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Registered number: 11714252 KIN EMPLOYMENT SERVICES LIMITED AUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KIN EMPLOYMENT SERVICES LIMITED COMPANY INFORMATION
Directors | Mr R Hoskins
| Mr C Elmes
| Mr A Rodrigues (appointed 31 January 2025)
| Mr D Day (appointed 31 January 2025)
Registered number | 11714252
Registered office | Hyde Park House
| 5 Manfred Road
| London
| SW15 2RS
Independent auditors | Wellers
| Accountants & Statutory Auditors
| 3rd Floor, The Coade
| 98 Vauxhall Walk
| London
| SE11 5EL
KIN EMPLOYMENT SERVICES LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 7
Statement of Income and Retained Earnings | 8
Balance Sheet | 9
Notes to the Financial Statements | 10 - 14
KIN EMPLOYMENT SERVICES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal object of the company is to hold the contracts of employment of all Kin Group employees and recharge employment costs across the Group.
Directors
The directors who served during the year were:
Mr R Hoskins
Mr C Elmes
Mr A Rodrigues (appointed 31 January 2025)
Mr D Day (appointed 31 January 2025)
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
KIN EMPLOYMENT SERVICES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditors
The auditors, Wellers, 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.
................................................ Mr C Elmes Director
Date: 3 December 2025
Page 2
KIN EMPLOYMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIN EMPLOYMENT SERVICES LIMITED
Opinion
We have audited the financial statements of Kin Employment Services Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. Page 3
KIN EMPLOYMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIN EMPLOYMENT SERVICES LIMITED (CONTINUED)
Other information
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. Page 4
KIN EMPLOYMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIN EMPLOYMENT SERVICES LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
KIN EMPLOYMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIN EMPLOYMENT SERVICES LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 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: Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law. There were no additional fundamental laws and regulations identified related to the operating aspects of the business that may have a material effect on the financial statements. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 6
KIN EMPLOYMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIN EMPLOYMENT SERVICES LIMITED (CONTINUED)
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 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. Mr Matthew Wyatt (Senior Statutory Auditor) for and on behalf of Wellers Accountants Statutory Auditors 3rd Floor, The Coade 98 Vauxhall Walk London SE11 5EL 3 December 2025 Page 7
KIN EMPLOYMENT SERVICES LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
| £ | £
Administrative expenses |  | (9,654) | (8,435)
Exceptional administrative expenses |  | - | (2,275)
Operating loss |  | (9,654) | (10,710)
Interest receivable and similar income |  | 2 | 2
Interest payable and similar expenses |  | (4,399) | (3,061)
Loss before tax |  | (14,051) | (13,769)
Loss after tax |  | (14,051) | (13,769)
Retained earnings at the beginning of the year |  | (19,243) | (5,474)
|  | (19,243) | (5,474)
Loss for the year |  | (14,051) | (13,769)
Retained earnings at the end of the year |  | (33,294) | (19,243)
The notes on pages 10 to 14 form part of these financial statements.
Page 8
KIN EMPLOYMENT SERVICES LIMITED REGISTERED NUMBER: 11714252 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 1,916,570 |  | 1,107,474 |
Cash at bank and in hand | 9 | 615 |  | 152,498 |
|  | 1,917,185 |  | 1,259,972 |
Creditors: amounts falling due within one year | 10 | (1,950,479) |  | (1,279,215) |
Net current liabilities |  |  | (33,294) |  | (19,243)
Total assets less current liabilities |  |  | (33,294) |  | (19,243)
Net liabilities |  |  | (33,294) |  | (19,243)
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | (33,294) |  | (19,243)
|  |  | (33,294) |  | (19,243)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr C Elmes
Director
Date: 3 December 2025
The notes on pages 10 to 14 form part of these financial statements. Page 9
KIN EMPLOYMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Kin Employment Services Ltd is a private limited company, limited by shares, registered in England and Wales. The company's registered office is Hyde Park House, 5 Manfred Road, London, SW15 2RS. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis on the basis that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of approval.
| 2.3 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.4 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 10
KIN EMPLOYMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to accruals. Critical judgments in in applying accounting policies: Key judgements that have the most significant effect on the amounts recognised in the financial statements relate to the basis on which employment costs are split and recharged across the Kin Group members. These are based on the distribution of staff time across the different entities. Page 11
KIN EMPLOYMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 4,000 | 2,750
| Fees payable to the Company's auditors and their associates in respect of: |  |
| All non-audit services not included above | 3,364 | 1,100
5. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | (2,141) | -
|  | (2,141) | -
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 3
|  | Employees | 17 | 21
|  |  | 21 | 24
| Kin Employment Services Ltd hold the contracts of employment for the employees of Kin Group and staff costs are recharged to fellow subsidiaries within the Group. The only staff costs attributable to Kin Employment Services Ltd in 2025 is the reimbursement of employer pension contributions.
6. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 4,399 | 3,061
|  | 4,399 | 3,061
Page 12
KIN EMPLOYMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Intercompany Write Off | - | 2,275
|  | - | 2,275
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,916,570 | 1,107,474
|  | 1,916,570 | 1,107,474
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 615 | 152,498
|  | 615 | 152,498
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 1,881,607 | 1,149,956
| Other taxation and social security | 55,681 | 123,804
| Other creditors | 9,191 | 1,605
| Accruals and deferred income | 4,000 | 3,850
|  | 1,950,479 | 1,279,215
Page 13
KIN EMPLOYMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £0.01 | - | -
12. | Related party transactions
| Transactions and balances between the Kin Group members have not been disclosed as they are all wholly owned by Kin Group Limited and therefore exempt from disclosure under FRS 102.
13. | Controlling party
The immediate parent undertaking of the Company is Kin Group Limited, registered in England and Wales under the company registration number 11459040. The ultimate parent of the company is Sun Capital VIII LLC, registered in the Cayman Islands. Consolidated accounts for the period to 31 March 2025 will be prepared by Band Bidco Ltd and can be obtained from the company's registered office at 2 Park Street, 1st Floor, London, England, W1K 2HX. Consolidated accounts for Kin Group Limited for the period to 31 March 2025 will be prepared and can be obtained from the company's registered office at Hyde Park House, 5 Manfred Road, London, England, SW15 2RS.
Page 14