| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Statement of Directors' Responsibilities | 6 |
| Report of the Independent Auditors | 7 |
| Income Statement | 11 |
| Other Comprehensive Income | 12 |
| Balance Sheet | 13 |
| Statement of Changes in Equity | 14 |
| Cash Flow Statement | 15 |
| Notes to the Cash Flow Statement | 16 |
| Notes to the Financial Statements | 18 |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 55 Loudoun Road |
| St John's Wood |
| London |
| NW8 0DL |
| BANKERS: |
| 9 Portman Square |
| London |
| W1A 3AL |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The company's turnover was 6.0% lower during the year under review. The company’s direct costs also fell in line by 5.9% while administrative expenses increased by 20.9% leading to a profit before tax of £92,399. The directors are satisfied with the results for the year. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors consider the main risks faced by the business are those relating to the cyclical nature of the industry in which it operates, retaining staff to deliver its growth plans and ever-changing employment law and regulations for temporary workers that are often specific to individual business sectors. |
| Development and performance |
| In the opinion of the directors, the company is in a strong position at the year end. Shareholders' funds increased from £2.7m to £2.8m prior to payment of a dividend of £320,000 and this is considered to be healthy by the directors in the light of the UK economy during this period. |
| Key performance indicators |
| The group’s management regularly monitor the performance of the business through monthly management meetings, records of consultant productivity and client feedback. They work closely with relevant specialists to ensure that the risks faced by the business are mitigated as far as possible. The main key performance indicators are sales growth highlighted above, gross profit margin which fell to 3.7% and the net current asset ratio which fell to 1.35. |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| SECTION 172(1) STATEMENT |
| Introduction |
| The directors of Handle Payroll Solutions Limited present their Section 172 statement for the year ended 31 December 2024.This statement outlines how the directors have had regard to the matters set out in Section 172(1) of the Companies Act 2006 when performing their duty to promote the success of the company. |
| Stakeholder Engagement |
| Employees: We offer our employees career support, events and guidance to help them thrive in their careers with top brands. |
| Customers: Our core mission is to connect our clients with exceptional talent. As the creative industries have evolved, so have our specialisms and offerings, allowing us to respond effectively to our clients’ needs. We offer a comprehensive suite of talent solutions, supported by eight established teams led by experienced directors and dedicated consultants with a clear focus. |
| Suppliers: We maintain strong relationships with our suppliers through consistent communication and collaboration. |
| Shareholders: As an owner managed business, our shareholders are informed through regular meetings and working closely with the team. |
| Decision Making process |
| Strategic decisions are made by the shareholders with the support of the leadership team. Significant decisions made during the year was included planning the recovery from the poor performance in 2023, which involved enhancing strategies for talent acquisition. |
| Conclusion |
| The board believes that these actions and decisions have promoted the success of the company for the benefit of its members as a whole, while having regard to the interests of our stakeholders. |
| ON BEHALF OF THE BOARD: |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company continued to be that of providing comprehensive payroll and compliance solutions for directly sourced freelancers and temporary staff. |
| DIVIDENDS |
| Ordinary dividends were paid amounting £320,000 in respect of year ended 31 December 2024. The directors do not |
| recommend payment of a final dividend |
| FUTURE DEVELOPMENTS |
| The company has adapted to the changing market and the directors look forward to the future with confidence. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| The company has a normal level of exposure to price, credit, liquidity and cash flow risk arising from trading activities only conducted in sterling. |
| 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. |
| ENGAGEMENT WITH EMPLOYEES |
| The company's policy is to consult and discuss with employee mainly through staff 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 was one employee share scheme in place during the year. |
| ENERGY AND CARBON REPORTING |
| As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| AUDITORS |
| The auditors, MGR Weston Kay LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| Opinion |
| We have audited the financial statements of Handle Payroll Solutions Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Explanation as to what extent the auditor was considered capable of detecting irregularities including fraud |
| 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. |
| As part of our planning of the audit work required we obtained an understanding of the legal and regulatory |
| frameworks that are applicable to the entity via enquiries of the company’s management, carried out analytical |
| procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the |
| most significant laws and regulation are those that relate to: |
| • Health and safety regulations. |
| • Employment law including right to work in the UK. |
| • Employment Agencies Act 1973. |
| • Conduction Regulations 2003. |
| • Agency worker regulations. |
| • Data Protection Laws (GDPR). |
| • UK Tax legislation |
| We also considered those laws and regulations that have a direct impact on the preparation of the financial |
| statements such as FRS102 and the Companies Act 2006. |
| Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with the |
| laws and regulations and the fraud risks identified. This included enquiries with management to understand their |
| policies and procedures for compliance with those regulations and we completed the following tests: |
| • Obtained an understanding of relevant controls. |
| • Reviewed the company’s risk assessments, procedures and systems. |
| • Checked samples of documentation. |
| • Reviewed the records for evidence of complaints or litigation. |
| We also assessed the risks of material misstatement in respect of fraud as follows: |
| • Revenue fraud. |
| • Unauthorised expenditure and/or payments. |
| • Management override of controls. |
| • Manipulation of accounting estimates. |
| • Related party fraud. |
| Based on the results of our risk assessment we designed our audit procedures to identify and to address material |
| misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate |
| accounting entries. |
| No significant issues were identified during our testing |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HANDLE PAYROLL SOLUTIONS LIMITED |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditors |
| 55 Loudoun Road |
| St John's Wood |
| London |
| NW8 0DL |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 6 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Finance costs paid | (347 | ) | - |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
(1,707,553 |
) |
(894,993 |
) |
| Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit for the financial year |
| Depreciation charges |
| Finance costs | 137,405 | 189,737 |
| Taxation |
| 235,962 | 700,965 |
| Decrease in trade and other debtors |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 181,659 | 24,722 |
| Bank overdrafts | ( |
) | ( |
) |
| (2,149,909 | ) | (1,707,553 | ) |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 24,722 | 51,104 |
| Bank overdrafts | ( |
) | ( |
) |
| (1,707,553 | ) | (894,993 | ) |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 24,722 | 156,937 | 181,659 |
| Bank overdrafts | (1,732,275 | ) | (599,293 | ) | (2,331,568 | ) |
| (1,707,553 | ) | ( |
) | (2,149,909 | ) |
| Total | (1,707,553 | ) | (442,356 | ) | (2,149,909 | ) |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Handle Payroll Solutions Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. For temporary contracts, turnover is recognised as the placement progresses. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 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. |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | CRITICAL ACCOUNTING 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. |
| There are no critical accounting judgements or key sources of estimation uncertainty. |
| 4. | TURNOVER |
| The whole of the company’s turnover relates to fees for providing directly sourced freelancers and temporary |
| placements predominately within the UK. |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Temporary placements | 427 | 477 |
| Administration | 19 | 18 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Software amortisation |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) | ( |
) |
| Non-audit services |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loan interest |
| Other interest |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Prior year corporation tax | 20,778 | - |
| Total current tax |
| Deferred tax: |
| Prior period adjustments | - | 6,246 |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Adjustments to tax charge in respect of previous periods |
| Effect of change in corporation tax rate | ( |
) |
| Marginal rate of tax | ( |
) |
| Total tax charge | 44,634 | 124,312 |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Interim | 320,000 | - |
| 10. | INTANGIBLE FIXED ASSETS |
| Software |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Trade creditors |
| Taxation |
| Social security and other taxes |
| VAT | 1,306,181 | 1,238,360 |
| Other creditors |
| Accruals and deferred income |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| The bank loans and overdrafts totalling £2,331,568 (2023: £1,732,275) are secured by a fixed and floating charge against the assets of the company. |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary A | 0.01p | 75 | 75 |
| Ordinary B | 0.01p | 25 | 25 |
| 100 | 100 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| HANDLE PAYROLL SOLUTIONS LIMITED (REGISTERED NUMBER: 08800655) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | RETIREMENT BENEFIT SCHEMES |
| 31.12.24 | 31.12.23 |
| Defined contribution schemes | £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 259,712 | 245,313 |
| 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. |
| 18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year the directors received dividends of £320,000 (2023: £Nil). |
| 19. | RELATED PARTY DISCLOSURES |
| The directors of the company have a material interest in Handle Recruitment Limited. |
| During the year, the company incurred costs of £38,550 (2023: £4,945) from Handle Recruitment Limited and paid a management charge to Handle Recruitment Limited for services carried out on the company's behalf of £240,000 (2023: £125,000). At the year end, an amount of £139,733 (2023: An amount was due to £306,278) was due from Handle Recruitment Limited. |
| At the year end, an amount of £11,359 (2023: £11,359) was due to a shareholder of the company. |
| 20. | ULTIMATE CONTROLLING PARTY |
| At the year end, the ultimate controlling party was P Tafler by virtue of his shareholding in the company. |
| 21. | SHARE-BASED PAYMENT TRANSACTIONS |
| During 2018, the company granted an employee the option to subscribe to a maximum of 250,000 'B' Ordinary Shares over a maximum term of 10 years, at a price of £0.86 per share. 111,111 of the option shares vested immediately after the grant date, a further 65,360 vested during the year. The remaining 73,529 option shares are subject to performance conditions. At the year end, the options had not been exercised. |
| The directors have calculated that the fair value of the EMI share options is not material and therefore no share based payments have been recognised in these financial statements. |