providers of £228,124 (2023: £267,062) for which there are fixed and floating charges placed over all the company's assets.
All liabilities due to invoice discounting providers are secured by a guarantee given by a director of up to £250,000.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
50,953
106,501
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
Front Office Sell Side shares of £1 each
1,500
1,500
1,500
1,500
Law shares of £1 each
1,500
1,500
1,500
1,500
Operations shares of £1 each
1,500
1,500
1,500
1,500
4,503
4,503
4,503
4,503
The Front Office Sell Side shares, Law shares and Operations shares have no voting rights and have restricted rights as to income, return on capital and following the sale of shares, assets and/or divisions. Full details can be found in the company's Articles of Association.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
63,121
4,267
EXIMIUS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Parent company
In the opinion of the directors, Nick Harrington is the ultimate controlling party.
The immediate parent company is Eximius Management Holdings Limited.
The ultimate parent company is Eximius 2.0 Limited.