REGISTERED NUMBER: 04740266 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

JUBILEE PERSONNEL SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

N P Taylor

Mrs K L Taylor

REGISTERED OFFICE:

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

REGISTERED NUMBER:

04740266 (England and Wales)

AUDITORS:

Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

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

REVIEW OF BUSINESS

The principal activity of the company during the year continued to be a recruitment agency in the catering and hospitality sector.

The key financial performance indicators during the year were as follows:

2025

2024

change

£

£

%

Turnover

13,209,367

13,306,702

-0.1%

Profit before tax

518,115

682,211

-24%

Shareholders' funds

1,009,703

1,651,745

-38%

Industry data shows a significant decline in hospitality employment over the past year. UKHospitality reports that around 89,000 hospitality jobs have been lost since October 2024, representing more than half of total UK job losses. Parliamentary research shows that payrolled hospitality employees fell by around 110,000 in the year to mid-2025, and ONS figures indicate a decline of approximately 142,000 workers in accommodation and food services over the same period. This tightening labour market places pressure on operators but also highlights a clear opportunity for strong, well-structured recruitment businesses to differentiate through reliability, scale and service quality.

In this context, our strategic focus remains on increasing turnover and profitability by winning new customers, expanding into new markets and strengthening our core client relationships. We believe this is where Jubilee can outperform competitors as the sector continues to adjust.

To support this, we have invested significantly in building the infrastructure for sustained growth, including improved technology platforms, enhanced compliance and onboarding processes, strengthened account management capability, and diversification into new hospitality sub-sectors. These initiatives are designed to increase efficiency, improve candidate supply and ensure we are well positioned for long-term, stable growth despite ongoing market pressures.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the company's strategy are subject to a number of risks including price, credit, competition and cash flow risks.

The key business risks and uncertainties are considered to be competition from other recruitment agencies and weakness of the UK economy and hospitality sector. The Company has policies in place which are aimed to mitigate and manage these risks.

Price risk

The company's price risk is affected by supply and demand in the labour market but also by macro-economic factors, such as government policy. We manage this risk by focusing on streamlining and efficiency throughout the business to ensure we can remain competitive.

Credit risk

Credit risk is mitigated by management through a policy to constantly review trade debtors and their credit limits based on historical trends, credit checks and also credit insurance.

Cash flow risk

To manage cash flow and liquidity risk the Company actively manages cash flow and ensures that there is always sufficient levels of committed facilities, cash and cash equivalents to meet financial commitments when they fall due.

Competition risk

The Company continues to focus on providing its customers with high quality and market leading service levels. It has built well established relationships with a wide network of customers and suppliers. As a consequence the directors believe that the Company is well placed to successfully manage competition risk.

FUTURE DEVELOPMENTS

Since the year end, the operating environment for hospitality recruitment has remained challenging, shaped mainly by rising labour costs and continued sector contraction. The Government's previously announced increase in Employer National Insurance, effective from April 2025 and a substantial rise in NMW, adds further pressure to payroll-intensive industries such as hospitality. While the full impact cannot be precisely predicted, the constant speculation in the media around budgets has caused paralysis, we continue to position the business to manage these changes and reduced agency capacity across the sector.

ON BEHALF OF THE BOARD:

N P Taylor - Director

23 December 2025

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

DIVIDENDS

Interim dividends of £1,023,000 were paid during the year.

DIRECTORS

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

N P Taylor

Mrs K L Taylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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). 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N P Taylor - Director

23 December 2025

Opinion

We have audited the financial statements of Jubilee Personnel Services Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other 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 Statement of Directors' Responsibilities set out on page four, 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the entity and the industry in which it operates, business performance and the control environment.

- The laws and regulations applicable to the entity.

- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.

- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP, Employment Law and UK Tax Legislation. We did not identify any indirect laws and regulations that are considered to be material.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.

- Enquiring of management concerning actual or potential litigation claims.

- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.

- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.

- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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.

Matthew Saxon (Senior Statutory Auditor)

for and on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

23 December 2025

TURNOVER

3

13,209,367

13,306,702

Cost of sales

10,499,422

10,804,508

GROSS PROFIT

2,709,945

2,502,194

Administrative expenses

2,192,064

1,820,405

OPERATING PROFIT

517,881

681,789

Interest receivable and similar income

234

422

PROFIT BEFORE TAXATION

5

518,115

682,211

Tax on profit

6

137,157

152,673

PROFIT FOR THE FINANCIAL YEAR

380,958

529,538

PROFIT FOR THE YEAR

380,958

529,538

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

380,958

529,538

FIXED ASSETS

Tangible assets

8

69,946

78,924

CURRENT ASSETS

Debtors

9

2,284,553

2,473,220

Cash at bank

42,847

358,131

2,327,400

2,831,351

CREDITORS

Amounts falling due within one year

10

1,370,156

1,238,894

NET CURRENT ASSETS

957,244

1,592,457

TOTAL ASSETS LESS CURRENT LIABILITIES

1,027,190

1,671,381

PROVISIONS FOR LIABILITIES

13

17,487

19,636

NET ASSETS

1,009,703

1,651,745

CAPITAL AND RESERVES

Called up share capital

14

2

2

Retained earnings

15

1,009,701

1,651,743

SHAREHOLDERS' FUNDS

1,009,703

1,651,745

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:

N P Taylor - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2

1,462,205

1,462,207

Changes in equity

Dividends

-

(340,000

)

(340,000

)

Total comprehensive income

-

529,538

529,538

Balance at 31 March 2024

2

1,651,743

1,651,745

Changes in equity

Dividends

-

(1,023,000

)

(1,023,000

)

Total comprehensive income

-

380,958

380,958

Balance at 31 March 2025

2

1,009,701

1,009,703

1.	STATUTORY INFORMATION

Jubilee Personnel Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£), which is also the company's functional currency.

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 3.17(d).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Taxation

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

Current or deferred 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

11,952,434

11,999,407

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

2025

2024

Outsourcing staff

274

268

Office staff

35

35

Directors

2

2

311

305

2025

2024

£

£

Directors' remuneration

23,900

23,900

5.	PROFIT BEFORE TAXATION

The profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

1,111

1,287

Depreciation - owned assets

18,813

20,208

Loss on disposal of fixed assets

899

1,577

Auditors' remuneration

12,875

13,500

Auditors' remuneration for non-audit services

12,270

8,070

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

139,306

153,658

Deferred tax

(2,149

)

(985

)

Tax on profit

137,157

152,673

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

518,115

682,211

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

129,529

170,553

Effects of:

Expenses not deductible for tax purposes

13,820

2,953

Depreciation in excess of capital allowances

2,019

496

Group relief

(6,062

)

(20,344

)

Deferred tax

(2,149

)

(985

)

Total tax charge

137,157

152,673

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of 1.00 each

Interim

1,023,000

340,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

3,603

29,703

68,084

26,181

127,571

Additions

-

9,894

-

840

10,734

Disposals

(3,603

)

(1,550

)

-

-

(5,153

)

At 31 March 2025

-

38,047

68,084

27,021

133,152

DEPRECIATION

At 1 April 2024

3,219

17,786

20,212

7,430

48,647

Charge for year

-

3,029

11,968

3,816

18,813

Eliminated on disposal

(3,219

)

(1,035

)

-

-

(4,254

)

At 31 March 2025

-

19,780

32,180

11,246

63,206

NET BOOK VALUE

At 31 March 2025

-

18,267

35,904

15,775

69,946

At 31 March 2024

384

11,917

47,872

18,751

78,924

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,126,780

2,261,071

Amounts owed by group undertakings

113,414

78,220

Other debtors

18,815

74,691

Amounts due from factors

-

42,923

Prepayments

25,544

16,315

2,284,553

2,473,220

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

127,285

145,098

Amounts owed to group undertakings

229

-

Tax

97,210

54,658

Social security and other taxes

221,999

144,822

VAT

601,548

593,348

Other creditors

241,952

99,818

Advances from factors

931

-

Accrued expenses

79,002

201,150

1,370,156

1,238,894

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

54,649

60,045

Between one and five years

54,671

-

109,320

60,045

12.	SECURED DEBTS

Venture Finance PLC

For all monies due or to become due there is a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. The amount due at the balance sheet date was nil.

13.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

17,487

19,636

Deferred

tax

£

Balance at 1 April 2024

19,636

Provided during year

(2,149

)

Balance at 31 March 2025

17,487

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary

1.00

2

2

15.

RESERVES

Retained

earnings

£

At 1 April 2024

1,651,743

Profit for the year

380,958

Dividends

(1,023,000

)

At 31 March 2025

1,009,701

16.	PENSION COMMITMENTS

Defined contribution scheme

The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2025

2024

£

£

Charge to the income statement in respect of defined contribution schemes

118,922

122,749

17.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities over which the entity has control, joint control or significant influence

2025

2024

£

£

Purchases

81,858

72,000

Amount due to related party

6,000

-

18.	ULTIMATE CONTROLLING PARTY

The controlling party is HKNT Group Ltd.

The ultimate controlling party is N Taylor and K Taylor.

The registered office of HKNT Group Ltd is King Chambers, Queens Cross, High Street, Dudley, West Midlands, DY1 1QT. Its principal place of business is Aquinas House, 63 Warstone Lane, Birmingham B18 6NG

The parent undertaking of the largest group, which includes the company and for which group accounts are prepared is HKNT Group Ltd. Copies of group financial statements are available from Companies House, Crown Way, Cardiff CF14 3UZ.