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REGISTERED NUMBER: SC519438 (Scotland)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

Connect Management Services Limited

Connect Management Services Limited (Registered number: SC519438)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Connect Management Services Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: G P Harper
Mrs D A Harper





REGISTERED OFFICE: 200 Bath Street
Glasgow
G2 4HG





REGISTERED NUMBER: SC519438 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Connect Management Services Limited (Registered number: SC519438)

Group Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
Connect Management Services provides a management and consultancy service to Connect Appointments (previously known as DC Recruitment) and its subsidiary companies.

The company retains a majority interest in the share capital of the following company:
Connect Appointments Limited (previously known as DC Recruitment Limited)

PRINCIPAL RISKS AND UNCERTAINTIES
Risk management is addressed by the group through a structured framework of policies, procedures and internal controls.

STRATEGY
The group's strategy is to continue to deliver a service to clients that exceeds their expectations.

ON BEHALF OF THE BOARD:





G P Harper - Director


28 August 2025

Connect Management Services Limited (Registered number: SC519438)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £1,000 (2023: £2,000).

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

G P Harper
Mrs D A Harper

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





G P Harper - Director


28 August 2025

Report of the Independent Auditors to the Members of
Connect Management Services Limited

Opinion
We have audited the financial statements of Connect Management Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 November 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Other matters
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Connect Management Services Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or
non- compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Connect Management Services Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

28 August 2025

Connect Management Services Limited (Registered number: SC519438)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 27,039,502 28,749,594

Cost of sales (23,904,446 ) (25,481,975 )
GROSS PROFIT 3,135,056 3,267,619

Administrative expenses (2,701,643 ) (2,772,696 )
433,413 494,923

Other operating income 238,340 267,077
OPERATING PROFIT 4 671,753 762,000

Income from fixed asset investments - 51,495
Interest receivable and similar income - 5,219
671,753 818,714

Interest payable and similar expenses 5 (36,755 ) (30,547 )
PROFIT BEFORE TAXATION 634,998 788,167

Tax on profit 6 (206,369 ) (209,177 )
PROFIT FOR THE FINANCIAL YEAR 428,629 578,990

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

428,629

578,990

Profit attributable to:
Owners of the parent 260,622 340,485
Non-controlling interests 168,007 238,505
428,629 578,990

Total comprehensive income attributable to:
Owners of the parent 260,622 340,485
Non-controlling interests 168,007 238,505
428,629 578,990

Connect Management Services Limited (Registered number: SC519438)

Consolidated Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 730,799 852,598
Tangible assets 10 899,254 805,738
Investments 11 4,734 4,734
Investment property 12 1,384,343 1,381,975
3,019,130 3,045,045

CURRENT ASSETS
Debtors 13 4,945,951 4,524,277
Cash at bank 94,961 48,739
5,040,912 4,573,016
CREDITORS
Amounts falling due within one year 14 (5,610,599 ) (5,587,988 )
NET CURRENT LIABILITIES (569,687 ) (1,014,972 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,449,443

2,030,073

CREDITORS
Amounts falling due after more than one
year

15

(485,398

)

(345,466

)

PROVISIONS FOR LIABILITIES 19 (44,200 ) (50,600 )
NET ASSETS 1,919,845 1,634,007

CAPITAL AND RESERVES
Called up share capital 20 100 100
Capital redemption reserve 21 2 -
Retained earnings 21 1,398,979 1,139,359
SHAREHOLDERS' FUNDS 1,399,081 1,139,459

NON-CONTROLLING INTERESTS 22 520,764 494,548
TOTAL EQUITY 1,919,845 1,634,007

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:





G P Harper - Director


Connect Management Services Limited (Registered number: SC519438)

Company Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,453 2,583
Investments 11 1,933,913 1,933,913
Investment property 12 - -
1,935,366 1,936,496

CURRENT ASSETS
Debtors 13 210,000 66,548
Cash at bank 1,003 262
211,003 66,810
CREDITORS
Amounts falling due within one year 14 (488,122 ) (636,604 )
NET CURRENT LIABILITIES (277,119 ) (569,794 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,658,247

1,366,702

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 1,658,147 1,366,602
SHAREHOLDERS' FUNDS 1,658,247 1,366,702

Company's profit for the financial year 292,545 413,726

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:





Mrs D A Harper - Director


Connect Management Services Limited (Registered number: SC519438)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 December 2022 100 800,874 -

Changes in equity
Dividends - (2,000 ) -
Total comprehensive income - 340,485 -
Balance at 30 November 2023 100 1,139,359 -

Changes in equity
Dividends - (1,000 ) -
Total comprehensive income - 260,620 2
Balance at 30 November 2024 100 1,398,979 2
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 December 2022 800,974 504,215 1,305,189

Changes in equity
Dividends (2,000 ) (248,172 ) (250,172 )
Total comprehensive income 340,485 238,505 578,990
Balance at 30 November 2023 1,139,459 494,548 1,634,007

Changes in equity
Dividends (1,000 ) (141,791 ) (142,791 )
Total comprehensive income 260,622 168,007 428,629
Balance at 30 November 2024 1,399,081 520,764 1,919,845

Connect Management Services Limited (Registered number: SC519438)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 954,876 954,976

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 413,726 413,726
Balance at 30 November 2023 100 1,366,602 1,366,702

Changes in equity
Dividends - (1,000 ) (1,000 )
Total comprehensive income - 292,545 292,545
Balance at 30 November 2024 100 1,658,147 1,658,247

Connect Management Services Limited (Registered number: SC519438)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 942,575 1,269,965
Interest paid (29,209 ) (29,163 )
Interest element of hire purchase payments
paid

(7,546

)

(1,384

)
Tax paid (215,676 ) (173,803 )
Net cash from operating activities 690,144 1,065,615

Cash flows from investing activities
Purchase of tangible fixed assets (329,347 ) (11,773 )
Purchase of investment property (17,111 ) (246,263 )
Sale of tangible fixed assets 135,455 -
Interest received - 5,219
Dividends received - 51,495
Net cash from investing activities (211,003 ) (201,322 )

Cash flows from financing activities
HP loans advanced in the year 283,664 -
Loan repayments in year (43,010 ) (41,425 )
Inter-Company loans repaid (312,690 ) -
Capital repayments in year (41,815 ) (18,509 )
Amount introduced by directors - 12,254
Amount withdrawn by directors (176,277 ) (569,777 )
Equity dividends paid (141,791 ) (2,000 )
Equity dividends paid (1,000 ) -
Dividends paid to minority interests - (248,172 )
Net cash from financing activities (432,919 ) (867,629 )

Increase/(decrease) in cash and cash equivalents 46,222 (3,336 )
Cash and cash equivalents at beginning of
year

2

48,739

52,075

Cash and cash equivalents at end of year 2 94,961 48,739

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

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

30.11.24 30.11.23
£    £   
Profit before taxation 634,998 788,167
Depreciation charges 279,032 261,711
Profit on disposal of fixed assets (42,000 ) -
Finance costs 36,755 30,547
Finance income - (56,714 )
908,785 1,023,711
Increase in trade and other debtors (219,012 ) (71,549 )
Increase in trade and other creditors 252,802 317,803
Cash generated from operations 942,575 1,269,965

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 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 94,961 48,739
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 48,739 52,075


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 48,739 46,222 94,961
48,739 46,222 94,961
Debt
Finance leases (2,503 ) (241,960 ) (244,463 )
Debts falling due within 1 year (42,000 ) (1,200 ) (43,200 )
Debts falling due after 1 year (345,466 ) 44,210 (301,256 )
(389,969 ) (198,950 ) (588,919 )
Total (341,230 ) (152,728 ) (493,958 )

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Connect Management Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

The financial statements have been prepared on the trading results for the period 26 November 2023 to 30
November 2024.

Basis of consolidation
The group financial statements consolidate the results of the company and its subsidiary undertakings for the year ended 30 November 2024.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

The company's policy is to review the remaining useful economic lives and residual value of all tangible fixed
assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand and held at bank.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 22,516,768 20,948,108
Social security costs 1,716,102 1,442,021
Other pension costs 202,771 218,737
24,435,641 22,608,866

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.24 30.11.23

Temporary staff 986 1,010
Permanent staff 39 41
1,025 1,051

The average number of employees by undertakings that were proportionately consolidated during the year was 1,025 (2023 - 1,051 ) .

30.11.24 30.11.23
£    £   
Directors' remuneration 26,700 24,967
Directors' pension contributions to money purchase schemes 8,088 7,687

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

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.24 30.11.23
£    £   
Depreciation - owned assets 95,681 133,011
Depreciation - assets on hire purchase contracts 61,438 6,900
Profit on disposal of fixed assets (42,000 ) -
Goodwill amortisation 121,799 121,800
Auditors' remuneration 20,435 17,075

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Bank interest 20,787 20,563
Bank loan interest 8,422 8,600
Hire purchase 7,546 1,384
36,755 30,547

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 212,769 215,677

Deferred tax (6,400 ) (6,500 )
Tax on profit 206,369 209,177

UK corporation tax has been charged at 25 % (2023 - 23.01 %).

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:

30.11.24 30.11.23
£    £   
Profit before tax 634,998 788,167
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.011 %)

158,750

181,365

Effects of:
Expenses not deductible for tax purposes 14,512 9,626
Income not taxable for tax purposes - (11,849 )
Depreciation in excess of capital allowances 20,333 44,227
Utilisation of tax losses - (20 )
Deferred tax (6,400 ) (6,500 )
Amortisation of goodwill disallowed 30,451 -
Allowable repairs capitalised (777 ) (7,672 )
Profit on disposal of assets (10,500 ) -
Total tax charge 206,369 209,177

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
30.11.24 30.11.23
£    £   
Ordinary shares of 1 each
Final 1,000 2,000

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 1,217,998
AMORTISATION
At 1 December 2023 365,400
Amortisation for year 121,799
At 30 November 2024 487,199
NET BOOK VALUE
At 30 November 2024 730,799
At 30 November 2023 852,598

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2023 579,474 14,240 365,536 48,909 1,008,159
Additions - - 326,698 2,649 329,347
Disposals - - (280,331 ) - (280,331 )
At 30 November 2024 579,474 14,240 411,903 51,558 1,057,175
DEPRECIATION
At 1 December 2023 16,826 8,017 147,508 30,070 202,421
Charge for year 9,727 2,587 120,165 9,897 142,376
Eliminated on disposal - - (186,876 ) - (186,876 )
At 30 November 2024 26,553 10,604 80,797 39,967 157,921
NET BOOK VALUE
At 30 November 2024 552,921 3,636 331,106 11,591 899,254
At 30 November 2023 562,648 6,223 218,028 18,839 805,738

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023 18,535
Additions 326,698
Transfer to ownership (30,029 )
At 30 November 2024 315,204
DEPRECIATION
At 1 December 2023 18,340
Charge for year 61,438
Transfer to ownership (29,834 )
At 30 November 2024 49,944
NET BOOK VALUE
At 30 November 2024 265,260
At 30 November 2023 195

Company
Fixtures
and
fittings
£   
COST
At 1 December 2023
and 30 November 2024 2,583
DEPRECIATION
Charge for year 1,130
At 30 November 2024 1,130
NET BOOK VALUE
At 30 November 2024 1,453
At 30 November 2023 2,583

11. FIXED ASSET INVESTMENTS

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Shares in group undertakings - - 1,929,628 1,929,628
Other investments not loans 4,734 4,734 4,285 4,285
4,734 4,734 1,933,913 1,933,913

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

11. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group
Unlisted
investments
£   
COST
At 1 December 2023
and 30 November 2024 449
NET BOOK VALUE
At 30 November 2024 449
At 30 November 2023 449

Investments (neither listed nor unlisted) were as follows:
30.11.24 30.11.23
£    £   
Other 4,285 4,285
Company
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 1,929,628
NET BOOK VALUE
At 30 November 2024 1,929,628
At 30 November 2023 1,929,628

Investments (neither listed nor unlisted) were as follows:
30.11.24 30.11.23
£    £   
Other 4,285 4,285

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Connect Appointments Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Temporary employment agency
%
Class of shares: holding
Ordinary 60.00

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

11. FIXED ASSET INVESTMENTS - continued

Associated companies

Connect Driver Solutions Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 60.00

Connect Appointments Tayfife Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 60.00

Connect Appointments North East Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Temporary employment agency
%
Class of shares: holding
Ordinary 42.00

Connect Driver Solutions North East Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Temporary employment agency
%
Class of shares: holding
Ordinary 56.40

Connect Driver Solutions North West Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 60.00

Connect Site Services Limited
Registered office: 200 Bath Street, Glasgow, G2 4HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 60.00


Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 December 2023 1,381,975
Additions 17,111
At 30 November 2024 1,399,086
DEPRECIATION
Charge for year 14,743
At 30 November 2024 14,743
NET BOOK VALUE
At 30 November 2024 1,384,343
At 30 November 2023 1,381,975

The investment property was purchased in January 2021 with renovation completed during 2024. Currently, fair value has been taken as the cost of acquisition and the renovation's cost. Fair value is to be reviewed at each year end date going forward.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Trade debtors 4,686,958 4,462,079 - -
Amounts owed by group undertakings 210,001 1 210,000 50,000
Amounts owed by associates 394 7,730 - -
Other debtors 6,183 8,708 - -
Directors' current accounts 20,000 20,000 - -
Prepayments and accrued income 22,415 25,759 - 16,548
4,945,951 4,524,277 210,000 66,548

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 43,200 42,000 - -
Hire purchase contracts (see note 17) 60,321 2,503 - -
Trade creditors 69,885 206,347 - -
Amounts owed to associates 40,222 150,247 - -
Tax 212,786 215,693 46,825 30,470
Social security and other taxes 388,503 327,548 - -
VAT 738,021 645,706 11,440 -
Other creditors 247,953 91,016 - -
Advance from factor 2,827,215 2,801,018 - -
Directors' current accounts 429,857 606,134 429,857 606,134
Accrued expenses 552,636 499,776 - -
5,610,599 5,587,988 488,122 636,604

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.11.24 30.11.23
£    £   
Bank loans (see note 16) 301,256 345,466
Hire purchase contracts (see note 17) 184,142 -
485,398 345,466

16. LOANS

An analysis of the maturity of loans is given below:

Group
30.11.24 30.11.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 43,200 42,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 301,256 345,466

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 60,321 2,503
Between one and five years 184,142 -
244,463 2,503

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.11.24 30.11.23
£    £   
Bank loans 344,456 387,466
Hire purchase contracts 244,463 2,503
588,919 389,969

The advance from factor is secured by a floating charge over all the company's assets.

Bank loans are secured by a bond and first ranking security over the subjects at 1 Houstoun Interchange, Livingston, Ground Floor Left, 200 Bath Street, Glasgow and 14 Greyfriars Gardens, St Andrews.

Hire purchase creditors are secured over the assets to which they relate.

19. PROVISIONS FOR LIABILITIES

Group
30.11.24 30.11.23
£    £   
Deferred tax 44,200 50,600

Group
Deferred
tax
£   
Balance at 1 December 2023 50,600
Credit to Statement of Comprehensive Income during year (6,400 )
Balance at 30 November 2024 44,200

Connect Management Services Limited (Registered number: SC519438)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100 Ordinary 1 100 100

21. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 1,139,359 - 1,139,359
Profit for the year 260,622 260,622
Dividends (1,000 ) (1,000 )
Purchase of own shares (2 ) 2 -
At 30 November 2024 1,398,979 2 1,398,981

Company
Retained
earnings
£   

At 1 December 2023 1,366,602
Profit for the year 292,545
Dividends (1,000 )
At 30 November 2024 1,658,147


22. NON-CONTROLLING INTERESTS

JAW Management Services Ltd owns 40% of the issued share capital of Connect Appointments Limited (previously known as DC Recruitment Limited).

23. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling party by virtue of them holding 100% of the company's issued share capital