The directors present the strategic report for the year ended 31 March 2025.
Principal activities
Career Teachers Limited is a subsidiary of Affinity Workforce Solutions Ltd and part of the Health Care Resourcing Group Ltd (group) and the principal activity during the year was the provision of temporary and permanent teaching staff to schools within the UK.
Turnover for the year was £22.0m (fifteen months ended 2024: £32.0m) producing a gross profit of £5.9m (fifteen months ended 2024: £9.1m). Profit before tax was £0.8m (fifteen months ended 2024: £0.9m).
On 3rd April 2024, Affinity Workforce Solutions Ltd acquired the entire share capital of Career Teachers Limited and Career Teachers 2006 Limited for a total consideration of £5.3m.
A dividend of £1.4m was paid for the year ended 31 March 2025 (fifteen months ended 2024: £nil).
Education staffing
Career Teachers Ltd operates across the UK, providing temporary and permanent teaching staff to local authority, private, independent schools, multi academy trusts and residential units.
During the year, continued substantial investment was made in branch and divisional leadership, in terms of quality, training and central support to help the company to achieve its goal, of being the provider of choice in each geographical region in which it operates. As part of this, our internal review, KPI management and regional structures have all been reviewed, with further evolution in the quality of our services expected in the future.
The group has management structures and policies and procedures which are designed to enable the achievement of the business objectives while controlling risks associated in the environment in which it operates. The group has a risk management process in place which is designed to identify, manage and mitigate business risk. The risk management process covers financial, operational and commercial areas of risk.
In terms of financial risk management, the group considers that it has limited exposure to the various aspects of financial risk. The majority of the group's revenue is invoiced in sterling whilst all of its operations and costs arise within the UK. The group does not enter into currency hedging contracts. Furthermore, the group ensures its liquidity is maintained by entering into long term or short-term financial instruments as necessary to support operational and other funding requirements. The risk that there is a reduction in demand for our services is mitigated by providing services in several different marketplaces, both from a sector and geographical perspective.
Commercial risks are managed closely by the group board, and fundamentally include loss of contracts, reputation, changes to legislation, and political risks, for instance as a result of increases in employment taxes. The strengthening of the group board over the last few years has brought substantial experience and knowledge into the group, which will enable these risks to be managed appropriately and mitigated wherever possible.
In addition to the KPI's noted above in the review of business, all of which are managed at Divisional and Branch level, the company maintains and reports a substantial number of other financial and non- financial indicators routinely each month.
Decision Making
The Directors monitor and review strategic objectives against business plans on a regular basis. The management team support the Directors with the planning and execution of long-term plans and are experienced in the successful implementation of strategic business decisions.
Employee interests
The Directors recognise the vital importance of the group's employees and the key role they play in the on-going success of the business. Engagement with operational employees is high and is maintained through regular company briefings and discussions. Employees are supported with training and development including through professional qualifications where needed.
Business relationships
The Directors and Management Team regularly review how they maintain positive relationships with all its stakeholders including suppliers, customers and others. They have built a reputation on high levels of customer service.
Governance
In recent years, there has been a continued focus on corporate governance, with the board spending a large proportion of its time examining and strengthening our processes throughout the wider group. Ensuring that a solid governance framework is in place is key to maintaining trust and transparency and an important building block for future growth.
Outlook
The directors are pleased with the results for the year and are confident of making further performance improvements and achieving additional growth through contract wins in the forthcoming year.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
After the sale of Career Teachers Limited in April 2024, the company is a subsidiary of Health Care Resourcing Group Limited and relies upon group facilities for the finances to meet its liabilities as they fall due. Based on the forecasts for the trade of the company over the next 12 months and beyond this time the Board believe that a going concern basis is correct.
Section 172 statement
This report sets out how the Directors comply with the requirements of Section 172 of the Companies Act 2006 and how these requirements have impacted the Directors activities and decision making during the financial year ended 31 March 2025.
The Directors consider that they have acted in good faith to promote the success of the group on behalf of the stakeholders, in relation to matters set out in s172 of the Act. The stakeholders of the business include the employees, clients, suppliers and shareholders of the business.
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 9.
Ordinary dividends were paid amounting to £1,400,000. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Cooper Parry Group Limited be reappointed as auditor of the company will be put at a General Meeting.
The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as this is disclosed in the parent company accounts Health Care Resourcing Group Limited.
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's 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.
We have audited the financial statements of Career Teachers Limited (the 'company') for the year ended 31 March 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
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. 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.
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following:
obtaining an understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework;
obtaining an understanding of the company's policies and procedures and how the company has complied with these, through discussions and walkthrough testing;
obtaining an understanding of the company's risk assessment process, including the risk of fraud and enquiring of management as to actual and potential fraud, litigation and claims;
designing our audit procedures to respond to our risk assessment; and
performing our audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates, such as the bad debt provision, for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach.
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.
In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims including a review of legal fees and legal documentation; and
reviewing correspondence with HMRC and associated parties in relation to actual litigation, claims or regulatory inspections.
Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
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.
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 income statement has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for either year.
The notes on pages 12 to 29 form part of these financial statements.
Career Teachers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Soho Square, London, England, W1D 3QU. The company's principal activities and nature of its operations are disclosed in the directors' report.
The accounting reference date of the company is 31 March but it has taken advantage of Companies Act 2006 S390(5) in preparing its financial statements to a date within 7 days of this date. These financial statements are for a period of 52 weeks ending on 30 March 2025 and the comparatives are for a period of 65 weeks ending 31 March 2024.
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 £.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
IFRS 7 - 'Financial Instruments: Disclosures'.
Paragraphs 91 to 99 of IFRS 13 - 'Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).
The requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 - 'Revenue from Contracts with Customers' (disaggregation of revenue, significant changes in contract assets and liabilities, details on transaction price allocation, timing of the satisfaction of performance obligations and significant judgements made in the application of IFRS 15).
The requirements of paragraph 52 [lessee], the second sentence of paragraph 89, and paragraphs 90, 91 and 93 [lessor] of IFRS 16 - 'Leases' (lessee disclosures and lessor disclosures in relation to finance leases and lease income on operating leases).
Paragraph 38 of IAS 1 - 'Presentation of financial statements' (comparative information requirements in respect of):
- paragraph 79(a)(iv) of IAS 1
(reconciliation of number of shares at the beginning and end of the period);
- paragraph 73(e) of IAS 16, 'Property, plant and equipment'
(reconciliations between the carrying amount at the beginning and end of the period); and
- paragraph 118(e) of IAS 38, 'Intangible assets'
(reconciliations between the carrying amount at the beginning and end of the period).
The following paragraphs of IAS 1 - 'Presentation of financial statements' (removing the requirement to present):
- 10 (d) (statement of cash flows);
- 16 (statements of compliance with all IFRS);
- 38B-D (additional comparative information);
- 111 (cash flow statement information); and
- 134-136 (capital management disclosures).
IAS 7 - 'Statement of cash flows'
Paragraphs 30 and 31 of IAS 8 - 'Accounting policies, changes in accounting estimates and errors' (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).
Paragraph 17 of IAS 24 - 'Related party disclosures' (key management compensation).
The requirements in IAS 24, 'Related party disclosures' (to disclose related party transactions entered into between two or more wholly owned members of a group).
The requirements of paragraph 74A (b) of IAS 16.
Where required, equivalent disclosures are given in the group accounts of Health Care Resourcing Group Limited. The group accounts of Health Care Resourcing Group Limited are available to the public and can be obtained from 33 Soho Square, London W1D 3QU.
Fee arrangements
Below are details of fee arrangements and how these are measured and recognised, for revenue from the provision of services:
Revenue derived from temporary staffing services is recognised and accrued by reference to hours worked (representing the service provided) in accordance with submitted authorised timesheets and pre-agreed charge rates (which include an element of salary and related costs) which are together used to determine the transaction price. This applies both when there is a direct supply as well as when there is supply of a Managed Service to the client, as the timing of performance obligations and the raising of invoices can vary. Timesheets are submitted mainly on a weekly basis, with a limited number being submitted either daily or monthly so any variable aspect of contract assets is limited due to the financial period finishing at the end of a week.
Revenue derived from permanent placements is recognised and accrued when the employment of the individual commences with provision made for potential refunds which can be payable if the placement is terminated within a set period ranging from 14 to 100 days. Revenue recognised from a permanent placement uses a transaction price typically based on a percentage of the candidate's remuneration package and is recognised when the candidate commences work with the client which is the only performance obligation and point at which control was transferred involved in the supply.
For revenue derived from both temporary staffing and permanent placements payment is due following the completion of the performance obligations and an agreed period of credit dependent on the agreed contract with the client.
Contract assets and receivables
Where services are transferred to the customer before the customer pays consideration, or before payment is due, contract assets are recognised. Contract assets are included in the statement of financial position and represent the right to consideration for products delivered. Contract receivables (loans and advances) are recognised in the statement of financial position when the company's right to consideration becomes unconditional.
Contract assets & receivables (loans and advances) are classified as current or non-current based on the company's normal operating cycle and are assessed for impairment at each reporting date.
Impairment of contract related balances
At each reporting date, the company determines whether or not such assets are impaired by comparing the carrying amount of the asset to the remaining amount of consideration that the company expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the company uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price will be removed from the impairment test.
Where the relevant contracts or specific performance obligations are demonstrating marginal profitability or other indicators of impairment, judgement is required in ascertaining whether or not the future economic benefits from these contracts are sufficient to recover these assets. In performing this impairment assessment, management is required to make an assessment of the costs to complete the contract. The ability to accurately forecast such costs involves estimates around cost savings to be achieved over time, anticipated profitability of the contract, as well as future performances against any contract-specific Key Performance Indicators that could trigger variable consideration, or service credits. Where a contract is anticipated to make a loss, these judgements are also relevant in determining whether or not an onerous contract provision is required and how this is to be measured.
Intangible assets represent the carrying value of computer software and licences.
Carrying value is equal to cost less accumulated amortisation and impairment or, in the case of assets acquired through business combinations, fair value at date of acquisition less accumulated amortisation and impairment.
Computer software and licences are defined as having finite useful lives and the costs are amortised on a straight-line basis over the estimated useful lives of each of the assets, considered to be between three to five years. The expense is taken to the income statement through the "depreciation and amortisation" line within administrative expenses.
All intangible assets are also reviewed for impairment whenever there is an indication that the carrying amount may be impaired. Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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 recognised in the income statement.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:
the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
The tax expense represents the sum of the tax currently payable and deferred tax.
All leases are accounted for by recognising a right-of-use asset and a lease liability except for leases of low-value assets and leases with an expected full term of 12 months or less.
Lease liabilities are measured at the present value of the unpaid contractual payments over the expected lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the company's incremental borrowing rate on commencement of the lease is used.
On initial recognition, the carrying value of the lease liability also includes amounts expected to be payable under any residual value guarantee; the exercise price of any purchase option granted in favour of the company if it is reasonably certain to exercise that option; and any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of the termination option being exercised.
Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for lease payments made at or before commencement of the lease, initial direct costs incurred and the amount of any provision recognised where the company is contractually required to dismantle, remove or restore the leased asset.
Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if this is judged to be shorter than the lease term.
The company has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases or a value of less than £5,000 (i.e., low value leases).
The company has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.
Lease payments on short term and low value leases are accounted for on a straight line basis over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the income statements.
When the company revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at a revised discount rate that is implicit in the lease for the remainder of the lease term. The carrying value of lease liabilities is similarly revised if any variable element of future lease payments dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining lease term.
When the company renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification, If the renegotiation results in one or more additional assets being leased for an amount similar to the standalone price for the additions right-of use obtained, the modification is accounted for as a separate lease in accordance with the above policy. In all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount. If the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use assets are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure the carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount.
Right-of-use assets are reviewed regularly to ensure that the useful economic life of the asset is still appropriate based on the usage of the asset. Where the asset has reduced in value the company considered the situation on an asset-by-asset basis and either treats the reduction as an acceleration of depreciation or as an impairment under IAS 36 Impairment of Assets. An acceleration of depreciation occurs in those cases where there is no opportunity or intention to utilise the asset before the end of the lease. An impairment is recognised in those few cases where the current value-in-use of the asset is significantly less than the carrying amount and there is no intention or opportunity known of that mitigates this for impairment.
For contracts that both convey a right to the company to use an identified asset and require services to be provided to the company by the lessor, the company has elected to account for the entire contract as a lease.
Amounts owed by related parties
Amounts owed by related parties are assessed for impairment based upon the current financial position and expected future performance of the party to which they relate. Amounts due from related parties are interest free demand loans.
The company applies the IFRS 9 general approach to measuring expected credit losses. This approach requires an assessment at the initiation of the loan as to the risk of default, and a further assessment when the credit risk profile of the loans change. IFRS 9 applies a 3 stage model that is applied when calculating the expected credit losses:
Stage 1 is defined as having no Significant Increase In Credit Risk ('SICR') - a 12 month expected credit loss is recognised at this point.
Stage 2 is defined as having a SICR - a lifetime expected credit loss is recognised at this point.
Stage 3 is defined as being credit impaired - a lifetime expected credit loss is recognised at this point.
There is no impact to any interest due to the group company loans being interest free.
The company defines the following:
Definition of a default - A loan is considered to be in default when there is evidence that the borrower is in significant financial difficulty such that it will have insufficient assets to repay the loan on demand.
SICR assessment - The risk that the borrower will default on a demand loan depends on whether the party has sufficient cash or other assets to repay the loan immediately (meaning that the risk of default is very low and the loan is in Stage 1); or does not have sufficient cash or other assets to repay the loan immediately (meaning that the risk of default is higher, and the loan could be in Stage 2 or Stage 3).
Credit impaired indicators - A loan is considered to be credit impaired if it meets the definition of a defaulted loan.
The company performs this assessment qualitatively by reference to the borrower's immediate cash flow and asset position.
The company makes certain estimates and assumption regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The company has not made any significant judgements when applying the accounting policies.
The estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The company carried out regular reviews of the recoverability of all receivable amounts, including those due from related parties, during the period and at the period end. These reviews are carried out on an individual client basis and involve judgement of the likelihood of recovery and estimation of the value expected to be received for each receivable.
The directors consider it to be prudent to provide for those trade receivables that have been outstanding for over twelve months and have provided as such for this year.
All turnover was generated in the United Kingdom for both the current and comparative periods.
The restructuring costs of £140,601 in the year represent integration costs and data migration costs following the change of ownership in April 2024.
The £213,033 credit relates to exceptional credits arising from business combinations.
The costs of £164,000 relate to an onerous lease cost on an IT contract.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
Directors remuneration
The directors were remunerated for their services by other group companies.
The charge for the year can be reconciled to the profit per the income statement as follows:
There were no factors that may affect future tax charges.
Property, plant and equipment includes right-of-use assets, as follows:
Amounts owed by fellow group undertakings are interest free, unsecured and repayable on demand.
On the 3rd March 2023 Close Brothers Limited created a fixed charge and also a floating charge over all of the property and undertakings of the company; this charge contains a negative pledge.
Amounts owed to fellow group undertakings are interest free, unsecured and repayable on demand.
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Other provisions relate to property provisions for the full expected cost of dilapidations and have been discounted to a present value using the relevant lease interest rate and will unwind when the cost for the relevant leases are paid.
All shares rank pari passu for dividend rights and provide the holder with one vote.
Profit and loss account
All other net gains and losses and transactions with owners not recognised elsewhere.
Share Capital
Nominal value of share capital subscribed for.
At the year end, the company was part of the Health Care Resourcing Group Limited, which had entered into an Invoice Discount Agreement with Close Brothers. The company has given cross guarantees as part of the group’s Invoice Discounting facility. As at 31 March 2025, the aggregate amount outstanding against the facility was £5,016,082.
During the period the company accounted for 0 leased properties under IFRS 16 across jurisdictions in which it operates (2024: 2). In some jurisdictions it is customary for lease contracts to provide for payments to increase each year by inflation or at a fixed rate and in others to be reset periodically to market rental rates whilst in others the periodic rent is fixed over the lease term. None of the property leases accounted for under IFRS 16 during the period recognised future uplifts in rent.
Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities: