REGISTERED NUMBER: 07693958 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Care Providers Recruitment Limited

Page

Strategic Report

1

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The directors consider the following traditional measures to be the key financial performance indicators;

2025

2024

Change %

Turnover

27,842,871

48,000,527

(42)%

Gross profit

3,776,936

5,970,078

(37)%

Profit / (loss) after tax

66,143

162,418

(49)%

Equity shareholders' funds

1,677,501

1,611,359

5%

Current assets as a % of current liabilities

124%

114%

9%

During the financial year ended 31 March 2025, Care Providers Recruitment Ltd continued to operate in an increasingly challenging trading environment. Turnover decreased by 42% to £27.8m (2024: £48.0m), reflecting a significant contraction in demand across NHS agency staffing frameworks following the continued enforcement of NHS England Agency Rules. Despite this reduction in revenue, the company maintained a focus on operational efficiency and margin discipline, achieving a gross margin of 13.55% (2024: 12.44%).

Gross profit consequently fell to £3.77m (2024: £5.97m), a reduction of 37%, although this was proportionately less severe than the reduction in revenue due to improved margin performance. Administrative expenses decreased to £3.71m (2024: £5.75m), reflecting continued restructuring efforts and ongoing cost-base optimisation.

Operating profit for the year was £71k (2024: £218k), and profit before tax amounted to £88k (2024: £217k). Profit after tax totalled £66k, compared with £162k in the prior year.

PRINCIPAL RISKS AND UNCERTAINTIES

Regulatory pressures remain the most significant external risk facing the business. NHS England's Agency Rules, tightened further during the year, continue to reduce demand for agency staff. As NHS trusts improve compliance and shift towards alternative staffing models, volatility in demand may persist throughout FY2526.

Political and economic factors also present risk. While the Government has outlined ambitious plans for NHS reform and investment, the directors do not currently expect these measures to result in a material increase in agency staffing demand in the short to medium term. Wage inflation, competition within the sector, and continuing pressure on trust budgets further contribute to uncertainty.

FUTURE DEVELOPMENTS

The company will complete the final phase of its restructuring programme in FY2526. This will result in a streamlined cost base aligned with current trading conditions and provide a stable foundation for future growth.

Despite the challenging regulatory environment, the directors have identified specialist areas within healthcare staffing that continue to offer pockets of opportunity. Selective investment will be directed towards these niches, complemented by ongoing improvements in digital systems and data-driven allocation tools to support efficiency and client engagement.

The board maintains a cautious outlook but remains confident that the strategic actions taken will enable the business to operate competitively and sustainably under the revised NHS landscape.

RESEARCH AND DEVELOPMENT

Innovation continues to be a core strategic focus for the company. Development efforts during the year centred on enhancing internal systems, improving automation, and exploring new opportunities to support a leaner operating model. Investment in technological capabilities will remain a priority, enabling the company to strengthen service delivery, improve productivity, and respond effectively to evolving market expectations.

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity, and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:

W A St John - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

The total distribution of dividend for the year ended 31 March 2025 was £NIL

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

H W Woods Ballard

D J Wise

W A St John

S Lane

POST BALANCE SHEET EVENTS

There are no matters to report as post balance sheet events.

DISCLOSURE IN THE STRATEGIC REPORT

The Directors have chosen in accordance with S414c of the Companies Act to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the Directors' report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Gravita Essex Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W A St John - Director

23 December 2025

Opinion

We have audited the financial statements of Care Providers Recruitment Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Jennifer Cessini FCCA (Senior Statutory Auditor)

for and on behalf of Gravita Essex Limited

Chartered Certified Accountants and

Statutory Auditors

Treviot House

186-192 High Road

Ilford

Essex

IG1 1LR

23 December 2025

TURNOVER

27,847,694

48,000,527

Cost of sales

(24,070,758

)

(42,030,449

)

GROSS PROFIT

3,776,936

5,970,078

Administrative expenses

(3,706,312

)

(5,752,555

)

OPERATING PROFIT

4

70,624

217,523

Interest receivable and similar income

17,567

-

88,191

217,523

Interest payable and similar expenses

5

-

(966

)

PROFIT BEFORE TAXATION

88,191

216,557

Tax on profit

6

(22,048

)

(54,139

)

PROFIT FOR THE FINANCIAL YEAR

66,143

162,418

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

66,143

162,418

CURRENT ASSETS

Debtors

8

8,515,236

12,684,769

Cash at bank

58,180

153,747

8,573,416

12,838,516

CREDITORS

Amounts falling due within one year

9

(6,895,914

)

(11,227,157

)

NET CURRENT ASSETS

1,677,502

1,611,359

TOTAL ASSETS LESS CURRENT LIABILITIES

1,677,502

1,611,359

CAPITAL AND RESERVES

Called up share capital

12

1

1

Retained earnings

13

1,677,501

1,611,358

SHAREHOLDERS' FUNDS

1,677,502

1,611,359

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

W A St John - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1

1,598,940

1,598,941

Changes in equity

Dividends

-

(150,000

)

(150,000

)

Total comprehensive income

-

162,418

162,418

Balance at 31 March 2024

1

1,611,358

1,611,359

Changes in equity

Total comprehensive income

-

66,143

66,143

Balance at 31 March 2025

1

1,677,501

1,677,502

1.	STATUTORY INFORMATION

Care Providers Recruitment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07693958

Registered office:

Treviot House

186-192 High Road

Ilford

Essex

IG1 1LR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

The exemption is permitted as the parent company Day Webster Limited has prepared consolidated accounts for the year ended 31st March 2024, within which the financial statements of Care Providers Recruitment Limited are consolidated. These consolidated accounts may be obtained from Companies House.

Significant judgements and estimates

In the application of the company'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

Management charge recognition

Management charge recognition requires judgement on estimation of costs which are cross charged form the parent company during the year. The measurement of management charge income is based on information obtained based on the usage of the costs to be allocated to the subsidies in the group during the year alongside the directors previous experience and other reasonable factors.

With the exception of the estimate described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of hours worked by temporary workers placed with clients during the year.

Financial instruments

Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors & creditors

Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

The average number of employees during the year was as follows:

2025

2024

Director

4

4

Temps

132

326

136

330

The remuneration for the key management personnel are included and disclosed in the director's remuneration of the parent company.

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

Auditors remuneration has been included and disclosed within the accounts of the parent company.

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest on underpaid tax

-

966

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

22,048

54,139

Tax on profit

22,048

54,139

7.

DIVIDENDS

2025

2024

£

£

Interim

-

150,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,355,235

3,732,698

Amounts owed by group undertakings

6,446,294

7,959,611

Amounts owed by related parties

10,926

10,926

Other debtors

50,160

-

Tax

40,927

51,816

Prepayments and accrued income

611,694

929,718

8,515,236

12,684,769

The debts that were subject to invoice discounting at the year end amounted to £1,128,454 (2024: £2,791,353)

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans (see note 10)

382,375

2,425,514

Trade creditors

68,815

68,402

Amounts owed to group undertakings

2,069,714

2,024,000

Amounts owed to related parties

111,256

111,256

VAT

34,346

225,028

Net wages

-

48,975

Accruals and deferred income

4,229,408

6,323,982

6,895,914

11,227,157

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Invoice discounting

382,375

2,425,514

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Invoice discounting

382,375

2,425,514

At the year end the invoice discounting facility was secured by way of a fixed and floating charge over all of the assets of the group.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

13.

RESERVES

Retained

earnings

£

At 1 April 2024

1,611,358

Profit for the year

66,143

At 31 March 2025

1,677,501

14.	ULTIMATE PARENT COMPANY

The ultimate parent company is Day Webster Limited a private company, limited by shares, registered in

England and Wales. Registered number is 07061135 and registered office is Treviot House, 186-192 High Road, Ilford, Essex IG1 1LR.

15.	RELATED PARTY DISCLOSURES

Pro Team Software Limited

A company controlled by the directors.

No movement in loans in the year. At the balance sheet date the amount due to Pro Team Software Limited was £111,255 (2024: £111,255). Loans are repayable on demand. Interest is not being charged.

Same Day Pay Limited

A company controlled by the directors.

No movement in loans in the year. At the balance sheet date the amount due by Same Day Pay Limited was £10,926 (2024: £10,926). Loans are repayable on demand. Interest is not being charged.