Registered number: 05672094
For the year ended 31 January 2025
Green Park Interim & Executive Limited
Company Information
Green Park Interim & Executive Limited
Contents
Green Park Interim & Executive Limited
Group strategic report
For the year ended 31 January 2025
The Directors present their strategic report for the year ended 31 January 2025.
About Green Park
Green Park has been successfully moving the dial to increase the quality and diversity of Britain’s workforce since our inception in 2006.
During this time, we have become a trusted supplier of leadership recruitment, attracting and placing executive and senior management talent across the Private, Public and Third Sectors, providing bespoke tailored Diversity, Inclusion, Culture and Equality (DICE) consulting services and solutions, as well as bespoke client focused work force solution packages.
Our people, processes and data regime are different. We have spent over 18 years developing industry defining enhancements that add sustainable impact to our clients, enabling us to mitigate hiring risks and find the perfect candidates.
Principal activities
The principal activities of the Group and Company are split in the following areas:
• Executive Search
• Interim Management
• Board Advisory
• Diversity, Culture and Inclusion
• People Solutions
A different mindset
At Green Park, we believe that diversity equals strength. Diversity should be an organisation’s secret weapon in increasing their competitiveness in global markets and driving transformation.
• We represent a prequalified network of the usual and unusual suspects, developed through over 17
years of diverse management mapping
• We run an independent diversity search in parallel with all mandates
• We have unique diversity mapping technologies and analytics tools
• Partnership and accountability are built into our fees and operating culture
CREED – Our values
At Green Park, we understand the importance of having clearly articulated values that guide the decisions and behaviors of all team members.
We take our core values to heart, challenging ourselves every day to ensure we are truly living our values of
Courage, Rigor, Empathy, Energy and Diversity.
Our collective vision is simple: to set a modern benchmark for customer service in the senior recruitment industry, consistently treating candidates and clients with the respect and consideration that they deserve.
Strategy and Objectives
Green Park aims to further develop and scale our offering in services and strengthen our position as a boutique specialist supplier of senior Leadership advisory services. Green Park continues to deliver recruitment and talent services to clients across the Private, Public and Third Sectors.
Results for the financial year
Revenue for the year decreased to £18.9m (2024: £22.8m) due mainly to the reduction of low margin interim revenues.
About Green Park
Green Park has been successfully moving the dial to increase the quality and diversity of Britain’s workforce since our inception in 2006.
During this time, we have become a trusted supplier of leadership recruitment, attracting and placing executive and senior management talent across the Private, Public and Third Sectors, providing bespoke tailored Diversity, Inclusion, Culture and Equality (DICE) consulting services and solutions, as well as bespoke client focused work force solution packages.
Our people, processes and data regime are different. We have spent over 18 years developing industry defining enhancements that add sustainable impact to our clients, enabling us to mitigate hiring risks and find the perfect candidates.
Principal activities
The principal activities of the Group and Company are split in the following areas:
• Executive Search
• Interim Management
• Board Advisory
• Diversity, Culture and Inclusion
• People Solutions
A different mindset
At Green Park, we believe that diversity equals strength. Diversity should be an organisation’s secret weapon in increasing their competitiveness in global markets and driving transformation.
• We represent a prequalified network of the usual and unusual suspects, developed through over 17
years of diverse management mapping
• We run an independent diversity search in parallel with all mandates
• We have unique diversity mapping technologies and analytics tools
• Partnership and accountability are built into our fees and operating culture
CREED – Our values
At Green Park, we understand the importance of having clearly articulated values that guide the decisions and behaviors of all team members.
We take our core values to heart, challenging ourselves every day to ensure we are truly living our values of
Courage, Rigor, Empathy, Energy and Diversity.
Our collective vision is simple: to set a modern benchmark for customer service in the senior recruitment industry, consistently treating candidates and clients with the respect and consideration that they deserve.
Strategy and Objectives
Green Park aims to further develop and scale our offering in services and strengthen our position as a boutique specialist supplier of senior Leadership advisory services. Green Park continues to deliver recruitment and talent services to clients across the Private, Public and Third Sectors.
Results for the financial year
Revenue for the year decreased to £18.9m (2024: £22.8m) due mainly to the reduction of low margin interim revenues.
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Green Park Interim & Executive Limited
Group strategic report (continued)
For the year ended 31 January 2025
Net Fee Income decreased by £0.6m to £10.4m (2024: £11.0m) due mainly to a reduction in low margin interim revenue offset by increased higher margin search revenues.
During the year the operating cost base reduced by £0.8m to £10.0m (2024: £10.8m). This reduction in the operating cost base resulted in the company reporting an increased operating profit of £0.4m (2024: £0.2m).
Current Trading (Unaudited Management accounts)
During the year the operating cost base reduced by £0.8m to £10.0m (2024: £10.8m). This reduction in the operating cost base resulted in the company reporting an increased operating profit of £0.4m (2024: £0.2m).
Current Trading (Unaudited Management accounts)
As widely reported, the group’s market backdrop continued to be impacted by the challenging market conditions in the recruitment sector. Against this backdrop the group took robust actions to optimise its operating cost base by simplifying its operating structure and ensuring that we have the right consultant and back office capacity for the expected revenues.
I am pleased to report that these actions have materially improved group profitability in the current financial year.
In the 8-month period to Sept 25 group turnover decreased by 30.6% to £9.0m) (2024: £13.1m) but operating profits increased by £168k to £512k (2024: £ £344k).
We expect near-term trading conditions to remain challenging but are confident of continued group profitability.
Cashflow and Balance Sheet
Net cashflow from operations for 2025 was inflow £0.6m (2024: Outflow £1.1m). Trade Receivables at the year-end were £2.1m (2024: £1.6m)
Net cashflow from financing activities was an outflow of £1.1m (2024: outflow of £0.3m)
Going Concern
In light of the current financial position of the Group and on consideration of the business forecasts and projections, taking into account of possible changes in trading performance and the context of the risks and challenges of the industry, and the current uncertainty in the economic environment, the Directors have a reasonable expectation that the Group has adequate available resources to continue as a going concern for the foreseeable future. For these reasons, they continue to adopt the going-concern basis in preparing the accounts.
Monitoring, Risk and KPIs
The Directors have a responsibility for identifying risks facing the business and for putting in place procedures to mitigate and monitor risks. Board meetings incorporate a review of monthly management accounts, operational and financial KPIs, and major issues and risks (if any) facing the business.
The most important KPIs used in monitoring the business are set out in the following table:
I am pleased to report that these actions have materially improved group profitability in the current financial year.
In the 8-month period to Sept 25 group turnover decreased by 30.6% to £9.0m) (2024: £13.1m) but operating profits increased by £168k to £512k (2024: £ £344k).
We expect near-term trading conditions to remain challenging but are confident of continued group profitability.
Cashflow and Balance Sheet
Net cashflow from operations for 2025 was inflow £0.6m (2024: Outflow £1.1m). Trade Receivables at the year-end were £2.1m (2024: £1.6m)
Net cashflow from financing activities was an outflow of £1.1m (2024: outflow of £0.3m)
Going Concern
In light of the current financial position of the Group and on consideration of the business forecasts and projections, taking into account of possible changes in trading performance and the context of the risks and challenges of the industry, and the current uncertainty in the economic environment, the Directors have a reasonable expectation that the Group has adequate available resources to continue as a going concern for the foreseeable future. For these reasons, they continue to adopt the going-concern basis in preparing the accounts.
Monitoring, Risk and KPIs
The Directors have a responsibility for identifying risks facing the business and for putting in place procedures to mitigate and monitor risks. Board meetings incorporate a review of monthly management accounts, operational and financial KPIs, and major issues and risks (if any) facing the business.
The most important KPIs used in monitoring the business are set out in the following table:
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Green Park Interim & Executive Limited
Group strategic report (continued)
For the year ended 31 January 2025
The Directors monitor NFI against annual targets which are reviewed annually against the Group’s plans.
The principal risks faced by the Group in the current economic climate are considered to be financial, business environment and people related.
Financial
The main financial risks arising from operations are the adequacy of working capital, interest rate, liquidity and credit risk. These are monitored by the Board on a regular basis.
Business Environment
The Executive Search market is susceptible to changes in the economic climate. The Board seeks to manage this risk through a blend of Search and Interim placements across the Private, Public and Third sectors. Our blend of markets combined with our People Solutions and Consulting business assist in cushioning the impact of economic cycles.
We continue to experience pressure on pricing as customers seek higher value engagements while reducing price. We are also experiencing competitors seeking to gain market share by undercutting competition in certain markets.
The Leadership team and the Board therefore focus on maintaining its differentiation in the market to mitigate this risk.
With macroeconomic uncertainties increasing, we are closely monitoring our activity levels and KPIs, which remain broadly stable overall at strong levels. Our focus is now on leveraging the investments we have made and increasing our consultant productivity. Our highly experienced management team will ensure that we can navigate current uncertainties and remain focused on our growth plans.
People
The Group’s most significant asset remains its employees. The Leadership team remain committed to retaining and recruiting quality staff who share our culture and values. In a people business, the resignation of key staff remains a key risk.
We ensure that appropriate policies are used to recruit and retain employees with diverse backgrounds. Salaries and other benefits are agreed through a Remuneration committee. We operate an equality and inclusion policy to ensure that subject to legal obligations, employees with the necessary abilities and qualifications are employed, promoted and remunerated in a non-discriminatory manner. We auto-enrol new workers on to a qualifying workplace pension scheme. We have the appropriate scheme set up and have ensured compliance with The Pensions Act.
As well as our approach to employee wellbeing, and offering competitive remuneration, we also ensure our employment contracts contain restrictive covenants that limit a leaver’s ability to approach existing clients, candidates and employees.
Cautionary Statement
These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
The principal risks faced by the Group in the current economic climate are considered to be financial, business environment and people related.
Financial
The main financial risks arising from operations are the adequacy of working capital, interest rate, liquidity and credit risk. These are monitored by the Board on a regular basis.
Business Environment
The Executive Search market is susceptible to changes in the economic climate. The Board seeks to manage this risk through a blend of Search and Interim placements across the Private, Public and Third sectors. Our blend of markets combined with our People Solutions and Consulting business assist in cushioning the impact of economic cycles.
We continue to experience pressure on pricing as customers seek higher value engagements while reducing price. We are also experiencing competitors seeking to gain market share by undercutting competition in certain markets.
The Leadership team and the Board therefore focus on maintaining its differentiation in the market to mitigate this risk.
With macroeconomic uncertainties increasing, we are closely monitoring our activity levels and KPIs, which remain broadly stable overall at strong levels. Our focus is now on leveraging the investments we have made and increasing our consultant productivity. Our highly experienced management team will ensure that we can navigate current uncertainties and remain focused on our growth plans.
People
The Group’s most significant asset remains its employees. The Leadership team remain committed to retaining and recruiting quality staff who share our culture and values. In a people business, the resignation of key staff remains a key risk.
We ensure that appropriate policies are used to recruit and retain employees with diverse backgrounds. Salaries and other benefits are agreed through a Remuneration committee. We operate an equality and inclusion policy to ensure that subject to legal obligations, employees with the necessary abilities and qualifications are employed, promoted and remunerated in a non-discriminatory manner. We auto-enrol new workers on to a qualifying workplace pension scheme. We have the appropriate scheme set up and have ensured compliance with The Pensions Act.
As well as our approach to employee wellbeing, and offering competitive remuneration, we also ensure our employment contracts contain restrictive covenants that limit a leaver’s ability to approach existing clients, candidates and employees.
Cautionary Statement
These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
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Green Park Interim & Executive Limited
Group strategic report (continued)
For the year ended 31 January 2025
This report was approved by the board and signed on its behalf.
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Green Park Interim & Executive Limited
Directors' report
For the year ended 31 January 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
The profit for the year, after taxation, amounted to £252,551 (2024 - 199,078).
The directors who served during the year were:
The Directors will ensure profitability continues to be maximised through development of existing accounts, new client wins and new offerings to clients. There will remain a focus on pricing, productivity, and management of operating costs.
We continue to monitor cash collections on a daily basis to ensure liquidity is maintained with the Group and continue to review further mitigation options given the uncertain nature of the climate. Given the dynamic nature of these circumstances, it is unknown how the Company may be further affected if such an epidemic persists for a further extended period, however we are confident appropriate steps have been taken to avoid a liquidity constraint.
Employee Involvement
The group has a well-established communication process with all employees. These are constantly reviewed to meet the changing needs of the business and are considered valuable by both management and staff.
Employment of disabled persons
It is our policy to give full and fair consideration to the employment and promotion of disabled persons where they appear suitable, having regard to their aptitudes and abilities. Where existing employees become disabled it is our policy to find them suitable employment within the Company should they not be able to continue in their current role.
Diversity Policy
The Group is committed to promoting equal opportunities both as an employer and as a provider of services. We make every effort to prevent discrimination or other unfair treatment against any of our staff, potential staff or those we work with, regardless of gender, race, colour, nationality, ethnic or national origins, marital status, family circumstance, disability, sexual orientation, political or religious belief. The Group is opposed to racist and sexist practices and attitudes, and is committed to translating this into all aspects of our everyday work.
Political contributions
Neither the Company nor any of its subsidiaries made any political donations or incurred any political expenditure during the year.
Policy and practice on payment of creditors
It is our normal practice to make payments to suppliers in accordance with agreed terms, provided the supplier has performed in accordance with the relevant terms and conditions.
We continue to monitor cash collections on a daily basis to ensure liquidity is maintained with the Group and continue to review further mitigation options given the uncertain nature of the climate. Given the dynamic nature of these circumstances, it is unknown how the Company may be further affected if such an epidemic persists for a further extended period, however we are confident appropriate steps have been taken to avoid a liquidity constraint.
Employee Involvement
The group has a well-established communication process with all employees. These are constantly reviewed to meet the changing needs of the business and are considered valuable by both management and staff.
Employment of disabled persons
It is our policy to give full and fair consideration to the employment and promotion of disabled persons where they appear suitable, having regard to their aptitudes and abilities. Where existing employees become disabled it is our policy to find them suitable employment within the Company should they not be able to continue in their current role.
Diversity Policy
The Group is committed to promoting equal opportunities both as an employer and as a provider of services. We make every effort to prevent discrimination or other unfair treatment against any of our staff, potential staff or those we work with, regardless of gender, race, colour, nationality, ethnic or national origins, marital status, family circumstance, disability, sexual orientation, political or religious belief. The Group is opposed to racist and sexist practices and attitudes, and is committed to translating this into all aspects of our everyday work.
Political contributions
Neither the Company nor any of its subsidiaries made any political donations or incurred any political expenditure during the year.
Policy and practice on payment of creditors
It is our normal practice to make payments to suppliers in accordance with agreed terms, provided the supplier has performed in accordance with the relevant terms and conditions.
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Green Park Interim & Executive Limited
Directors' report (continued)
For the year ended 31 January 2025
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025.
The auditors, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
The auditors, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Green Park Interim & Executive Limited
Directors' responsibilities statement
For the year ended 31 January 2025
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group 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 the Group and to 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.
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Green Park Interim & Executive Limited
Independent auditors' report to the members of Green Park Interim & Executive Limited
We have audited the financial statements of Green Park Interim & Executive Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 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 or 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.
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Green Park Interim & Executive Limited
Independent auditors' report to the members of Green Park Interim & Executive Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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Green Park Interim & Executive Limited
Independent auditors' report to the members of Green Park Interim & Executive Limited (continued)
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 Auditors' 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 Group 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:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the group and industry, and through our discussion with the directors and management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance with laws and regulations that have an impact on the preparation of the financial statements such as Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to accounting estimates and the inappropriate posting of journals. Audit procedures performed by the group engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Reading minutes of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries, in particular any manual entries at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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Green Park Interim & Executive Limited
Independent auditors' report to the members of Green Park Interim & Executive Limited (continued)
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 Auditors' 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.
for and on behalf of
Statutory Auditor
Chartered Accountants
Canterbury
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Green Park Interim & Executive Limited
Consolidated statement of comprehensive income
For the year ended 31 January 2025
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Green Park Interim & Executive Limited
Registered number: 05672094
Consolidated balance sheet
As at 31 January 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
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Green Park Interim & Executive Limited
Registered number: 05672094
Company balance sheet
As at 31 January 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
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Green Park Interim & Executive Limited
Consolidated statement of changes in equity
For the year ended 31 January 2025
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Green Park Interim & Executive Limited
Company statement of changes in equity
For the year ended 31 January 2025
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Green Park Interim & Executive Limited
Consolidated statement of cash flows
For the year ended 31 January 2025
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Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Green Park Interim & Executive Limited (the "Company"), company number 05672094 and registered address Partnership House, Carlisle Place, London, SW1P 1BX, is a company limited by shares and incorporated and domiciled in the UK.
2.Accounting policies
The Group and parent financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: financial instruments classified at fair value through the profit or loss.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
An associate is an entity in which the Group has significant influence, but not control, over the operating and financial policies of the entity. Significance influence is presumed to exists when the investors holds between 20% and 50% of the equity voting rights.
In the parent financial statements, investments in subsidiaries and associates are carried at cost less impairment.
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Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
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Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Financial assets and liabilities are 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 on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
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Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 22
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Page 23
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Page 24
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The nature of estimation is such though that actual outcomes could differ significantly from those
estimates.
The following judgments have had the most significant impact on amounts recognised in the financial
statements:
Lease commitments
The group has entered into a range of lease commitments in respect of property, plant and equipment.
The classification of these leases as either financial or operating leases requires the directors to consider
whether the terms and conditions of each lease are such that the company has acquired the risks and
rewards associated with the ownership of the underlying assets.
The following are the company’s key sources of estimation uncertainty:
Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £99,722 at the reporting
date (see note 13). The assets within the group are stated at their cost less provision for depreciation and impairment.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. The fair value of share options granted is recognised as an expense over the vesting period, with a corresponding increase in equity.
The determination of the fair value of share-based payment transactions requires the use of significant judgements and estimates. These include:
Valuation Model: The Group uses a model to estimate the fair value of share options at the grant date. The choice of model depends on the terms and conditions of the grant.
Key Assumptions: Inputs into the valuation model include:
Modification and Cancellation: Where terms of options are modified or cancelled, the Group reassesses the fair value and recognises any incremental value over the remaining vesting period.
These estimates are reviewed at each reporting date and adjusted if necessary. Changes in assumptions may significantly affect the amount of expense recognised in the income statement.
The excercisable value of options at the end of the year is £2,723,500 (see note 18).
Page 25
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Analysis of turnover by country of destination:
Page 26
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Page 27
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Page 28
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
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Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
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Page 30
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
13.Tangible fixed assets (continued)
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Page 31
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Page 32
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Page 33
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
Defined contribution pension scheme
The Company operates two defined contribution pension schemes. The pension cost charge for the period represents contributions payable by the Company to the schemes and amounted to £160,705 (2024: £109,277). At the end of the financial period there was £55,625 (2024: £19,454) of outstanding pension contributions.
The Company operates two defined contribution pension schemes. The pension cost charge for the period represents contributions payable by the Company to the schemes and amounted to £160,705 (2024: £109,277). At the end of the financial period there was £55,625 (2024: £19,454) of outstanding pension contributions.
Page 34
Green Park Interim & Executive Limited
Notes to the financial statements
For the year ended 31 January 2025
- 50,000 B Ordinary Shares (£0.005 nominal value per share)
- 7,000 Ordinary Shares (£0.100 nominal value per share)
- 80,000 A Ordinary Shares (£0.010 nominal value per share)
This took place after the purchase of own shares on the 23rd January 2025. As the primary purpose of this transaction was to cancel the shares, and the cancellation occurred after the reporting date, the full accounting impact will be reflected in the financial statements for the year ending 2026.
Subsequent to the year end, the directors approved a dividend of £472,316, which was settled by offsetting against the Director’s Loan Account rather than by cash payment.
The Directors consider the ultimate controlling party to be Raj C Tulsiani.
Page 35