The directors present the strategic report for the year ended 31 December 2025.
Development and performance:
Continued political and economic instability in the year has created challenging conditions in some of our markets, however despite these challenges, the Group has continued its gross profit growth aided by the expansion of both new and existing specialisms. Sellick Partnership continued to invest in the training and development of its staff and new technology.
Turnover has reduced in the year by 3.0% from £119,366,252 for the year ended 31 December 2024, to £115,840,944 for the year ending 31 December 2025.
There has been a conscious effort in the year to focus on the higher margin specialisms within the business, which has, despite the reduction in turnover, enabled an increase in gross profit of the Group of 1.2%, from £14,601,498 for the year ended 31 December 2024 to £14,769,651 for the year ended 31 December 2025.
Financial position:
The Group’s financial position is shown in the financial statements.
The Board consider the principal risks and uncertainties to the business to be:
- Legislation - the recruitment industry is becoming increasingly legislated and Sellick Partnership manages these changes and proposed changes by employing various internal controls and liaising with several professional advisors.
- Economic - the challenging economic climate in the UK will continue to be a risk for any recruitment business. Sellick Partnership will continue to invest in its people and client base to mitigate the risk.
- Skill Shortages - Sellick Partnership continues to face the challenge of finding high quality candidates across all its markets. Continued investment in technology and networking events will help support the expansion in our candidate base.
- Price – customers are continuously looking for the best price for their recruitment services, creating a constant downward pressure on price. Sellick Partnership manage this risk by regularly reviewing pricing strategies against competitors and by looking for new innovative recruitment solutions.
- Credit – this is a risk across all customers large and small, Sellick Partnership have tight controls in place around credit checks for both new and existing customers and have the decision making process separated from the sales side of the business.
- Liquidity – an important area of the business, this is managed by quickly turning trade debtors into cash balances.
- Cash flow – this is an area of high focus for all businesses, Sellick Partnership look to reduce the cash flow gap between customer and supplier payments to improve cash flow.
Future:
The Board considers that the business will continue to grow organically within its current markets and expects to generate profits year on year.
The key performance indicators used to monitor the development, performance and position of the Group include:
- Turnover: FY25 £115,840,944
- Turnover: FY24 £119,366,252
This is a basic financial statement measure that is used to review cumulative sales performance consolidating sales price and activity against the prior period and budget.
- Permanent placement revenue: FY25 £2,760,141
- Permanent placement revenue: FY24 £2,807,694
This is a basic financial statement measure that is used to review permanent placement sales performance consolidating sales price and activity against the prior period and budget.
- Gross profit: FY25 £14,769,651
- Gross profit: FY24 £14,601,498
This is a basic financial statement measure to review profitability after all directly attributable costs of sale against the prior period and budget.
- Revenue mix: FY25 97.6% temporary vs 2.4% permanent recruitment
- Revenue mix: FY24 97.6% temporary vs 2.4% permanent recruitment
This is a measure used to review the type of recruitment by sales value provided to our clients against prior period and budget.
- Temporary placement margin analysis: FY25 10.1% gross profit margin
- Temporary placement margin analysis: FY24 9.8% gross profit margin
This is a measure of profitability after all directly attributable temporary placement costs of sale used to review the quality of the business from the period against prior period and budget.
In addition, management review productivity by employee, employment costs, activity ratios, and employee headcount/retention as part of the performance analysis of the business.
Section 172 of the Companies Act 2006 require that directors of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.
In doing this, section 172 requires a director to have regard, amongst other matters, to the:
likely consequences of any decisions in the long-term
interests of the company’s employees;
need to foster the company’s business relationships with suppliers, candidates and customers;
impact of the company’s operations on the community and environment;
desirability of the company maintaining a reputation for high standards of business conduct; and
need to act fairly between members of the company.
The directors, together with the Board, have identified the key stakeholder groups as our employees, our clients, our candidates and the wider communities in which we operate in.
The directors confirm that in discharging their duties under section 172, they have had regard to the factors set out above and ensure that the views of the key stakeholder groups are both consulted on and considered in Board discussions when making strategic decisions.
The Company delegates authority for day-to-day management to key management who are responsible for setting, approving and overseeing the execution of the business strategy and related policies.
The Company delegates to key management to review the Company’s financial and operational performance, risk and compliance and health and safety matters.
Client and candidate relationships are a key area of focus for the Company and the Company is committed to maintaining and continuing to improve these relationships. This is achieved through training and development of the Company’s employees and fostering an inclusive and consultative environment for them to work in. Additionally, we continue to invest in IT infrastructure to ensure we have the appropriate tools to deliver a quality service.
Managing good relationships with candidates is key to facilitating a quality service for clients, ensuring that both candidates and clients return to the company time and time again.
The Company also has regard to the local community in all of its activities and acknowledges its role as an employer in the local area, where possible utilising suppliers local to our regional offices to support smaller businesses whilst helping to reduce the environmental impact of our supply chain.
The Board continues to review how the Company engages with its key stakeholders and looks to improve these processes wherever possible and practical.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The total distribution of dividends for the period ended 31 December 2025 will be £Nil (31 December 2024: £Nil).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
DJH Audit Limited, has indicated its willingness to continue in office and will be proposed for re-appointment in accordance with section 485 Companies Act 2006.
The following methodologies were used to ensure verifiable data was obtained where reasonably practicable:
- Electricity: meter reading data for fixed office locations was obtained from the invoices sent directly from the supplier. For offices where this information was not readily available, average consumption by square foot from the Company’s other offices was used in order to obtain an estimate.
- Transport Fuel: Consumption is calculated from vehicle mileage records for vehicles owned by the individuals who are using personal vehicles for business purposes and for the cars leased directly by the Company. Mileage covered is converted into kwh data using recognised conversion factors, which then allows a carbon conversion factor per kwh to be applied.
The chosen intensity measurement is total gross emissions in metric tonnes CO2e per employee. This method is chosen given that, as a consultancy business, staff numbers are a key driver in the health and performance of the Company.
The company is committed to incorporating and developing sustainable practices that minimise our impact on the environment. We proactively work with all relevant stakeholders to ensure that their environmental expectations are aligned with those of the Company.
We, where possible, source products locally to our regional offices and have actively encouraged our workforce, via the implementation of appropriate policies and procedures, to work in an environmentally friendly manner. These policies include; flexible and remote working to reduce the emissions from commuting to the regional offices; the adoption of virtual meetings where possible to reduce travel; the installation of energy efficient lighting and other electrical appliances across all offices, where possible and practical.
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
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The group has chosen in accordance with section 414C(11) of Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
We have audited the financial statements of Sellick Partnership Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 group's and parent 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
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 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 parent company and group through discussions with directors and other management;
- 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 parent company and group, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.
We assessed the susceptibility of the group 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 posted during the period and at the period end to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions; and
- performed walkthrough tests on major transaction cycles.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
- Reviewing legal and professional fees incurred during the year to identify any potential indications of non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,999,970 (2024 - £15,970 loss).
Sellick Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Tootal Buildings, Broadhurst House, 56 Oxford Road, Manchester, M1 6EU.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 3 ‘Financial Statement Presentation’ - Paragraph 3.17 (d);
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated financial statements incorporate those of Sellick Partnership Group Limited and all its subsidiary undertakings for the period. All financial statements are made up to 31 December 2025.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
Where the Group has established employee benefit trusts ('EBT') and is the sponsoring entity, notwithstanding the legal duties of the trustees, the Group considers that it has 'de facto' control of such an entity. Such an arrangement is accounted for as an asset and liability of the sponsoring company and included in the consolidated financial statements as appropriate. The Company's equity instruments held by the EBT are accounted for as if they were the Company’s own equity and are treated as treasury shares. No gain or loss is recognised in profit or loss or other comprehensive income on the purchase, sale or cancellation of the Company’s own equity held by the EBT.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have 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.
Turnover is the amounts derived from the provision of services falling within the group's ordinary activities, after deduction of trade discounts and value added tax. The group recognises turnover on the placement of contractors when validated by receipt of a client approved timesheet. For the placement of permanent candidates, turnover is recognised and the client is invoiced when the candidate starts their role. Provisions are made where permanent candidates do not remain in their role with the client for the specified period of time.
The residual values and useful lives of tangible fixed assets are reviewed, and adjusted if appropriate, at the end of each reporting period if there are indicators of change. The carrying amount of an asset is written down immediately to its recoverable amount if the asset's carrying amount is assessed as greater than its estimated recoverable amount.
Investments in subsidiaries are measured at cost less accumulated impairment.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors, loans due from fellow group companies, cash and bank balances, 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.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors and loans from fellow group, 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 payments 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 payment 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Related party exemption
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.
In the application of the company's and group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider that there are no key sources of estimation uncertainty.
The turnover and profit before taxation are attributable to the one principal activity of the company.
An analysis of the company's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Amounts owed by group undertakings are still in existence on consolidation due to amounts being owed by a parent company not included in this consolidation.
Amounts owed to group undertakings are still in existence on consolidation due to amounts being owed to a parent company not included in this consolidation.
The dilapidations provision relates to the potential dilapidations due at the end of the current leases of property. The amounts included in the provision are the amounts expected to become due when the leases for property expire over the next 1 to 5 years.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax provision relates to accelerated capital allowances.
Each Ordinary share has full voting rights, the right to receive dividends and the right to participate in a capital distribution on a sale or winding up.
Retained earnings represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.
The share premium is made up of receipts in excess of the par value of new share capital issued.
The capital redemption reserve is made up of the share capital that has been repurchased and cancelled by the group.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £170,679 (2024 - £213,095). Contributions totalling £67,581 (2024 - £69,011) were payable to the fund at the balance sheet date and are included in creditors.
During the year, a total of key management personnel compensation of £728,593 (2024 - £696,079) was paid.
The group has taken advantage of the exemption to disclose related party transactions that relate to other wholly owned members of the group in accordance with FRS102, section 33.
Transactions with group companies
Management charges have also been charged from a group company to the Sellick Partnership Group Limited in the year totalling £1,066,612 (2024 - £1,069,518), and at the year end £6,944,054 (2024: £944,062) was outstanding.
At the year end, a loan amounting to £9,131,658 (2024 - £5,107,508) was due from another group company, this is repayable on demand.
During the year, no additional advances were made to the directors (2024 - £1,106), and no repayments were made (2024 - £30,361 ).
At the period end, advances to directors of £nil (2024 - £nil) remained outstanding.
The advances were all interest free, unsecured and repayable on demand.
Samsic RH SAS, a company registered in France, has a controlling interest in Sellick Partnership Group Limited. The ultimate controlling party of Samsic RH SAS is Christian Roulleau.