REGISTERED NUMBER: 06988588 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ABLE HR LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr C Ford

Mrs B R H Ford

Miss L C E Ford

Miss E M Ford

SECRETARY:

Mrs B R H Ford

REGISTERED OFFICE:

Nedeham House

22 St Stephens Road

Norwich

Norfolk

NR1 3QU

REGISTERED NUMBER:

06988588 (England and Wales)

AUDITORS:

Sexty & Co

Chartered Certified Accountants

& Statutory Auditor

124 Thorpe Road

Norwich

Norfolk

NR1 1RS

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

FAIR REVIEW OF THE BUSINESS

The group experienced significant changes during the year with control of ARC (Norwich) Limited being lost in July and control of Additions Contractors Limited being gained in October, therefore the group figures are not entirely comparable with the prior year.

The group recorded a decrease in turnover but an increase in profits, which is mainly due to the changes in the group structure during the year and the resulting profit on the sale of ARC (Norwich) Limited. The group companies individually have seen increases in both turnover and profits, which is testament to the strategies put in place to combat the reduced profits in the prior year. Client growth continued to happen and will deliver sustainable long term results.

The groups key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

22,694

31,037

Gross Profit

£'000

2,746

3,397

Profit/(Loss) after tax

£'000

1,231

433

Shareholders Funds

£'000

825

154

Current assets as % of liabilities 120.3 (104.5 - 2023)

Average number of employees 108 (149 - 2023)

PRINCIPAL RISKS AND UNCERTAINTIES

Management have identified below a summary of the main risks that could potentially impact the business’

operating and financial performance.

Macro economic environment

The recruitment sector is particularly susceptible to changes in the economic environment, management seek to manage this risk by continuing to diversify in the recruitment activities which assist in cushioning the impact of economic cycles and sector demand. The temporary recruitment market continues to reflect pressure, both top line revenue and margin, as customers seek to amend requirements while reducing price. Pressure on margins continues as recruitment suppliers and vendor management providers seek to maintain customer accounts and gain market share in the increasingly competitive environment. Labour shortages across all sectors increased and caused significant impacts with wages levels among the pool of temporary workers. The war in Ukraine has been the major factor affecting a lot of sectors with it increasing the cost of living crisis in the UK. The strategy to spread risk across different industries is also still being applied.

Competition

Given the low barriers to entry into the recruitment market, the UK is a highly competitive and fragmented market for recruitment suppliers to enter. Our competitors range from large multinationals to small privately owned businesses and, therefore, it is imperative for the business that it builds and retains strong client relationships and key contacts.

Technology

IT plays a pivotal role in the business’ operations and, therefore, the growing dependency on IT makes the potential impact of disruptions even greater. Key IT-related risks include failure of IT infrastructure, leading to loss of service or a leakage of confidential business information.The business continues to review and improve its IT project risk management, including monitoring, security and compliance. The company is reliant on a number of technology systems and suppliers in providing its services to clients and disaster recovery solutions, which are periodically reviewed and enhanced by management. The company is not only using technology for efficiencies internally, but also to help with its offering to clients. Investments in technology over the next couple of years will hopefully help in the diversification plan. Part of our plans was the implementation of upgraded software systems in the final quarter of 2021 to improve productivity. This has been ongoing and will provide some efficiency benefits in the coming years.

Regulatory environment

In common with many other sectors, the recruitment industry is now governed by increasing levels of regulation, bringing with them both opportunities and risks. In addition, clients now require more complex levels of compliance in their contractual arrangements with the business. Management takes its responsibilities seriously, it is committed to meeting all of its regulatory responsibilities and continues to maintain its internal controls and processes to ensure compliance with respect of legal and contractual obligations.

ON BEHALF OF THE BOARD:

Mr C Ford - Director

25 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

Interim dividends of £401,892 were paid in the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of

this report.

Mr C Ford

Mrs B R H Ford

Miss L C E Ford

Miss E M Ford

OBJECTIVES AND POLICIES

The market will remain challenging across the UK staffing industry in 2025. The biggest challenge over the next 12 months will continue to be the wage pressures due to the shortage of staff, cost of living and the current energy crisis.

The directors will continue to spend a lot of time selecting good industries to diversify into in order to spread any risk to further improve and maintain the company’s healthy position and overcome any uncertainty. Training provision using the driving simulator is something that will help in the battle with the lack of staffing There will remain a focus on quality, productivity of staff and management of operating costs.

The directors are not aware, at the date of this report, of any likely major changes in the company’s activities in the next year.

PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses and rigorous credit checking are in place prior to the commencement of trade with a customer and at every anniversary thereafter. Details of the company’s debtors are shown in the notes to the financial statements.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risks by managing cash generation by its operations and applying cash collection targets across the client base.

Cash flow risks is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate debt. The company does not have any external financial assets or liabilities with significant exposure to interest rate risk.

Employment of disabled persons

The company continues to give fair consideration to applications for employment by disabled persons, bearing in mind their abilities. In the event of an employee becoming disabled while working for the Company, every effort will be made to ensure continued employment and retraining will be provided where practicable.

Employee involvement

Internal development and opportunities for existing employees is actively encouraged because we know that it promotes morale in the team. Employees are actively encouraged to present their suggestions and views on the company’s performance and allowed to offer new ideas.

Directors' liabilities

The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors’ report.

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.

AUDITORS

The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C Ford - Director

25 September 2025

Opinion

We have audited the financial statements of Able HR Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 31 December 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.

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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and preventing fraud. We also review minutes of meetings and any published news articles to identify any instances of non-compliance with laws and regulations.

- Evidence has been obtained where applicable. Written representation has been obtained to confirm there have been no breaches of laws and regulations.

- The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material.

- We consider our approach to be reasonable for this entity.

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.

I A Barlow (Senior Statutory Auditor)

for and on behalf of Sexty & Co

Chartered Certified Accountants

& Statutory Auditor

124 Thorpe Road

Norwich

Norfolk

NR1 1RS

25 September 2025

TURNOVER

22,694,432

31,037,346

Cost of sales

19,947,820

27,639,713

GROSS PROFIT

2,746,612

3,397,633

Administrative expenses

1,426,759

2,718,776

GROUP OPERATING PROFIT

4

1,319,853

678,857

Share of operating profit in

Associates

75,424

93,674

Interest receivable and similar income

168

1,330

1,395,445

773,861

Interest payable and similar expenses

6

117,148

183,410

PROFIT BEFORE TAXATION

1,278,297

590,451

Tax on profit

7

47,546

156,996

PROFIT FOR THE FINANCIAL YEAR

1,230,751

433,455

Profit attributable to:

Owners of the parent

1,072,887

326,927

Non-controlling interests

157,864

106,528

1,230,751

433,455

PROFIT FOR THE YEAR

1,230,751

433,455

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,230,751

433,455

Total comprehensive income attributable to:

Owners of the parent

1,072,887

326,927

Non-controlling interests

157,864

106,528

1,230,751

433,455

FIXED ASSETS

Intangible assets

10

220,766

32,374

Tangible assets

11

15,025

184,304

Investments

12

Interest in associate undertakings

9,431

160,679

245,222

377,357

CURRENT ASSETS

Debtors

13

3,116,966

4,738,598

Cash at bank and in hand

313,622

77,157

3,430,588

4,815,755

CREDITORS

Amounts falling due within one year

14

2,849,488

4,605,351

NET CURRENT ASSETS

581,100

210,404

TOTAL ASSETS LESS CURRENT LIABILITIES

826,322

587,761

CREDITORS

Amounts falling due after more than one year

15

-

(14,572

)

PROVISIONS FOR LIABILITIES

17

(1,200

)

(33,350

)

NET ASSETS

825,122

539,839

CAPITAL AND RESERVES

Called up share capital

18

103

103

Retained earnings

19

825,019

154,024

SHAREHOLDERS' FUNDS

825,122

154,127

NON-CONTROLLING INTERESTS

-

385,712

TOTAL EQUITY

825,122

539,839

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr C Ford - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

11,698

3,232

Investments

12

396,006

28,036

407,704

31,268

CURRENT ASSETS

Debtors

13

996,671

30,166

Cash at bank

71,981

49,725

1,068,652

79,891

CREDITORS

Amounts falling due within one year

14

456,161

106,458

NET CURRENT ASSETS/(LIABILITIES)

612,491

(26,567

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,020,195

4,701

PROVISIONS FOR LIABILITIES

17

1,200

808

NET ASSETS

1,018,995

3,893

CAPITAL AND RESERVES

Called up share capital

18

103

103

Retained earnings

19

1,018,892

3,790

SHAREHOLDERS' FUNDS

1,018,995

3,893

Company's profit for the financial year

1,286,852

170,574

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr C Ford - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

102

248,234

248,336

279,184

527,520

Changes in equity

Issue of share capital

1

-

1

-

1

Dividends

-

(421,137

)

(421,137

)

-

(421,137

)

Total comprehensive income

-

326,927

326,927

106,528

433,455

Balance at 31 December 2023

103

154,024

154,127

385,712

539,839

Changes in equity

Dividends

-

(401,892

)

(401,892

)

-

(401,892

)

Total comprehensive income

-

1,072,887

1,072,887

157,864

1,230,751

No description

-

-

-

(543,576

)

(543,576

)

Balance at 31 December 2024

103

825,019

825,122

-

825,122

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

102

63,318

63,420

Changes in equity

Issue of share capital

1

-

1

Dividends

-

(230,102

)

(230,102

)

Total comprehensive income

-

170,574

170,574

Balance at 31 December 2023

103

3,790

3,893

Changes in equity

Dividends

-

(271,750

)

(271,750

)

Total comprehensive income

-

1,286,852

1,286,852

Balance at 31 December 2024

103

1,018,892

1,018,995

Cash flows from operating activities

Cash generated from operations

1

776,572

691,862

Interest paid

(117,148

)

(183,410

)

Tax paid

(176,154

)

(154,336

)

Net cash from operating activities

483,270

354,116

Cash flows from investing activities

Purchase of tangible fixed assets

(11,186

)

(47,407

)

Purchase of fixed asset investments

(13,543

)

-

Sale of tangible fixed assets

-

15,000

Sale of fixed asset investments

44,528

-

Interest received

168

1,330

Net cash from investing activities

19,967

(31,077

)

Cash flows from financing activities

Amount introduced by directors

5,600

51,520

Amount withdrawn by directors

(4,480

)

(8,229

)

Share issue

-

1

Equity dividends paid

(267,892

)

(402,436

)

Net cash from financing activities

(266,772

)

(359,144

)

Increase/(decrease) in cash and cash equivalents

236,465

(36,105

)

Cash and cash equivalents at beginning of year

2

77,157

113,262

Cash and cash equivalents at end of year

2

313,622

77,157

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

2024

2023

£

£

Profit before taxation

1,278,297

590,451

Depreciation charges

142,274

58,079

Profit on disposal of fixed assets

(477,436

)

(1,848

)

Finance costs

117,148

183,410

Finance income

(168

)

(1,330

)

1,060,115

828,762

Increase in trade and other debtors

(1,972,311

)

(50,508

)

Increase/(decrease) in trade and other creditors

1,688,768

(86,392

)

Cash generated from operations

776,572

691,862

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

313,622

77,157

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

77,157

113,262

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

77,157

236,465

313,622

77,157

236,465

313,622

Debt

Debts falling due within 1 year

(3,272,253

)

2,517,413

(754,840

)

Debts falling due after 1 year

(14,572

)

14,572

-

(3,286,825

)

2,531,985

(754,840

)

Total

(3,209,668

)

2,768,450

(441,218

)

1.	STATUTORY INFORMATION

Able HR Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Basis of consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

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, is being amortised evenly over its estimated useful life of 3 years.

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.

Computer software 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.

Freehold property

-

2% straight line basis

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in associates

Investments in associates are initially recorded at cost and subsequently adjusted to reflect the share of the net profit or loss and distributions received from the associate.

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.