Registrar

Registration number: 11385765

Connect Exec Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Connect Exec Limited

Company Information

Directors

L A C Silvester

Registered office

3 Warners Mill Silks Way Braintree Essex CM7 3GB

Bankers

Lloyds Bank PLC Ariel House 2138 Coventry Road Sheldon B26 3JW

Auditors

Lambert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM7 3GB

Connect Exec Limited

(Registration number: 11385765)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Current assets
Debtors	4	245,063	40,415
Cash at bank and in hand		54,728	191
		299,791	40,606
Creditors: Amounts falling due within one year	5	(281,159)	(80,202)
Net assets/(liabilities)		18,632	(39,596)
Capital and reserves
Called up share capital	6	1,000	1,000
Retained earnings		17,632	(40,596)
Shareholders' funds/(deficit)		18,632	(39,596)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2025
 

L A C Silvester
Director

Connect Exec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

These financial statements were authorised for issue by the director on 29 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The director has considered the availability of resources to meet the company’s liabilities to 30 September 2027. The director has considered the going concern position of the company, taking into account the performance of the 2024 year, the interim figures to 31 August 2025 and the forecasts to 30 September 2027. As part of this going concern review, the director has prepared and undertaken a comprehensive review of the forecasts covering a period through to 30 September 2027 which demonstrates that the company will continue to have sufficient cash availability and profitability to continue as a going concern.

The director and connected entities including the new parent company, Envious Holdings Inc. and its ultimate shareholder are committed to providing the necessary funds as required.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 September 2025 was Luke Mitchell ACA, who signed for and on behalf of Lambert Chapman LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the placement of temporary staff in the ordinary course of the company’s activities. Turnover is shown net of 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.

Turnover from temporary placements represents the fees billed for the services performed including their costs and is recognised when the service has been provided.

Connect Exec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. All exchange rate variances are recognised in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for recruitment services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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. Trade creditors 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.

Share capital

Ordinary shares are classified as equity.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

Connect Exec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Debtors

	Note	2024 £	2023 £
Trade debtors		212,747	37,217
Amounts owed by group undertakings	7	3,862	-
Other debtors		27,798	3,198
Prepayments		656	-
		245,063	40,415

Included within other debtors are amounts totalling £8,063 (2023:£nil) due from entities that are related to the company as they are under the common control of controlling parties or the directors of the company.

Debtors pledged as security

The carrying amount of trade debtors pledged as security for liabilities amounted to £212,747 (2023: £nil).

Trade debtors have been pledged as security for the company's invoice discounting facility.

5

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		13,052	727
Amounts owed to group undertakings	7	-	65,718
Taxation and social security		16,621	7,000
Other creditors		231,111	257
Accruals and deferred income		20,375	6,500
		281,159	80,202

Included within other creditors are amounts totalling £48,115 (2023:£nil) due to entities that are related to the company as they are under the common control of controlling parties or the directors of the company.

Other creditors include invoice discounting facilities which are secured to the value of £134,206 (2023: £nil).

Connect Exec Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

7	Related party transactions

Summary of transactions with other related parties

During the period the company purchased services in the sum of £158,859 (2023: £176,188) net of VAT from other related parties (2023: companies under common control). At the balance sheet date, the amount outstanding was £48,115 (2023: £65,718).

During the period the company made loans totalling £11,925 (2023: £nil) to other related parties. As at the year end, some of these entities are part of the same group. The outstanding balance with these entities totals £3,862 and is disclosed within 'Amounts owed by group undertakings'.

8	Parent and ultimate parent undertaking

The company's immediate parent is Envious Holdings Incorporated, incorporated in the United States of America.

 The ultimate controlling party is S H Jones.