Company registration number 05891080 (England and Wales)
LOGICAL PERSONNEL SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
LOGICAL PERSONNEL SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr Ben Lerner
Mr Stephen Durant
Company number
05891080
Registered office
Capitol
Russell Street
Leeds
LS1 5SP
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
Bankers
HSBC Bank plc
PO Box 105
33 Park Row
Leeds
West Yorkshire
LS1 1LD
LOGICAL PERSONNEL SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
LOGICAL PERSONNEL SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The principal activity of the company continued to be that of the provision of temporary and permanent staff within the maintenance, logistics, energy, construction and associated industries. The business tailors solutions to clients’ needs which from time to time includes working as a contractor and on a price per job/task basis. As noted in last year’s report the company has been working very closely with the group’s specialist training and apprenticeship provision company. This collaboration has once again proved very successful and has continued to open doors which the company has previously struggled with. The company continues to add new customers of significant value and volume and consolidate those that were added in the previous year. The company and group’s activities have been very well received by the marketplace and pipelines are strong. The directors are excited about what the future holds for the business and the group, given anticipated investments in infrastructure and the energy sector. The director’s anticipate the coming year to show growth.

Fair review of the business

In common with most UK companies, trading was impacted by economic conditions and in particular the effect of interest rates on activity levels. Turnover for the year was a satisfactory £56.9m given market conditions (2023 £57.3m), gross profit margins held up well at 11.2% (2023 10.9%) given both increased input costs and significant pressures on charge rates. Administrative costs have been subjected to an increased level of scrutiny and as a result of improved gross profit and cost savings, an improved level of operating profit of £1,738.7k has been achieved (2023: £1,441.6k).

 

The directors of the company continue to investigate additional opportunities for business growth as well as consolidating previous achievements. The business continues to operate its “Best Practice and Best in Class” approach, particularly in the areas of supply chain due diligence, regulatory compliance and social value. This expertise is being shared with both the companies supply chain and that of its existing and potential customers, this is resulting in new business opportunities being opened up.

Principal risks and uncertainties

The directors consider that there are three main risks that face the company. The first being the factors affecting the sectors in which we operate, the second being the supply of the temporary workforce which we utilise and the third is the cost of borrowing.

 

We have mitigated the risk of exposure to this these factors via the exploration of other sectors and markets in which to provide our expertise and supply our services and by driving organic growth in the other sectors within which we already operate, as well as working closely with our suppliers to help mitigate the impact of interest rates. As part of our regulatory compliance work and social value work, we are actively developing solutions for our customers and supply chain to mitigate the impact of legislation.

 

The perceived potential heightened credit risk our industries experiences is mitigated by the maintenance of credit insurance over debtor balances using a risk-based approach. Our insurer has a wealth of industry knowledge and the directors continue to commit sufficient resource to our debt collection processes to manage our day to day exposure successfully. Anticipated spending on infrastructure should help dilute the impact of this risk as shorter government payment cycles impact on cashflows.

 

With regards to the risk of supply of temporary labour, this risk has been diluted with planned changes in the mix of labour supply, service levels and markets. The company and the group is investing heavily in staff training and this is expected to aid staff retention, skill labour resource and further mitigate the risk of supply, as well resulting in an up-skilled workforce which presents further opportunities for the business. In common with other companies the after-effects of ER NIC cost increases pose an additional risk but this is again being mitigated as far as possible by passing on costs to our clients which is standard practice in our sector.

LOGICAL PERSONNEL SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Key performance indicators

Alongside the review of turnover and profit margins as the company’s key performance indicators, the directors also review debtor days, dependence on major customers and new business generation on a monthly basis to ensure there is no excessive exposure in any particular area. Debtor days have remained at an acceptable level at 67 days (2023: 67 days).

On behalf of the board

Mr Ben Lerner
Director
1 August 2025
LOGICAL PERSONNEL SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of provision of temporary staff within the construction, logistics, heavy process and associated industries.

 

The review of the business is set out in the Strategic Report on page 1.

Results and dividends

The results for the year are set out on page 8.

Contributions to E.O.T were paid amounting to £1,008,519. 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 Ben Lerner
Mr Stephen Durant
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

The directors have noted below the total kwH of their various premises. These figures include estimations on a number of properties due to the lack of information available from both current and previous landlords. A decrease in over 18% from 2023 to 2024 highlights the efforts made to achieve the company target of net zero. The directors continue to explore options to further reduce the energy and carbon consumption of the business such as energy purchased from suppliers using renewable resources and carbon offset.

LOGICAL PERSONNEL SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
61,128
85,163
- Fuel consumed for transport
122,117
112,826
183,245
197,989
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

Statement of directors' responsibilities

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

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 company’s auditor 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 company’s auditor is aware of that information.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has an on-going banking facility and has not breached any covenant or condition that would cause such facility to be withdrawn, nor does it expect the facility to be withdrawn in the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Directors’ report and financial statements.

Principal risks and uncertanties

Business risks and factors to mitigate these risks are described in the strategic report on page 1.

On behalf of the board
Mr Ben Lerner
Director
1 August 2025
LOGICAL PERSONNEL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOGICAL PERSONNEL SOLUTIONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Logical Personnel Solutions Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, statement of financial position, the statement of changes in equity, the statement of cash flow and 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 FRS 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The 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:

LOGICAL PERSONNEL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOGICAL PERSONNEL SOLUTIONS LIMITED (CONTINUED)
- 6 -
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 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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

LOGICAL PERSONNEL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOGICAL PERSONNEL SOLUTIONS LIMITED (CONTINUED)
- 7 -
Christopher Howitt (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
1 August 2025
LOGICAL PERSONNEL SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
56,935,985
57,294,037
Cost of sales
(50,540,203)
(51,040,110)
Gross profit
6,395,782
6,253,927
Administrative expenses
(4,657,120)
(4,812,332)
Operating profit
4
1,738,662
1,441,595
Interest receivable and similar income
7
17,177
14,758
Interest payable and similar expenses
8
(334,561)
(373,375)
Profit before taxation
1,421,278
1,082,978
Tax on profit
9
(332,565)
(65,319)
Profit for the financial year
1,088,713
1,017,659

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 22 form part of these financial statements.

LOGICAL PERSONNEL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
18,752
20,919
Current assets
Debtors
12
12,379,540
12,567,349
Cash at bank and in hand
4,102,908
4,764,675
16,482,448
17,332,024
Creditors: amounts falling due within one year
13
(15,069,639)
(16,001,157)
Net current assets
1,412,809
1,330,867
Total assets less current liabilities
1,431,561
1,351,786
Provisions for liabilities
Deferred tax liability
15
4,407
4,826
(4,407)
(4,826)
Net assets
1,427,154
1,346,960
Capital and reserves
Called up share capital
17
71
71
Capital redemption reserve
33
33
Profit and loss reserves
1,427,050
1,346,856
Total equity
1,427,154
1,346,960

The notes on pages 12 to 22 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
Mr Ben Lerner
Director
Company registration number 05891080 (England and Wales)
LOGICAL PERSONNEL SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
71
33
1,529,197
1,529,301
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
1,017,659
1,017,659
Contributions to Employee Ownership Trust
10
-
-
(1,200,000)
(1,200,000)
Balance at 30 November 2023
71
33
1,346,856
1,346,960
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
1,088,713
1,088,713
Contributions to Employee Ownership Trust
10
-
-
(1,008,519)
(1,008,519)
Balance at 30 November 2024
71
33
1,427,050
1,427,154

The notes on pages 12 to 22 form part of these financial statements.

LOGICAL PERSONNEL SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
1,976,548
1,164,966
Interest paid
(334,561)
(373,375)
Income taxes paid
(64,819)
(22,640)
Net cash inflow from operating activities
1,577,168
768,951
Investing activities
Purchase of tangible fixed assets
(7,099)
(6,060)
Interest received
17,177
14,758
Net cash generated from investing activities
10,078
8,698
Financing activities
Repayment of borrowings
(1,240,493)
496,717
Contributions to Employee Ownership Trust
(1,008,519)
(1,200,000)
Net cash used in financing activities
(2,249,012)
(703,283)
Net (decrease)/increase in cash and cash equivalents
(661,766)
74,366
Cash and cash equivalents at beginning of year
4,764,675
4,690,309
Cash and cash equivalents at end of year
4,102,908
4,764,675
CASH FLOW OUT OF BALANCE BY:
1
-

The notes on pages 12 to 22 form part of these financial statements.

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Company information

Logical Personnel Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Capitol, Russell Street, Leeds, LS1 5SP.

1.1
Accounting convention

These financial statements have been prepared under the historic cost basis and 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 £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Provision of labour

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
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:

Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line

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.

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

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 payments discounted at a market rate of interest. 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.

Other financial liabilities

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Provision of staff
56,935,984
57,294,037
Analysis per statutory database
56,935,984
57,294,037
Statutory database analysis does not agree to the trial balance by:
1
-
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
56,935,984
57,294,037
Analysis per statutory database
56,935,984
57,294,037
Statutory database analysis does not agree to the trial balance by:
1
-
2024
2023
£
£
Other revenue
Interest income
17,177
14,758
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
9,266
8,162
(Profit)/loss on disposal of tangible fixed assets
-
126
Warning: Analysis of depreciation between Profit and loss account and Balance sheet do not reconcile by:
1
-
LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
12,000
6
Employees

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

2024
2023
Number
Number
Permanent staff
55
66
Temporary staff
1
-
Operatives
281
233
Total
337
299

Their aggregate remuneration, together with that of all agency placement staff, comprised:

2024
2023
£
£
Wages and salaries
15,930,909
12,874,079
Social security costs
1,726,143
1,394,481
Pension costs
160,883
141,355
17,817,935
14,409,915
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17,177
14,758
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
17,177
14,758
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
334,561
373,375
LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
332,984
64,819
Deferred tax
Origination and reversal of timing differences
(419)
500
Total tax charge
332,565
65,319

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
1,421,278
1,082,978
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
355,320
270,745
Tax effect of expenses that are not deductible in determining taxable profit
8,935
(7,063)
Effect of change in corporation tax rate
-
0
(7,308)
Group relief
(28,185)
(192,410)
Permanent capital allowances in excess of depreciation
(3,086)
855
Deferred tax movement
(419)
500
Taxation charge for the year
332,565
65,319
10
Distributions
2024
2023
£
£
Final contributions to EOT
1,008,519
1,200,000
LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 December 2023
33,651
58,198
83,115
174,964
Additions
2,625
2,896
1,578
7,099
At 30 November 2024
36,276
61,094
84,693
182,063
Depreciation and impairment
At 1 December 2023
22,862
55,785
75,398
154,045
Depreciation charged in the year
4,348
1,717
3,201
9,266
At 30 November 2024
27,210
57,502
78,599
163,311
Carrying amount
At 30 November 2024
9,066
3,592
6,094
18,752
At 30 November 2023
10,789
2,413
7,717
20,919
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,194,821
10,448,626
Amounts owed by group undertakings
873,192
777,521
Other debtors
12,607
16,596
Prepayments and accrued income
1,298,920
1,324,606
12,379,540
12,567,349
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
14
8,353,484
9,593,977
Trade creditors
3,515,486
3,121,567
Corporation tax
334,049
65,884
Other taxation and social security
1,854,222
1,291,340
Other creditors
479,386
1,582,675
Accruals and deferred income
533,012
345,714
15,069,639
16,001,157

 

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
14
Loans and overdrafts
2024
2023
£
£
Other loans
8,353,484
9,593,977
Payable within one year
8,353,484
9,593,977

The Other loans, which relate to short-term invoice financing, are secured by fixed charges over the company's assets.

 

15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
4,407
4,826
2024
Movements in the year:
£
Liability at 1 December 2023
4,826
Credit to profit or loss
(419)
Liability at 30 November 2024
4,407

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
160,883
141,355

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
67
67
67
67
Ordinary A shares of £1 each
2
2
2
2
Ordinary B shares of £1 each
2
2
2
2
71
71
71
71
18
Ultimate controlling party

The companies immediate parent is Logical PS Group Limited, a company registered in England and Wales. Their registered office is Capitol, Russell Street, Leeds, LS1 5SP.

The ultimate parent entity is Trident Trust Company (U.K.), a trust registered in England and Wales.

19
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,088,713
1,017,659
Adjustments for:
Taxation charged
332,565
65,319
Finance costs
334,561
373,375
Investment income
(17,177)
(14,758)
(Gain)/loss on disposal of tangible fixed assets
-
126
Depreciation and impairment of tangible fixed assets
9,266
8,162
Movements in working capital:
Decrease/(increase) in debtors
187,809
(1,329,423)
Increase in creditors
40,810
1,044,506
Cash generated from operations
1,976,547
1,164,966
Difference
1
-
Per cash flow statement page
1,976,548
1,164,966
LOGICAL PERSONNEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
20
Analysis of changes in net debt
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
4,764,675
(661,767)
4,102,908
Borrowings excluding overdrafts
(9,593,977)
1,240,493
(8,353,484)
(4,829,302)
578,726
(4,250,576)
LOGICAL PERSONNEL SOLUTIONS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024
2024-11-302023-12-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr Ben LernerMr Stephen Durant058910802023-12-012024-11-3005891080bus:Director12023-12-012024-11-3005891080bus:Director22023-12-012024-11-3005891080bus:RegisteredOffice2023-12-012024-11-3005891080bus:Agent12023-12-012024-11-30058910802024-11-30058910802022-12-012023-11-3005891080core:RetainedEarningsAccumulatedLosses2022-12-012023-11-3005891080core:RetainedEarningsAccumulatedLosses2023-12-012024-11-30058910802023-11-3005891080core:PlantMachinery2024-11-3005891080core:FurnitureFittings2024-11-3005891080core:ComputerEquipment2024-11-3005891080core:PlantMachinery2023-11-3005891080core:FurnitureFittings2023-11-3005891080core:ComputerEquipment2023-11-3005891080core:ShareCapital2024-11-3005891080core:ShareCapital2023-11-3005891080core:CapitalRedemptionReserve2024-11-3005891080core:CapitalRedemptionReserve2023-11-3005891080core:RetainedEarningsAccumulatedLosses2024-11-3005891080core:RetainedEarningsAccumulatedLosses2023-11-3005891080core:ShareCapital2022-11-3005891080core:CapitalRedemptionReserve2022-11-3005891080core:RetainedEarningsAccumulatedLosses2022-11-3005891080core:ShareCapitalOrdinaryShareClass12024-11-3005891080core:ShareCapitalOrdinaryShareClass12023-11-3005891080core:ShareCapitalOrdinaryShareClass22024-11-3005891080core:ShareCapitalOrdinaryShareClass22023-11-3005891080core:ShareCapitalOrdinaryShareClass32024-11-3005891080core:ShareCapitalOrdinaryShareClass32023-11-3005891080core:ShareCapitalOrdinaryShares2024-11-3005891080core:ShareCapitalOrdinaryShares2023-11-30058910802023-11-30058910802022-11-3005891080core:PlantMachinery2023-12-012024-11-3005891080core:FurnitureFittings2023-12-012024-11-3005891080core:ComputerEquipment2023-12-012024-11-300589108012023-12-012024-11-300589108012022-12-012023-11-3005891080core:UKTax2023-12-012024-11-3005891080core:UKTax2022-12-012023-11-3005891080core:PlantMachinery2023-11-3005891080core:FurnitureFittings2023-11-3005891080core:ComputerEquipment2023-11-3005891080core:CurrentFinancialInstruments2024-11-3005891080core:CurrentFinancialInstruments2023-11-3005891080bus:OrdinaryShareClass12023-12-012024-11-3005891080bus:OrdinaryShareClass22023-12-012024-11-3005891080bus:OrdinaryShareClass32023-12-012024-11-3005891080bus:OrdinaryShareClass12024-11-3005891080bus:OrdinaryShareClass12023-11-3005891080bus:OrdinaryShareClass22024-11-3005891080bus:OrdinaryShareClass22023-11-3005891080bus:OrdinaryShareClass32024-11-3005891080bus:OrdinaryShareClass32023-11-3005891080bus:AllOrdinaryShares2024-11-3005891080bus:AllOrdinaryShares2023-11-3005891080bus:PrivateLimitedCompanyLtd2023-12-012024-11-3005891080bus:FRS1022023-12-012024-11-3005891080bus:Audited2023-12-012024-11-3005891080bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP