Registration number:
Premier People Recruitment Limited
for the Year Ended 31 December 2024
Premier People Recruitment Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Premier People Recruitment Limited
Company Information
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Directors |
Mr Christopher Roberts Miss Lauren Victoria Roberts |
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Company secretary |
Miss Lauren Victoria Roberts |
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Registered office |
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Auditors |
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Premier People Recruitment Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is providing temporary and permanent placement of skilled personnel.
Fair review of the business
2024 has been the most significant year yet whereby the company has established itself as an integral part of our core clients’ success. The Company has solidified its position amongst core clients by remaining the sole supplier and working closely with each client to develop, implement and maintain high calibre processes whilst delivering on all recruitment requirements.
A strong focus during 2024 for all staff has been improving awareness of and demonstrating high quality practices in line with ISO 9001. This considered approach has ensured consistency across the business which in turn has improved productivity, efficiency and given the company the ability to embody a proactive outlook towards our colleagues, clients and candidates. The company has also placed an emphasis on cross-training members of staff, as well as recognising staff members who have displayed outstanding potential, including promotions.
The result of these company-wide refinements is captured in the increase in turnover by 66% from 2023. This upward trajectory is expected to continue into 2025 and at this point in time, the Directors do not anticipate any significant changes to the company’s activities in the next year.
The Balance Sheet of the financial statements shows the company's financial position at the year end with net current assets of £245,959 and net assets of £99,952.
The positive practices of 2024 have created a strong foundation for 2025 and have enabled us to meet increased demands thus far.
Premier People Recruitment Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The principal risk to the business is a downturn in recruitment activity due to economic uncertainty.
The Directors implemented cost control measures and conducted regular cashflow/profit forecast reviews to ensure that the business was sustainable.
Recruitment activity is mostly driven by economic cycles and downturns can lead to a lower level of recruitment. However, our business is focused on niche markets within major infrastructure projects and our ability to supply a fully compliant transient workforce within this arena generates most of our sales, thereby mitigating expedited risk from competitors.
Trading with uninsured customers may give rise to bad debt; the Company operates a strict credit referencing policy and our complete debtors' book is credit insured.
Summary and Position at end of Financial Period
The Board is satisfied with its performance in 2024 and looks forward to increased growth in 2025. The Company is in a stable financial position at the year end.
The Company will continue to invest in areas of long-term growth and the Board believes the Company is strongly positioned for the future.
Approved and authorised by the
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Premier People Recruitment Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Employment of disabled persons
The company is an equal opportunities employer and is proud of its diverse workforce. During the year the company has given equal consideration for positions applied for by disabled persons. Opportunities for training, career development and promotion do not operate to the detriment of disabled persons.
Employee involvement
The company is committed to employee involvement amongst its workforce and the company holds regular team meetings and consultations to ensure that employees are listened to and that appropriate action is taken to enhance employees experience where possible.
Environmental matters
The company takes its environmental responsibilities seriously and is trying to reduce its own carbon footprint as much as possible.
Exposure to price, credit, liquidity and cash flow risk
The company does not use derivatives to manage its financial risks. The most important component of financial risk are interest rate risk, currency risk, credit risk, liquidity risk, cash flow risk and price risk. Due to the nature of the company’s business and the assets and liabilities contained within the company’s balance sheet, the only financial risk the directors consider relevant to the company are:
Liquidity risk & cash flow risk
The company manages these risks through an invoice discounting facility provided by Sonovate Limited.
Reappointment of auditors
MG Audit Services Ltd were appointed auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be reappointed as auditors of the company will be put to the annual general meeting.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Premier People Recruitment Limited
Approved and authorised by the
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Premier People Recruitment Limited
Statement of Directors' Responsibilities in respect of the Financial Statements
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Premier People Recruitment Limited
Independent Auditor's Report to the Members of Premier People Recruitment Limited
Opinion
We have audited the financial statements of Premier People Recruitment Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; |
• | 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Premier People Recruitment Limited
Independent Auditor's Report to the Members of Premier People Recruitment Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the strategic report and directors' report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Premier People Recruitment Limited
Independent Auditor's Report to the Members of Premier People Recruitment Limited
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:
(1) Enquiries of Management: This includes obtaining and reviewing supporting documentation regarding the company's policies and procedures related to:
Identifying, evaluating, and complying with laws and regulations, and determining whether management is aware of any instances of non-compliance.
Detecting and responding to fraud risks, and assessing whether they have knowledge of any actual, suspected, or alleged fraud.
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations, including employment laws such as the Employment Rights Act 1996, the Equality Act 2010, and the Agency Workers Regulations 2010.
(2) Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102.
As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to fraud were in respect of revenue recognition and management override. Our procedures to respond to risks identified included the following:
(1) reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
(2) testing documents to ensure completeness of revenue;
(3) performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
(4) in addressing the risk of fraud through management override of controls, testing the appropriateness of any journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the company's operations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Premier People Recruitment Limited
Independent Auditor's Report to the Members of Premier People Recruitment 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Harrow
Middlesex
HA1 1BH
Premier People Recruitment Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
1,358,501 |
389,241 |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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(846,395) |
(450,585) |
||
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Profit/(loss) before tax |
|
( |
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|
Tax (expense)/credit on profit/(loss) |
( |
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|
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Premier People Recruitment Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Premier People Recruitment Limited
(Registration number: 05021771)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Debtors |
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
564 |
564 |
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Retained earnings |
94,717 |
(291,771) |
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Shareholders' funds/(deficit) |
95,281 |
(291,207) |
Approved and authorised by the
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Premier People Recruitment Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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( |
( |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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( |
( |
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Profit for the year |
- |
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At 31 December 2023 |
564 |
(291,771) |
(291,207) |
Premier People Recruitment Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation, amortisation and impairment |
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Finance income |
( |
( |
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Finance costs |
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Deferred tax charge/(credit) |
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( |
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Working capital adjustments |
|||
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Increase in debtors |
( |
( |
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Increase in creditors |
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|
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Cash generated from operations |
( |
|
|
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Income taxes (paid)/received |
( |
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|
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Net cash (used)/ from operating activities |
( |
|
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Cash flows from investing activities |
|||
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Interest received |
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|
|
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Acquisitions of tangible assets |
( |
( |
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Acquisition of intangible assets |
( |
( |
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Net cash flows from investing activities |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
( |
( |
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Repayment of bank borrowing |
- |
- |
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Net cash used in financing activities |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 January |
( |
( |
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Cash and cash equivalents at 31 December |
(6,141,671) |
(3,976,805) |
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Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have confirmed that the shareholders and connected company have pledged continuing support as necessary and will not be seeking repayment of any debts due to them in the coming year. The company has adequate banking facilities in place to fund future growth and the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% straight line basis |
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Fixtures and fittings |
Over the life of lease |
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Office equipment |
25% straight line basis |
Intangible assets
Intangible assets are initially measured at cost and subsequently amortised on a straight-line basis over their estimated useful lives. Intangible assets are reviewed for indicators of impairment at each reporting date and impaired if necessary. Where indicators of impairment exist, the asset is tested, and any impairment loss is recognised. Where conditions improve and the recoverable amount increases, previous impairments may be reversed, but not beyond the carrying amount that would have been determined had no impairment been recognised. Development costs are capitalised where recognition criteria under FRS 102 are met. Otherwise, they are expensed as incurred.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Internally generated software development cost |
20% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets measured at amortised cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contact.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Critical accounting judgements and Key sources of estimation uncertainty |
In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the company’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised effect on the amounts recognised in the financial statements.
(1) Critical judgements in applying the Company’s accounting policies
Intangible assets - development cost capitalisation
Assessing whether assets meet the required criteria for initial capitalization requires judgement. This requires an assessment of the expected future benefits from the projects to be capitalized, technical feasibility and commercial viability. In particular, internally generated intangible assets must be assessed during the development phase to identify whether the company has the ability and intention to complete the development successfully.
Determining the costs of assets to be capitalized also requires judgement. Specifically, judgement and estimation is required in determining the directly attributable costs to be allocated to the asset to enable the asset to be capable of operating in the manner intended by management.
Intangible assets - Useful life
The useful life by management at the time the asset is bought into its intended use and is regularly reviewed for appropriateness. The useful life represents management’s view of the expected period over which the company will receive benefits.
Recognition of a deferred tax asset
The company has accumulated unutilised tax losses (please refer to Note 14 for more detail). Deferred tax assets are recognized to the extent that it is probable that there are sufficient suitable deferred tax liabilities or future taxable profits will be available against which deductible temporary differences can be utilised. The key area of judgement in respect of deferred tax accounting is the assessment of the expected timing and manner of realization or settlement of the carrying amounts of assets and liabilities held at the reporting date. In particular, assessment is required of whether it is probable that there will be suitable future taxable profits against which any deferred tax assets can be utilised. The company reviews this assessment on an annual basis.
(2) Key accounting estimates and assumptions - the directors do not consider there to be any key accounting estimates and assumptions that require further analysis.
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2024 |
2023 |
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Rendering of services |
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Other revenue |
|
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
|
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Depreciation expense |
|
|
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Amortisation expense |
|
- |
|
Impairment (reversal)/loss |
( |
|
|
10,992 |
46,965 |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
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Other finance income |
|
|
|
|
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
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Interest expense on other finance liabilities |
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Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Temporary workers (external) |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
437,691 |
731,240 |
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
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|
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Deferred tax movement in the income statement |
|
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit/(loss) before tax |
|
( |
|
Corporation tax at standard rate |
|
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
|
|
Deferred tax expense/(credit) from unrecognised tax loss or credit |
|
( |
|
Total tax charge/(credit) |
|
( |
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Internally generated software development costs |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation and impairment |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
Reversal of Impairment |
( |
( |
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
- |
- |
|
Tangible assets |
|
Fixtures and fittings |
Office equipment |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
- |
|
|
At 31 December 2023 |
|
|
- |
|
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
|
|
|
Non-current |
Note |
2024 |
2023 |
|
Deferred tax assets |
|
|
|
|
|
|
The comparatives include a reclassification of £202,844 from current debtors to non-current debtors relating to deferred tax assets.
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
(6,141,671) |
(3,976,805) |
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
|
2024 |
2023 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
2024 |
2023 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
|
|
|
Included in the Bank borrowings above, is a bank loan of £392,424 (2023 - £519,697) with an interest rate of 3.99% per annum above the base rate and the loan is repayable by December 2028.
The fixed charge applies to all assets. The floating charge covers all the property and undertaking of the company, both present and future, not otherwise subject to a fixed charge.
Bank overdraft facility is payable on demand and has a fixed and floating charge over the assets as security for outstanding borrowings. Subsequent to year end, the bank overdraft was fully repaid by the company.
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
564 |
|
564 |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Premier People Recruitment Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Financial instruments |
Categorisation of financial instruments
|
2024 |
2023 |
|
|
Financial assets that are debt instruments measured at amortised cost |
|
|
|
Financial liabilities measured at amortised cost |
|
|
Financial assets measured at amortised cost include trade debtors, other debtors, amounts due from related parties (see note 14), and cash (see note 15).
Financial liabilities measured at amortised cost consist of trade creditors, other payables, pensions liability, amounts owed to related parties, loans and borrowings (see note 16), and bank borrowings (see note 17).
Items of income, expense, gains or losses
The total interest expense for financial liabilities not measured at fair value through profit or loss is £896,600 (2023: £490,447)
The company used Invoice Discounting facility from Sonovate during the period.
The average rate of interest for the year ended 31 December 2024 was 1.65% per annum and amounted to £854,906 (2023: £440,070) in the year. This facility is payable on demand.
|
Related party transactions |
Other related party transactions
Throughout the year, the company conducted the following transactions with related parties:
Companies under common control
At the balance sheet date, companies under common control owed the company £4,379, in contrast to the £564,231 the company owed them in 2023.
Directors
During the year, the directors borrowed an additional £11,381 from the company and made repayments totaling £629,648 on existing loans.
The company applied an annual interest rate of 2.5% to these director loans.
At the balance sheet date, the directors owed the company £11,381, compared to £629,648 in 2023.