REGISTERED NUMBER: 03289148 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Taskmaster Resources Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

M Atkinson

A J D Fletcher

M A Keegan

L Kuc

M Norton

A G Skorupka

SECRETARY:

A G Skorupka

REGISTERED OFFICE:

8 Leodis Court, David Street,

Leeds

LS11 5JJ

REGISTERED NUMBER:

03289148 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alan Kaye (FCA)

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

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

FAIR REVIEW OF THE BUSINESS

The company has maintained a satisfactory performance in a market characterised by intense competition and escalating labour costs. The Directors have placed emphasis upon maintaining effective client retention whilst targeting selective growth opportunities within both established core sectors and new markets.

FUTURE OUTLOOK AND PROSPECTS

The industrial temporary labour market continues to exist in a period of spare capacity i.e. there is no longer a scarcity of labour which has resulted in wage inflation slowing. As a result, there is little stimulus for labour users to change provider which provides security for existing customers but a challenge for new sales. In order to grow, the company is focussing on two areas. One, a continued commitment to outstanding customer service and two, product differentiation. The company has continued to invest significantly in senior hires to expand on existing market sectors and explore new ones.

Results post period-end have continued in line with the current period. In May 2025, the company acquired the trade and assets of RE People which has resulted in a material increase in the results of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

There are two main risks and uncertainties within the temporary labour market.

Firstly, due to the multiple industry sectors within the customer portfolio, the company is subject to broad macro-economic trends. When consumer demand decreases in a specific sector, that impacts upon the labour requirement. The Board mitigate this by having a wide portfolio to reduce the impact of any such decreases but also seek new opportunities within sectors that are broadly recession proof.

Secondly, the labour market operates within a highly regulated environment, with oversight from a number of governmental and industry regulatory bodies, including HMRC and the Gangmasters and Labour Abuse Authority ("GLAA"). During the year, the UK Government continued to progress significant employment law reforms through the Employment Rights Bill, with certain measures expected to be implemented in phases from 2026 onwards.

The Directors continue to monitor legislative developments closely and, whilst the proposed changes are expected to increase compliance and administrative requirements across the recruitment sector, the Directors do not currently anticipate a material impact on the company's operations. The company maintains established internal compliance procedures, systems and experienced personnel to support ongoing adherence with applicable employment and labour market regulations.

The company is exposed to the following financial risks:

Price risk - the temporary labour industry is highly competitive. The Board mitigates this risk by striving to maintain the highest levels of service and compliance to protect the pricing offered to customers.

Credit risk - the company is exposed to credit offered to customers. The Board mitigates this by having strict criteria over the offering of credit and routine reviews of customers' credit worthiness, along with credit insurance, where applicable.

Liquidity and cash flow risk - the company refinanced its invoice discounting and term loan facility post year-end, both of which are subject to banking covenants and fluctuations in interest rates. The Board mitigate this by preparing cash flow forecasts looking forward 12 months and reviewing on a monthly basis. The Board models various scenarios to ensure that there is sufficient headroom within the covenants to mitigate any unforeseen movements in interest rates.

The Board considers that the above processes adequately satisfy the company's financial risk management objectives.

SECTION 172 STATEMENT

The purpose of the strategic report in the Act is to inform members of the company and help them assess how the directors have performed their duty under section 172. To fulfil this duty, a director must act in the way he considers, in good faith, would be the most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to several broader matters.

a. Issues, Factors & Stakeholders

The Directors considered that the company continues to be light on experienced leadership within the recruitment sector. To mitigate this, the Board have made several key hires during the year to bring in experienced recruiters to bolster the operational personnel at leadership level.

Management produced weekly schedules of financial and transactional performance. These reports collate a wider suite of management information from which Management Accounts and Board packs are produced for analysis. Analysis and review take place each month as part of the Board Meetings. During which, broader issues that are set to or could affect the business are discussed. Appropriate minutes are produced to track agreed action points.

The business acts responsibly to ensure it meets with views of the wider community & environment.

b. Engagement

We analysed internal staffing structures and strategy to ensure the management team engaged their experience and knowledge of scaling to support the relevant departments/operational teams. The Senior Management recognised the need to create junior management positions to manage larger departmental teams.

c. Business relationships

The Board engages with a variety of stakeholders, including customers, regulators and suppliers, to inform and enable balanced decisions that incorporate multiple viewpoints whilst maintaining the board's focus on growth, service and compliance. Examples of the Board's engagement with such stakeholders include:

- Regular dialogue with the GLAA and REC regarding potential legislative changes; and

- Engaging with cyber security suppliers to discuss the impact of cyber-attacks within the industry.

d. Decision making

Throughout the trading period and with continuity, the Board and Senior colleagues have been driven by their own personal targets and collective goals and milestones. We have throughout the years strived to deliver high levels of customer satisfaction, including accuracy and transparency, not only to those customers, but also to external and internal employees & contractors alike.

The Board and senior colleagues seek to, act fairly, with good conduct and ensure decision making is not just about benefits to shareholders but that which provides continued high regard, reputation and thought towards the community and the environment it operates within.

KEY PERFORMANCE INDICATORS

The continuous measurement and monitoring of the business performance is a critical element of the management

process. In order to provide consistent and comprehensive information the Company uses a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

The Company's key and other performance indicators during the period were as follows:

2025

2024

£

£

Turnover

55,420

51,429

Gross Profit

6,315

6,097

Gross Profit Margin

11%

12%

Operating Profit/(Loss)

793

811

Profit/(Loss) for the year

414

194

Other key KPI's that demonstrate the level of performance in different parts of the business include:

Average salary levels

EBITDA

Performance against budget and prior year.

The directors are satisfied with the KPI's delivered in the year and are confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

M A Keegan - Director

13 May 2026

The directors present their annual report and financial statements for the period ended 31 March 2025. Certain information not shown in the Directors' Report is shown in the Strategic Report instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, future developments and principal risks and uncertainties.

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of temporary recruitment solutions across a broad range of domestic (UK) business sectors.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

Andrew George Skorupka, Mark Anthony Keegan, Adam Justin Denis Fletcher and Miranda Atkinson have held office during the whole of the period from 1 April 2024 to the date of this report.

The directors who held office during the year were as follows:

Lucy Kuc

Appointed on 16/11/2025

Mark Norton

Appointed on 16/11/2025

FINANCIAL INSTRUMENTS

Treasury Operations and Financial Instruments

The directors have established a risk and financial management framework whose primary objective is to protect the

company from events that hinder the achievement of performance objective. The objectives aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level. The company's principal financial instruments during the year comprised of inter-company loans. The main purpose of these financial instruments are to provide funding for company operations.

Liquidity Risk

The company manages its cash requirements in order to maximize interest income and minimize interest expense, whilst ensuring the company has sufficient liquid resources to meet the operation needs of the business.

Credit Risk

Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT

The company's policy is to consult and discuss with employees matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Further information on engagement with employees and business relationships can be found within the strategic report.

RISK MANAGEMENT

Information on the company’s management of financial risks is disclosed in the strategic report. In particular the company’s exposure to liquidity and credit risks management are separately disclosed. The company's exposure to cash flow risk is addressed under the heading credit risk.

GOING CONCERN

The company’s business activities, together with the factors likely to affect its future developments, financial risk management objectives, and its exposure to credit, liquidity and cash flow risk are described in the strategic report.

The company has considerable financial resources together with long-term contracts with a number of customers and suppliers across different geographic areas and industries. Consequently, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

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), 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 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

Post year-end, Saffery LLP were replaced as auditors by BBK Partnership who have expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the Annual General Meeting.

ON BEHALF OF THE BOARD:

M A Keegan - Director

13 May 2026

Opinion

We have audited the financial statements of Taskmaster Resources Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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.

Other Matters

We draw attention to the fact that this is the first period BBK Partnership has been appointed as the auditors of Taskmaster Resources Limited. Our audit procedures included obtaining sufficient and appropriate audit evidence regarding the opening balances as at 01 April 2024, as required by ISA 510: Initial Audit Engagements-Opening Balances. Based on our procedures, we are satisfied that the opening balances are free from material misstatement.

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 six, 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:

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 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 company's operating 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 data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 set out in the financial statements 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;

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

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 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.

Alan Kaye (FCA) (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

13 May 2026

REVENUE

3

55,420,098

51,429,132

Cost of sales

(49,104,847

)

(45,331,793

)

GROSS PROFIT

6,315,251

6,097,339

Administrative expenses

(5,522,435

)

(5,286,419

)

OPERATING PROFIT

5

792,816

810,920

Interest payable and similar expenses

6

(376,555

)

(559,997

)

PROFIT BEFORE TAXATION

416,261

250,923

Tax on profit

7

(1,918

)

(56,426

)

PROFIT FOR THE FINANCIAL YEAR

414,343

194,497

PROFIT FOR THE YEAR

414,343

194,497

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

414,343

194,497

FIXED ASSETS

Intangible assets

8

171,977

-

Property, plant and equipment

9

263,925

258,920

435,902

258,920

CURRENT ASSETS

Debtors

10

16,884,296

15,270,173

Cash at bank

442,658

64,713

17,326,954

15,334,886

CREDITORS

Amounts falling due within one year

11

10,465,112

8,712,323

NET CURRENT ASSETS

6,861,842

6,622,563

TOTAL ASSETS LESS CURRENT LIABILITIES

7,297,744

6,881,483

PROVISIONS FOR LIABILITIES

12

9,660

7,742

NET ASSETS

7,288,084

6,873,741

CAPITAL AND RESERVES

Called up share capital

13

2,601,729

2,601,729

Retained earnings

14

4,686,355

4,272,012

SHAREHOLDERS' FUNDS

7,288,084

6,873,741

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2026 and were signed on its behalf by:

M A Keegan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2,601,729

4,077,515

6,679,244

Changes in equity

Total comprehensive income

-

194,497

194,497

Balance at 31 March 2024

2,601,729

4,272,012

6,873,741

Changes in equity

Total comprehensive income

-

414,343

414,343

Balance at 31 March 2025

2,601,729

4,686,355

7,288,084

Cash flows from operating activities

Cash generated from operations

1

1,010,908

822,409

Interest paid

-

(224,900

)

Finance costs paid

(376,555

)

(335,097

)

Prior year adjustment

1,831

-

Tax paid

-

(172,713

)

Net cash from operating activities

636,184

89,699

Cash flows from investing activities

Purchase of intangible fixed assets

(191,086

)

-

Purchase of tangible fixed assets

(67,153

)

(80,840

)

Net cash from investing activities

(258,239

)

(80,840

)

Increase in cash and cash equivalents

377,945

8,859

Cash and cash equivalents at beginning of year

2

64,713

55,854

Cash and cash equivalents at end of year

2

442,658

64,713

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

416,261

250,923

Depreciation charges

79,426

52,827

Finance costs

376,555

559,997

872,242

863,747

(Increase)/decrease in trade and other debtors

(1,408,738

)

864,720

Increase/(decrease) in trade and other creditors

1,547,404

(906,058

)

Cash generated from operations

1,010,908

822,409

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

442,658

64,713

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

64,713

55,854

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

64,713

377,945

442,658

64,713

377,945

442,658

Total

64,713

377,945

442,658

1.	STATUTORY INFORMATION

Taskmaster Resources 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 the functional currency of the company and rounded to the nearest £1.

Critical accounting judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provisions

A provision is made for bad and doubtful debts, where management believes there is an issue in the recoverability of trade and other debtors. In the current year, management believe all balances to be recoverable and hence no provision is included within the financial statements.

Turnover

The company derives its revenues for temporary recruitment placements on a time incurred basis. Revenue is recognised as services are validated by receipt of a client approved timesheet or equivalent, income is accrued where work has been performed and timesheets approved but no invoice has been raised. For permanent placements, revenue is recognised and the client is invoiced on the start date of the candidate.

All the company's revenue in the current and previous years is derived from the rendering of services. All turnover arose within the United Kingdom.

Going concern

As part of their assessment of going concern, the directors of the company have considered the liquidity position and funding requirements for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statement on a going concern basis.

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful life of intangible assets is 10 years.

Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Leasehold improvements

15%-20% straight line

Motor vehicles

25% reducing balance

Fixtures & fittings

15% - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future Exceed Umbrella discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if Exceed Umbrella is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Invoice discounting / factoring

The company has entered into an invoice discounting arrangement whereby certain trade receivables are assigned to a finance provider as security for funding advanced to the company. Under the terms of the arrangement, the company retains the risks and rewards of ownership of the receivables and continues to manage the sales ledger. Accordingly, the receivables remain recognised in the balance sheet and amounts advanced by the finance provider are recognised as borrowings within current liabilities. Discounting charges are recognised as finance costs in the income statement over the period of the facility.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less any impairment.

Provisions

Provisions are recognised when the company has a present obligation at the balance sheet date arising from a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated.

3.

REVENUE

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

An analysis of revenue by class of business is given below:

31.3.25

31.3.24

£

£

Temporary Staffing Revenue

55,308,210

51,429,132

Permanent Staffing Revenue

111,888

-

55,420,098

51,429,132

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

3,036,635

2,901,130

Social security costs

303,401

289,989

Other pension costs

61,446

60,329

3,401,482

3,251,448

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

31.3.25

31.3.24

Operational

70

66

Administration

7

4

77

70

31.3.25

31.3.24

£

£

Directors' remuneration

244,496

234,901

Information regarding the highest paid director is as follows:

31.3.25

31.3.24

£

£

Emoluments etc

244,496

234,901

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Hire of plant and machinery

101,803

104,379

Depreciation - owned assets

62,148

52,827

Other intangible assets amortisation

19,109

-

Auditors' remuneration

10,000

24,800

Auditors' remuneration for non audit work

2,400

-