| REGISTERED NUMBER: 09899731 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| AUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| HARNHAM GROUP LIMITED |
| REGISTERED NUMBER: 09899731 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| AUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| HARNHAM GROUP LIMITED |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| 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 | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| HARNHAM GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 4th Floor Tuition House |
| 27-37 St George's Road |
| Wimbledon |
| London |
| SW19 4EU |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| 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 |
| The directors are pleased to report the Group's consolidated performance for the year. |
| Harnham Group is a provider of recruitment services through its subsidiaries which operate across the UK, European and US markets. They specialise in providing permanent and contract staffing solutions for the data and AI sector. Additionally, through its subsidiary, Rockborne, it trains and develops graduates in data and analytics before deploying to its clients. |
| Gross profit declined to £17,067,136 (2023 - £20,102,510) as the group continued to be impacted by a weak market for recruitment services particularly in the IT sector. The group reported a loss before taxation of £2,553,453, an improvement on 2023 (£3,745,907 loss) primarily through making £4.4m (19%) cost reductions focused on its permanent staffing solutions division, Rockborne and central overheads. |
| Turnover was overall 7% lower than prior year at £36.0m (2023 £38.6m). Permanent staffing showed the largest decline with turnover from this service line reducing to £10.2m (2023 £14.1m). The US perm business stabilized from the prior year decline, however, in 2024 UK and Europe perm was more impacted by market contraction, reducing by £3.2m. Contract staffing grew by £1.6m to £23.3m (2023 £21.6), which was US market led. Rockborne revenues reduced by £0.4m to £2.6m (2023 £2.9m) with deployment levels remaining consistent with prior years. |
| Employee numbers reduced to an average of 218 for the year, down 29% from prior year (2023 311). Headcount in the perm service line reduced by 41 to an average of 99 in line with market demand. Rockborne, which changed its business model to increase flexibility and reduce cost was able to reduce its headcount to average 53 over the year (2023 86). Headcount in the contract service line stayed level despite the increase in turnover. |
| The company's operations have a minimal impact on the environment and local communities given it is a services business with a mix of home-based and office-based employees. The group companies support and take part in initiatives to reduce any such impact and take an active role in local communities. |
| Key performance indicators |
| The company uses a number of key performance indicators to monitor the company's performance. |
| 2024 | 2023 |
| Gross profit | 17,067,136 | 20,105,510 |
| EBITDA | (1,516,372 | ) | (2,775,479 | ) |
| Total assets less current liabilities | (926,811 | ) | 3,078,732 |
| The board considers: |
| i) Gross Profit as a measure of growth in the business. This year gross profit declined by 15% with reduced demand for its permanent staffing service, which declined 27% year on year. Contract grew by 22% primarily in the US market though client preference for more flexible costs. Rockborne gross profit reduced by 13% with clients not committing to growth. |
| ii) Earnings before interest, tax, depreciation, and amortisation (EBITDA) as a measure of the underlying profitability. The £1.4m increase in EBITDA despite the lower gross profit reflects the cost reductions applied throughout the year. |
| iii) Total assets less current liabilities (TALCL) represent the underlying assets of the business excluding any longer-term funding. It reduced by £3.4m with reduced cash and increased asset backed borrowing in the UK and the US. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the execution of the Group's strategy are subject to several risks. The key risks and associated mitigating factors are laid out below. |
| Business and Operational risk |
| The Groups business operates in a dynamic competitive environment; risk mitigation is through execution of robust business plans and continuous monitoring of performance. |
| The risk of disruption to operations is mitigated by ensuring appropriate disaster recovery plans are in place. These plans are regularly reviewed by the senior management team. |
| Market risk |
| The Group is exposed to economic downturns generally and more specifically to the markets it trades in. This is mitigated by international diversification and the extension of the contract and Rockborne service lines, which are less impacted than permanent due to longer client commitments. |
| The Directors are aware of the significant growth of artificial intelligence (AI) and that this could be a risk as well as an opportunity, however given the group operates in this sector it is well placed to react appropriately. |
| Credit risk |
| The Groups credit risk stems primarily from trade debtors. Dedicated credit control resource is focused on continued review and active management to mitigate such risk. The Groups clients tend to be "blue chip" with strong credit ratings and there is no significant level of bad debt. |
| Financial risk |
| The Group is exposed to financial risks such as liquidity and currency fluctuations. Risk is mitigated through regular forecasting and continuous monitoring of performance against expectations. The group has an ability to borrow up to £4m through its invoice discounting facilities in the UK and is further able to factor its debtors in the US to raise further finance. The Group looks to reduce its currency exposure by reducing non-Sterling balances and natural hedges of costs in the same currency. |
| SECTION 172(1) STATEMENT |
| The Board acknowledges Section 172(1) of the UK Companies Act 2006, and its duty to promote the success of the Group. |
| A director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so has regard (amongst other matters) to: |
| - the likely consequences of any decision in the long term |
| - the interests of the company's employees |
| - fostering business relationships with suppliers, customers and others |
| - the impact on the community and environment |
| - the reputation for high standards of business conduct |
| - the need to act fairly between members of the company |
| Our outlook |
| The Directors understand the business and the evolving environment in which we operate. The strategy set by the Board is based on these key priorities - expand reach in core markets, achieve better outcomes for our clients, and nurture and grow our people. |
| Our clients |
| Our clients and the work we do for them is the bedrock of our business and the reason we can attract and retain our people. The relationships and trust our teams build with our clients, combined with the knowledge of our client's businesses, culture and skill requirements guarantees we have a high success rate on our placements. |
| Our people |
| Our people and their development are intrinsically linked to the success of our clients and achieving our strategic goals. We engage with our people regularly throughout the year and through a variety of means. We feel that it is important to bring our people together in person and have frequent events. It is important for the business that our people are listened to, their views are responded to, and everyone's achievements are celebrated. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FUTURE DEVELOPMENTS |
| In 2025 first half recruitment performance was similar to 2024 although this year the UK has shown improvement whereas the US results have been inconsistent. Rockborne, following its new business model, has become profitable through cost reduction and improving client demand. |
| The directors continue to focus on cash generation through disinvestment of unprofitable business units, cost reduction and consolidation. The board has been successful in making material cost reductions in 2025 through reduction in its leased properties and headcount reductions. |
| The key focus is on the core UK and US markets where there remains significant growth potential. At the same time, it is planned to reduce exposure to European markets. |
| The board sees significant opportunity in the US and is looking to add further resource and invest in local senior management to take advantage of this upturn. Additionally, the group is looking to further invest in its contract staffing service line and grow it to a larger proportion of group gross margin. |
| The directors continue to see a strong future potential for growth in the data and AI field. They believe that Harnham, given its depth of experience and market leading positioning, is well placed to benefit from this growth. |
| ON BEHALF OF THE BOARD: |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| 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. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of recruitment services. |
| DIVIDENDS |
| The aggregate dividends on the A Ordinary shares recognised during the financial year amount to £900,038 (2023 - £530,160). On 31 March 2025, a further £900,038 became payable on the A Ordinary shares. |
| No dividends were paid on the B Ordinary shares during the financial year (2023 - £nil). The directors recommend that no final dividend be paid on these shares. |
| FUTURE DEVELOPMENTS |
| A review of future developments can be found in the Strategic Report. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 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. |
| AUDITORS |
| The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HARNHAM GROUP LIMITED |
| Opinion |
| We have audited the financial statements of Harnham Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 loss 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. |
| 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 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 |
| HARNHAM GROUP 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 five, 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: |
| We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| 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 of irregularities; |
| - any matters we identified having obtained and reviewed the company's documentation of their policies and procedures; |
| - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
| - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - the 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HARNHAM GROUP LIMITED |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override. |
| We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
| 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 or to avoid a material penalty. |
| As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations. |
| Our procedures to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - reviewing minutes of meetings of those charged with governance, reviewing internal reports and reviewing correspondence with HMRC; and |
| - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. |
| 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 |
| Chartered Accountants |
| 4th Floor Tuition House |
| 27-37 St George's Road |
| Wimbledon |
| London |
| SW19 4EU |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 36,015,543 | 38,599,864 |
| Cost of sales | 18,948,407 | 18,494,354 |
| GROSS PROFIT | 17,067,136 | 20,105,510 |
| Administrative expenses | 19,497,293 | 23,717,008 |
| OPERATING LOSS | 5 | (2,430,157 | ) | (3,611,498 | ) |
| Interest receivable and similar income | 2,261 | 12,846 |
| (2,427,896 | ) | (3,598,652 | ) |
| Interest payable and similar expenses | 6 | 125,557 | 147,255 |
| LOSS BEFORE TAXATION | (2,553,453 | ) | (3,745,907 | ) |
| Tax on loss | 7 | (150,969 | ) | (147,099 | ) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Loss attributable to: |
| Owners of the parent | (2,222,037 | ) | (3,389,703 | ) |
| Non-controlling interests | (180,447 | ) | (209,105 | ) |
| (2,402,484 | ) | (3,598,808 | ) |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| LOSS FOR THE YEAR | (2,402,484 | ) | (3,598,808 | ) |
| OTHER COMPREHENSIVE INCOME |
| Translation differences on foreign |
| subsidiaries | (11,229 | ) | (211,158 | ) |
| Purchase of own shares | - | (594 | ) |
| Treasury Shares | (1 | ) | - |
| Income tax relating to components of other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(11,230 |
) |
(211,752 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(2,413,714 |
) |
(3,810,560 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | (2,233,123 | ) | (3,594,853 | ) |
| Non-controlling interests | (180,591 | ) | (215,707 | ) |
| (2,413,714 | ) | (3,810,560 | ) |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| CONSOLIDATED BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 270,878 | 479,004 |
| Tangible assets | 11 | 649,697 | 1,187,622 |
| Investments | 12 | - | - |
| 920,575 | 1,666,626 |
| CURRENT ASSETS |
| Debtors | 13 | 7,161,705 | 7,492,399 |
| Cash at bank and in hand | 888,327 | 771,458 |
| 8,050,032 | 8,263,857 |
| CREDITORS |
| Amounts falling due within one year | 14 | 9,897,418 | 6,851,751 |
| NET CURRENT (LIABILITIES)/ASSETS | (1,847,386 | ) | 1,412,106 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(926,811 |
) |
3,078,732 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
- |
(524,822 |
) |
| PROVISIONS FOR LIABILITIES | 18 | (100,345 | ) | (266,725 | ) |
| NET (LIABILITIES)/ASSETS | (1,027,156 | ) | 2,287,185 |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 14 | 14 |
| Share premium | 3,015,214 | 3,015,214 |
| Capital redemption reserve | 2 | 2 |
| Treasury shares | (1 | ) | - |
| Retained earnings | (3,775,813 | ) | (747,854 | ) |
| SHAREHOLDERS' FUNDS | (760,584 | ) | 2,267,376 |
| NON-CONTROLLING INTERESTS | (266,572 | ) | 19,809 |
| TOTAL EQUITY | (1,027,156 | ) | 2,287,185 |
| The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2025 and were signed on its behalf by: |
| S J Clarke - Director |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| COMPANY BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Share premium |
| Capital redemption reserve |
| Treasury shares | ( |
) |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 883,850 | 74,793 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Called up | Capital |
| share | Retained | Share | redemption |
| capital | earnings | premium | reserve |
| £ | £ | £ | £ |
| Balance at 1 December 2022 | 12 | 2,774,538 | 3,015,214 | 1 |
| Changes in equity |
| Issue of share capital | 2 | - | - | - |
| Total comprehensive income | - | (3,594,854 | ) | - | 1 |
| Dividends | - | (530,160 | ) | - | - |
| Change in shareholdings of subsidiary |
- |
602,622 |
- |
- |
| Balance at 30 November 2023 | 14 | (747,854 | ) | 3,015,214 | 2 |
| Changes in equity |
| Total comprehensive income | - | (2,233,122 | ) | - | - |
| Dividends | - | (900,038 | ) | - | - |
| Change in shareholdings of subsidiary |
- |
105,201 |
- |
- |
| Balance at 30 November 2024 | 14 | (3,775,813 | ) | 3,015,214 | 2 |
| Treasury | Non-controlling | Total |
| shares | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 December 2022 | - | 5,789,765 | 909,719 | 6,699,484 |
| Changes in equity |
| Issue of share capital | - | 2 | - | 2 |
| Total comprehensive income | - | (3,594,853 | ) | (215,707 | ) | (3,810,560 | ) |
| Dividends | - | (530,160 | ) | - | (530,160 | ) |
| Change in shareholdings of subsidiary |
- |
602,622 |
(674,203 |
) |
(71,581 |
) |
| Balance at 30 November 2023 | - | 2,267,376 | 19,809 | 2,287,185 |
| Changes in equity |
| Total comprehensive income | (1 | ) | (2,233,123 | ) | (180,591 | ) | (2,413,714 | ) |
| Dividends | - | (900,038 | ) | - | (900,038 | ) |
| Change in shareholdings of subsidiary |
- |
105,201 |
(105,790 |
) |
(589 |
) |
| Balance at 30 November 2024 | (1 | ) | (760,584 | ) | (266,572 | ) | (1,027,156 | ) |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 December 2022 |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | - |
| Dividends | - | ( |
) | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Dividends | - | ( |
) | - |
| Balance at 30 November 2024 | ( |
) |
| Capital |
| redemption | Treasury | Total |
| reserve | shares | equity |
| £ | £ | £ |
| Balance at 1 December 2022 |
| Changes in equity |
| Issue of share capital | - | - |
| Total comprehensive income |
| Dividends | - | - | ( |
) |
| Balance at 30 November 2023 |
| Changes in equity |
| Total comprehensive income | ( |
) |
| Dividends | - | - | ( |
) |
| Balance at 30 November 2024 | ( |
) |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,072,402 | (681,798 | ) |
| Interest paid | (125,557 | ) | (147,255 | ) |
| Tax paid | 1,056 | 306,994 |
| Net cash from operating activities | 947,901 | (522,059 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (20,869 | ) | (43,027 | ) |
| Purchase of fixed asset investments | - | (71,577 | ) |
| Sale of tangible fixed assets | 1,891 | 4,806 |
| Interest received | 2,261 | 12,846 |
| Net cash from investing activities | (16,717 | ) | (96,952 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (858,996 | ) | (791,043 | ) |
| Capital repayments in year | - | 1,064 |
| Share issue | - | 2 |
| Share buyback | - | (750 | ) |
| Net cash from financing activities | (858,996 | ) | (790,727 | ) |
| Increase/(decrease) in cash and cash equivalents | 72,188 | (1,409,738 | ) |
| Cash and cash equivalents at beginning of year |
2 |
771,458 |
2,421,197 |
| Effect of foreign exchange rate changes | 44,681 | (240,001 | ) |
| Cash and cash equivalents at end of year |
2 |
888,327 |
771,458 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Loss before taxation | (2,553,453 | ) | (3,745,907 | ) |
| Depreciation charges | 762,816 | 836,019 |
| Loss on disposal of fixed assets | 407 | - |
| Finance costs | 125,557 | 147,255 |
| Finance income | (2,261 | ) | (12,846 | ) |
| (1,666,934 | ) | (2,775,479 | ) |
| Decrease in trade and other debtors | 330,694 | 2,765,620 |
| Increase/(decrease) in trade and other creditors | 2,408,642 | (671,939 | ) |
| Cash generated from operations | 1,072,402 | (681,798 | ) |
| 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 | 888,327 | 771,458 |
| Year ended 30 November 2023 |
| 30/11/23 | 1/12/22 |
| £ | £ |
| Cash and cash equivalents | 771,458 | 2,421,197 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/12/23 | Cash flow | At 30/11/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 771,458 | 116,869 | 888,327 |
| 771,458 | 116,869 | 888,327 |
| Debt |
| Debts falling due within 1 year | (854,667 | ) | 334,174 | (520,493 | ) |
| Debts falling due after 1 year | (524,822 | ) | 524,822 | - |
| (1,379,489 | ) | 858,996 | (520,493 | ) |
| Total | (608,031 | ) | 975,865 | 367,834 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Harnham Group Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated). |
| The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency of the company. |
| Going concern |
| These financial statements are prepared on the going concern basis. The directors have reviewed the group's business plan, post year end performance and future forecast, and have confidence that the company has adequate resources to continue in operational existence for the foreseeable future. The directors believe that it is appropriate to prepare the financial statements on a going concern basis. |
| Basis of consolidation |
| The group consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 30 November 2024. The accounts are adjusted, where appropriate, to conform to group accounting policies, intra-group sales and profit are eliminated fully on consolidation. |
| In respect of overseas operations, the results are translated into sterling at rates approximating to those ruling |
| when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. |
| In the parent company financial statements investments in subsidiaries are accounted for at cost less impairment. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
| a) Revenue recognition |
| The main area of judgement in revenue recognition relates to cut-off as revenue is recognised for permanent placements on the day a candidate starts work and temporary placement income over the duration of the placement. |
| b) Bad debt provisions |
| The directors assess individual debtor balances on a case by case basis at each year end and use judgement in determining an appropriate level of provision against irrecoverable debts. |
| c) Depreciation and amortisation |
| The directors are required to estimate the useful economic lives and residual values of tangible and intangible assets in order to determine an appropriate basis and method of depreciation and amortisation. |
| Turnover |
| Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. |
| Revenue recognition |
| Turnover represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
| Turnover arising from the placement of permanent candidates is recognised at the time that the candidate commences full-time employment. Where a permanent candidate starts employment but does not work for the contractual period, a provision is made in respect of the required refund or credit note due to the client. |
| Turnover arising from temporary placements is recognised over the period that temporary workers are provided. |
| Goodwill |
| 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. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 only 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 no a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash at bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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 and loans from fellow group companies 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. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Share options |
| The group operates an EMI share option scheme, engaging in equity settled share based payment transactions in respect of services received. Details of the options within this scheme are set out in the Share Based Payment Transactions note. |
| It is the policy of the company to grant share options that have an exercise price representing fair market value at the date of grant. Fair market values have been determined using the Black Scholes model, which takes into account the the exercise price of the option, the current share price, the risk free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. This is in accordance with FRS102 'Share-based payment.' |
| Share capital |
| Ordinary shares are classified as equity. |
| 3. | TURNOVER |
| The turnover and loss before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 21,270,800 | 24,870,867 |
| Europe | 2,602,442 | 2,974,281 |
| United States of America | 12,118,451 | 10,740,997 |
| ROW | 23,850 | 13,719 |
| 36,015,543 | 38,599,864 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 12,461,416 | 16,064,230 |
| Social security costs | 854,046 | 1,042,480 |
| Other pension costs | 192,628 | 262,624 |
| 13,508,090 | 17,369,334 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 4 | 4 |
| Employees | 212 | 307 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 513,889 | 591,125 |
| Directors' pension contributions to money purchase schemes | 24,000 | 20,000 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 200,000 | 175,000 |
| Pension contributions to money purchase schemes | 8,000 | 7,000 |
| 5. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 13,719 | - |
| Other operating leases | 1,533,137 | 1,788,630 |
| Depreciation - owned assets | 554,690 | 625,117 |
| Loss on disposal of fixed assets | 407 | - |
| Goodwill amortisation | 195,467 | 195,467 |
| Computer software amortisation | 12,659 | 18,052 |
| Auditors' remuneration | 24,050 | 22,150 |
| Taxation compliance services | 2,975 | 2,950 |
| Other non- audit services | 6,400 | 26,470 |
| Foreign exchange differences | 48,234 | (97,455 | ) |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 74,034 | 127,213 |
| Interest on US tax | - | 4,253 |
| Interest payable | 51,523 | 15,789 |
| 125,557 | 147,255 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 7. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | - | (31,124 | ) |
| Foreign tax | 15,411 | 10,594 |
| Total current tax | 15,411 | (20,530 | ) |
| Deferred tax | (166,380 | ) | (126,569 | ) |
| Tax on loss | (150,969 | ) | (147,099 | ) |
| Reconciliation of total tax credit 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: |
| 2024 | 2023 |
| £ | £ |
| Loss before tax | (2,553,453 | ) | (3,745,907 | ) |
| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
(638,363 |
) |
(936,477 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 55,863 | 348,047 |
| Depreciation in excess of capital allowances | 83,511 | 125,452 |
| Utilisation of tax losses | 143 | - |
| subsidiary |
| Foreign tax rate | (50,645 | ) | (269,238 | ) |
| Amortisation of goodwill on consolidation | 48,867 | 48,867 |
| Other tax adjustments | (5,346 | ) | 15,563 |
| Deferred tax movement | (166,380 | ) | (126,569 | ) |
| Losses c/fwd | 521,381 | 647,256 |
| Total tax credit | (150,969 | ) | (147,099 | ) |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Translation differences on foreign |
| subsidiaries | (11,229 | ) | - | (11,229 | ) |
| Purchase of own shares |
| Treasury Shares | (1 | ) | - | (1 | ) |
| (11,230 | ) | - | (11,230 | ) |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 7. | TAXATION - continued |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Translation differences on foreign |
| subsidiaries | (211,158 | ) | - | (211,158 | ) |
| Purchase of own shares | (594 | ) | - | (594 | ) |
| (211,752 | ) | - | (211,752 | ) |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary A shares of £0.001 each |
| Interim | 900,038 | 530,160 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| Goodwill | software | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2023 | 1,954,672 | 124,397 | 2,079,069 |
| Exchange differences | - | (167 | ) | (167 | ) |
| At 30 November 2024 | 1,954,672 | 124,230 | 2,078,902 |
| AMORTISATION |
| At 1 December 2023 | 1,498,581 | 101,484 | 1,600,065 |
| Amortisation for year | 195,467 | 12,659 | 208,126 |
| Exchange differences | - | (167 | ) | (167 | ) |
| At 30 November 2024 | 1,694,048 | 113,976 | 1,808,024 |
| NET BOOK VALUE |
| At 30 November 2024 | 260,624 | 10,254 | 270,878 |
| At 30 November 2023 | 456,091 | 22,913 | 479,004 |
| Intangible assets consist of goodwill acquired during the year ended 30 November 2016 arising on the acquisition of Harnham Search and Selection Limited and Harnham Inc. The goodwill is amortised evenly over the directors' estimate of its useful life of 10 years. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Short | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1 December 2023 | 108,388 | 197,715 | 6,999 |
| Additions | - | - | 1,931 |
| Disposals | - | - | (6,999 | ) |
| Exchange differences | - | - | - |
| At 30 November 2024 | 108,388 | 197,715 | 1,931 |
| DEPRECIATION |
| At 1 December 2023 | 19,877 | 192,223 | 6,999 |
| Charge for year | 9,933 | 5,492 | 596 |
| Eliminated on disposal | - | - | (6,999 | ) |
| Exchange differences | - | - | - |
| At 30 November 2024 | 29,810 | 197,715 | 596 |
| NET BOOK VALUE |
| At 30 November 2024 | 78,578 | - | 1,335 |
| At 30 November 2023 | 88,511 | 5,492 | - |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 December 2023 | 1,692,459 | 68,000 | 829,880 | 2,903,441 |
| Additions | 3,660 | - | 15,278 | 20,869 |
| Disposals | (1,397 | ) | - | (2,837 | ) | (11,233 | ) |
| Exchange differences | (365 | ) | - | (2,833 | ) | (3,198 | ) |
| At 30 November 2024 | 1,694,357 | 68,000 | 839,488 | 2,909,879 |
| DEPRECIATION |
| At 1 December 2023 | 833,855 | 26,442 | 636,423 | 1,715,819 |
| Charge for year | 380,777 | 9,333 | 148,559 | 554,690 |
| Eliminated on disposal | (990 | ) | - | (946 | ) | (8,935 | ) |
| Exchange differences | (205 | ) | - | (1,187 | ) | (1,392 | ) |
| At 30 November 2024 | 1,213,437 | 35,775 | 782,849 | 2,260,182 |
| NET BOOK VALUE |
| At 30 November 2024 | 480,920 | 32,225 | 56,639 | 649,697 |
| At 30 November 2023 | 858,604 | 41,558 | 193,457 | 1,187,622 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Harnham Search and Selection Limited, a company incorporated in the United Kingdom. |
| Harnham Europe Limited, a company incorporated in the United Kingdom. |
| Harnham Inc., a company incorporated in the USA. |
| Harnham GmbH, a company incorporated in Germany. |
| Rockborne Limited, a company incorporated in the United Kingdom. |
| Harnham BV, a company incorporated in the Netherlands. |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 6,448,672 | 6,457,189 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 195,348 | 136,629 |
| Accrued income | 161,431 | 379,665 |
| Prepayments | 356,254 | 518,916 |
| 7,161,705 | 7,492,399 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 520,493 | 854,667 |
| Trade creditors | 1,694,825 | 1,709,392 |
| Amounts owed to group undertakings | 1,497,510 | 545,949 |
| Tax | (9,899 | ) | (26,366 | ) |
| Social security and other taxes | 265,995 | 332,611 |
| VAT | 866,534 | 219,508 | - | - |
| Other creditors | 3,020,625 | 1,013,834 |
| Deferred income | 51,506 | 36,775 |
| Accrued expenses | 1,989,829 | 2,165,381 |
| 9,897,418 | 6,851,751 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) | - | 524,822 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 520,493 | 854,667 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | - | 524,822 |
| 17. | SECURED DEBTS |
| A group company has a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 29 October 2012. |
| Unlimited Multilateral Guarantee dated 17 June 2022 given by Harnham Group Limited, Rockborne Limited, Harnham Search and Selection Limited and Harnham Europe Limited. |
| Contract Monies charge dated 03 August 2022. |
| 18. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 100,345 | 266,725 |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 18. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 | 266,725 |
| Provided during year | (166,380 | ) |
| Balance at 30 November 2024 | 100,345 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid |
Number: |
Class: |
Nominal |
2024 |
2023 |
| value: | £ | £ |
| 3,065 | A Ordinary | £0.001 | 3 | 3 |
| 8,828 | B Ordinary | £0.001 | 9 | 9 |
| 60 | C Ordinary | £0.001 | - | - |
| 1,550 | D Ordinary | £0.001 | 2 | 2 |
| 14 | 14 |
| A Ordinary shares have voting rights with entitlement to fixed cumulative preferential dividend until November 2026. |
| B Ordinary shares have voting rights with entitlement to dividend distributions. |
| C Ordinary shares have voting rights with entitlement to dividend distributions. |
| D Ordinary shares have no voting rights and no entitlement to dividend distributions. |
| 20. | RELATED PARTY DISCLOSURES |
| The subsidiary company, Harnham Search and Selection Limited performs head office functions on behalf of the members of the group and subsequently recharges certain administrative costs across the group through intercompany loan arrangements. The loans are not secured, have no repayment terms and do not bear interest. |
| Amounts recharged to group companies were: |
| 2024 | 2023 |
| £ | £ |
| Harnham Europe Limited | 232,550 | 484,526 |
| Harnham Inc | 902,753 | 923,778 |
| Harnham GmbH | - | 172,204 |
| Rockborne Limited | 424,134 | 491,287 |
| Harnham BV | 192,634 | - |
| At the balance sheet date Harnham Search and Selection Limited was owed by the following entities: |
| 2024 | 2023 |
| £ | £ |
| Harnham Group Limited | (395,741 | ) | 403,062 |
| Harnham Europe Limited | 438,742 | 224,829 |
| Harnham Inc | (2,501,195 | ) | (1,795,916 | ) |
| Harnham GmbH | - | - |
| Rockborne Limited | 8,127,507 | 7,305,081 |
| Harnham BV | 445,780 | 168,999 |
| Key management includes all directors and certain senior employees who have authority and responsibility for planning and controlling the activities of the group. |
| HARNHAM GROUP LIMITED (REGISTERED NUMBER: 09899731) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| £ | £ |
| Salaries and other short-term employee benefits | 469,370 | 561,086 |
| Post-employment benefits | 24,000 | 20,000 |
| 493,370 | 581,086 |
| 21. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is S J Clarke. |