The directors present the strategic report for the year ended 31 March 2025.
We are a specialist recruitment consultancy who partner with clients to strategically solve challenges in the Power, Renewable and Nuclear energy sectors. Our innovative and consultative approach ensures we consistently deliver unmatched value through insight-driven energy recruitment solutions for both our candidates and clients.
Our mission is to consolidate our leadership in energy recruitment across the Power, Renewables and Nuclear sectors. To realise this vision, we have set forth ambitious strategic goals and plans, including:
Expanding our market share by securing new business from targeted industries and geographical locations thereby broadening our reach and impact.
Driving new business growth through bespoke, customer-focused service offerings and nurturing collaborative, long-term customer relationships.
Investing in state-of-the-art technology to boost productivity, foster innovation, and enhance our service delivery capabilities.
Becoming an employer of choice, dedicated to attracting, developing, and retaining top-tier talent to propel our growth, while fostering an outstanding culture.
Our Senior Leadership Team, with its wealth of experience, is well-equipped to guide the group towards continued success. The Directors are confident in their ability to drive business growth, with a steadfast commitment to our service offerings and client relationships being central to achieving this goal.
As a tech-driven business, we are committed to continuous investment in cutting-edge technology to streamline processes and enhance time efficiency. Our dedicated internal department leverages data for Business Intelligence, ensuring we stay ahead of industry trends and make informed decisions.
This technological edge allows us to provide our clients with faster, more accurate recruitment solutions, ultimately saving them time and resources. For our candidates, this means a more efficient and personalised job search experience, as we can match them with opportunities that best fit their skills and career aspirations.
We actively foster a culture of learning and networking across all departments, significantly enriching the employee experience and adding unparalleled value. This commitment to professional development ensures that our team is always equipped with the latest industry knowledge and best practices, which directly benefits our clients and candidates through superior service and innovative solutions.
Astute is not just a recruitment consultancy; we are a dynamic force in the energy sector, dedicated to delivering excellence and innovation. Our strategic vision and relentless pursuit of growth position us to continue leading the industry, creating lasting value for our clients, candidates, and stakeholders
As a champion of equal opportunities, we are committed to non-discrimination and non-harassment based on ethnic origin, religion, gender, age, disability, and sexual orientation. We invest significantly in our staff through comprehensive training and talent development programs, ensuring our team is empowered to excel and drive the group forward.
Fair review of the business
The key performance indicators used to determine the progress and performance of the group are set out below:
| March 2025 | March 2024 | March 2023 |
Turnover | £33,884,583 | £27,488,414 | £22,796,458 |
Net Fee Income | £5,640,187 | £4,987,624 | £4,455,985 |
Contract/Permanent NFI | 45:55 | 40:60 | 36:64 |
EBITDA | £487,982 | £115,614 | £361,109 |
Average employees | 55 | 63 | 58 |
The financial results for 2025 have been very positive, showcasing a robust performance with Net Fee Income increasing by 13%. These results have come at a time that many commentators within the industry have been reporting decline in Net Fee Income.
Our success has come from our industry leading product offerings, designed to foster stronger working relationships with our clients. These offerings provide a more dedicated service, delivering superior results in less time. By aligning our brand identity with our strategic goals, we have positioned ourselves to better meet the needs of our clients and enhance our market presence.
A significant portion of our growth has been from the development of contract opportunities. This can be seen in the change in ratio of Net Fee Income from contract and permanent roles in our KPIs above. This growth in recurring income provides a solid foundation for continued profitability into 25/26.
In March 2024, the Board embarked on a comprehensive operational restructure of the UK business, designed to elevate our service delivery and align with our ambitious strategic goals. Faced with escalating overhead costs and the imperative to streamline expenses for the forthcoming budget, the Board made the difficult yet necessary decision to reduce headcount.
These changes, together with the growth in Net Fee Income, have resulted in EBITDA growth of £372,368. This strategic move is a testament to our commitment to financial success and operational excellence. The board expects this to continue to yield positive results, driving sustainable growth and ensuring long-term success
Our commitment to innovation and excellence is evident in every aspect of our business. Our branding enhances our visibility and reinforces our dedication to providing top-tier recruitment solutions whilst our investment in technological infrastructure has not only improved our operational efficiency but positions us to capitalise on emerging market opportunities. We are confident that this will drive sustainable growth and solidify our reputation as a leader in the industry.
Last year, the Board made a significant investment with the launch of Astute People, Inc., our US-based business, designed to extend the same high-quality services we offer in the UK to the expansive US market. The Board have continued to invest in the US business during the year, successfully completing several US permanent placements and providing our first contract staffing solution.
Although making progress, the US business has yet to build a client base with the volume and quality of roles required to provide a consistent stream of income. In March, The Board made changes to the senior leadership and delivery team within the US business. These changes are to support the development of a targeted market strategy in which to grow the US business. By positioning ourselves in the correct markets we will be better placed to leverage the market's scale, driving growth and profitability in the years to come.
The Board has also initiated a program to transition the US business to the technology platform used within the UK business. This transition will result in cost savings and improvements in working practices.
We are confident that these strategic changes will result in a robust commercial platform and strategy in the US to deliver growth and consistent profitability in the future.
Financial instruments
The main risks arising on the group’s operations are customer risk, credit risk, and liquidity risk. The principal financial instruments comprise of cash, trade debtors, trade creditors and commercial finance loans. The main purpose of these financial instruments is to maintain working capital for the group’s operations.
Customer risk
The group has a wide range of customers and has limited exposure to any one customer. The group strategy is focused on growth from a variety of customers and sectors, particularly in the Renewables sector where a variety of specialisms exist. The director believes that the group is well equipped to manage and mitigate such risks.
Credit risk
The group’s principle financial assets are trade debtors. Credit risk is managed through effective credit control including detailed pre credit checks, monitoring of credit rating agency information and continual review by the credit control team of collection history and debt ageing. Credit insurance provided by Alliance covers the majority of debt book at any one time.
Liquidity risk
Liquidity risk is managed by ensuring there are sufficient funds available to meet payments as they fall due. The group makes use of commercial finance loans which have sufficient headroom to support the group’s growth aspirations. The facility was reviewed and renewed post year end ensuring fit for purpose.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2025.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £375,000.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Astute Recruitment Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK, and the relevant waste regulations in the UK (including the Waste (England and Wales) Regulations 2011);
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £25,000 (2024 - £245,000 profit).
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
Astute Recruitment Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Building 4000, Lakeside North Harbour, Western Road, Portsmouth, Hampshire, PO6 3FT.
The group consists of Astute Recruitment Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Astute Recruitment Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. In making this assessment the directors have prepared cash flow forecasts for a period covering at least 12 months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts, rebates, VAT and other sales-related taxes.
Turnover from the placement of permanent candidates is recognised either at the point the candidate accepts a formal job offer or the point in time the candidate commences full-time employment, depending on the contractual terms agreed. In addition, where a contract is signed for a recruitment project (multiple roles), turnover is recognised as the agreed stages of project completion are reached.
If a permanent candidate leaves employment within a specified period, an adjustment is made to Turnover to reflect the required refund or credit note due to the client.
Turnover arising from temporary placements is recognised daily for work completed, starting from the point in time that temporary workers are provided and continues through the duration of the placement.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors, group and related party balances and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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 deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
The following judgements have had the most significant effect on amounts recognised in the financial statements.
In accordance with the company's accounting policies, the directors have at the balance sheet date, assessed the amounts owed to the company by its subsidiary undertakings for indicators of potential impairment. In performing their assessment the directors have considered the estimated future cash flows of the subsidiary undertakings and have estimated an appropriate discount rate on which to calculate the present value of the forecasted repayments. In performing their calculations the directors have determined that of the £800,000 due from the subsidiary undertakings at 31 March 2025, an impairment provision of £400,000 should be made within the company's financial statements, concluding that the remaining £400,000 due from the subsidiary undertakings is recoverable in full, based on the conditions existing at the balance sheet date.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The directors are also considered to be the Key Management Personnel of the group.
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 March 2025 are as follows:
The Commercial finance loans relates to a debt factoring arrangement, in which the company has sold the rights to the receipts of certain of its Trade debtors to the finance company. The company has recourse for the debts factored and hence the debt factoring arrangement does not meet the criteria for de-recognition within these financial statements and hence is presented separately from Trade debtors. The debt factoring arrangement incurs a discount charge of 1.75% above base, with refactoring after 120 days incurring a 1% charge. Two directors have provided a £75,000 personal guarantee each to the finance company as security for the Commercial finance loans.
Other loans relates to a formal loan taken out by the company with third party lenders. The loan is repayable in 72 equal monthly instalments of £6,332 until 24 April 2030, inclusive of interest at 19.9%. A director has provided a 100% outstanding balance personal guarantee to the finance company as security for the debt factoring arrangement. Of the amount disclosed as due greater than one year £3,681 is due greater than 5 years.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
On 31 January 2025 the company established the Astute Recruitment Group Limited EMI Share Option Plan and granted share options to certain employees under the scheme.
In total 28,493 options were granted to certain employees to acquire Ordinary B shares of £0.001 in the company at a fixed exercise price of £1.69. The options vest at the earlier of 31 December 2034 or exit event, and subject to continued employment in the group and subject to certain financial performance conditions being met by the group at the vesting date (non-market performance conditions).
The company intends to issue shares on the exercise of the options by the employees. Employees are not entitled to dividends until the options are exercised.
The directors have used the Black-Scholes model to determine the fair value of the share options granted during the year. In performing their calculation the directors have concluded that the fair value calculated, spread over the vesting period as a share-based payment expense, is immaterial to recognise in these financial statements.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has applied the exemption available in FRS 102 Section 33.1A from disclosing transactions and balances with fellow wholly owned group undertakings.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
A director maintains a loan account with the group. At the beginning of the year a director owed the group £224,056. During the year further payments were advanced to a director totalling £167,253 and repayments were received from a director of £135,000. At the balance sheet date a director owed the group £256,309.
There are no formal terms in place in respect of the amounts owed by related party entities under common control, which are unsecured and repayable on demand. A director has provided the company with a personal guarantee in respect of the amounts due from entities under common control.